PCJ Investment Counsel Ltd. Acquires 32,090 Shares of Teck Resources Ltd $TECK

PCJ Investment Counsel Ltd. raised its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 151.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,260 shares of the basic materials company’s stock after purchasing an additional 32,090 shares during the quarter. PCJ Investment Counsel Ltd.’s holdings in Teck Resources were worth $2,154,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of TECK. Smartleaf Asset Management LLC lifted its stake in shares of Teck Resources by 69.2% during the 1st quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company’s stock worth $32,000 after buying an additional 350 shares during the last quarter. Costello Asset Management INC bought a new position in Teck Resources in the 1st quarter valued at about $33,000. Banque Cantonale Vaudoise bought a new position in Teck Resources in the 1st quarter valued at about $36,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Teck Resources during the second quarter worth approximately $49,000. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Teck Resources by 102.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the basic materials company’s stock worth $53,000 after acquiring an additional 668 shares during the period. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Stock Performance

NYSE:TECK opened at $41.05 on Friday. The company has a market cap of $19.72 billion, a price-to-earnings ratio of 23.06, a PEG ratio of 0.74 and a beta of 0.90. Teck Resources Ltd has a fifty-two week low of $28.32 and a fifty-two week high of $49.71. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.08 and a current ratio of 2.78. The stock has a fifty day moving average price of $41.11 and a 200-day moving average price of $37.88.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.16. Teck Resources had a return on equity of 4.14% and a net margin of 11.93%.The business had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter in the previous year, the firm earned $0.60 earnings per share. Teck Resources’s revenue for the quarter was up 18.4% compared to the same quarter last year. As a group, equities analysts anticipate that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Monday, December 15th. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio is presently 19.66%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on TECK shares. Wall Street Zen upgraded Teck Resources from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. UBS Group raised Teck Resources from a “neutral” rating to a “buy” rating in a report on Wednesday, September 3rd. Morgan Stanley downgraded Teck Resources from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $42.00 to $44.00 in a report on Tuesday, July 15th. Canaccord Genuity Group cut shares of Teck Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, October 8th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Teck Resources in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $54.00.

About Teck Resources

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.