Sumitomo Mitsui Trust Holdings Inc. Has $56.11 Million Stock Holdings in Teck Resources Limited (NYSE:TECK)

Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 11.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,323,288 shares of the basic materials company’s stock after purchasing an additional 133,019 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Teck Resources were worth $56,107,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of TECK. Ingalls & Snyder LLC boosted its position in Teck Resources by 0.5% during the fourth quarter. Ingalls & Snyder LLC now owns 609,985 shares of the basic materials company’s stock valued at $25,784,000 after purchasing an additional 3,075 shares during the last quarter. Clarius Group LLC lifted its holdings in shares of Teck Resources by 16.0% during the 4th quarter. Clarius Group LLC now owns 10,286 shares of the basic materials company’s stock valued at $435,000 after buying an additional 1,416 shares during the last quarter. Cerity Partners LLC bought a new stake in shares of Teck Resources in the 4th quarter valued at approximately $297,000. International Assets Investment Management LLC increased its holdings in Teck Resources by 29.0% in the fourth quarter. International Assets Investment Management LLC now owns 13,550 shares of the basic materials company’s stock worth $573,000 after buying an additional 3,050 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in Teck Resources by 4.6% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 120,841 shares of the basic materials company’s stock valued at $5,191,000 after acquiring an additional 5,304 shares in the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of Teck Resources from $44.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday. Benchmark increased their target price on shares of Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Monday, April 8th. UBS Group started coverage on Teck Resources in a research report on Tuesday, January 16th. They issued a “buy” rating for the company. Finally, Morgan Stanley reiterated an “overweight” rating and set a $55.00 price target on shares of Teck Resources in a research note on Thursday, April 11th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $64.36.

Teck Resources Price Performance

Shares of NYSE:TECK opened at $47.73 on Friday. The company has a market cap of $24.37 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 6.64 and a beta of 1.15. The business has a 50 day moving average price of $42.79 and a 200 day moving average price of $40.12. The company has a quick ratio of 0.60, a current ratio of 1.10 and a debt-to-equity ratio of 0.21. Teck Resources Limited has a twelve month low of $34.38 and a twelve month high of $50.46.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.01. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%. The company had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $3.11 billion. Research analysts predict that Teck Resources Limited will post 3.43 earnings per share for the current year.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.0925 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.37 annualized dividend and a yield of 0.78%. Teck Resources’s dividend payout ratio is 10.79%.

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.