8,456,934 Shares in Teck Resources Ltd $TECK Bought by Norges Bank

Norges Bank acquired a new position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 8,456,934 shares of the basic materials company’s stock, valued at approximately $404,880,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Teck Resources by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 20,185,694 shares of the basic materials company’s stock worth $966,370,000 after purchasing an additional 278,481 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Teck Resources by 11.6% during the 4th quarter. Principal Financial Group Inc. now owns 18,832,299 shares of the basic materials company’s stock worth $902,769,000 after purchasing an additional 1,953,070 shares during the period. Davis Selected Advisers increased its holdings in shares of Teck Resources by 9.0% during the 4th quarter. Davis Selected Advisers now owns 12,019,609 shares of the basic materials company’s stock worth $575,620,000 after purchasing an additional 995,947 shares during the period. Hancock Prospecting Pty Ltd increased its holdings in shares of Teck Resources by 1.6% during the 3rd quarter. Hancock Prospecting Pty Ltd now owns 7,820,949 shares of the basic materials company’s stock worth $343,261,000 after purchasing an additional 125,000 shares during the period. Finally, Wellington Management Group LLP increased its holdings in shares of Teck Resources by 264.5% during the 3rd quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company’s stock worth $253,695,000 after purchasing an additional 4,194,868 shares during the period. Institutional investors own 78.06% of the company’s stock.

Analysts Set New Price Targets

TECK has been the topic of several research reports. Benchmark boosted their price objective on shares of Teck Resources from $48.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, February 23rd. JPMorgan Chase & Co. boosted their price objective on shares of Teck Resources from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Truist Financial set a $67.00 price objective on shares of Teck Resources in a report on Monday, February 23rd. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a report on Tuesday, April 14th. Finally, TD Securities restated a “hold” rating on shares of Teck Resources in a report on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and thirteen have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $59.17.

Teck Resources Price Performance

Shares of Teck Resources stock opened at $67.91 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.16 and a current ratio of 2.83. The firm’s 50-day simple moving average is $58.21 and its 200-day simple moving average is $52.94. Teck Resources Ltd has a twelve month low of $30.98 and a twelve month high of $68.21. The firm has a market cap of $32.74 billion, a P/E ratio of 24.88, a price-to-earnings-growth ratio of 4.85 and a beta of 0.89.

Teck Resources Dividend Announcement

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

Teck Resources Profile

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.