Goldman Sachs Group Inc. Grows Position in Teck Resources Ltd $TECK

Goldman Sachs Group Inc. grew its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 11.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,939,413 shares of the basic materials company’s stock after purchasing an additional 836,879 shares during the quarter. Goldman Sachs Group Inc. owned about 1.65% of Teck Resources worth $380,218,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Smartleaf Asset Management LLC raised its position in shares of Teck Resources by 72.4% in the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 351 shares during the period. SouthState Bank Corp bought a new position in Teck Resources in the 3rd quarter worth approximately $50,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Teck Resources by 43.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,741 shares of the basic materials company’s stock worth $76,000 after buying an additional 524 shares during the period. Tobam grew its stake in Teck Resources by 30.9% in the 3rd quarter. Tobam now owns 2,011 shares of the basic materials company’s stock valued at $88,000 after buying an additional 475 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in Teck Resources by 82.8% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 2,217 shares of the basic materials company’s stock valued at $97,000 after buying an additional 1,004 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on TECK shares. TD Securities reissued a “hold” rating on shares of Teck Resources in a report on Friday, April 24th. JPMorgan Chase & Co. lifted their price target on Teck Resources from $45.00 to $48.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Weiss Ratings upgraded Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, April 24th. Zacks Research cut Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 22nd. Finally, Scotiabank restated a “sector perform” rating on shares of Teck Resources in a research note on Tuesday, April 14th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and thirteen have issued a Hold rating to the stock. Based on data from MarketBeat, Teck Resources presently has an average rating of “Hold” and an average target price of $59.17.

Teck Resources Stock Performance

Teck Resources stock opened at $67.26 on Friday. Teck Resources Ltd has a 1-year low of $30.98 and a 1-year high of $71.25. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $32.43 billion, a PE ratio of 24.64, a price-to-earnings-growth ratio of 4.93 and a beta of 0.89. The firm’s 50 day simple moving average is $59.48 and its 200 day simple moving average is $53.49.

Teck Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.50 annualized dividend and a dividend yield of 0.7%. Teck Resources’s dividend payout ratio is presently 13.55%.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.