Fifth Third Bancorp Buys 596 Shares of Teck Resources Ltd (NYSE:TECK)

Fifth Third Bancorp raised its position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 8.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 7,698 shares of the basic materials company’s stock after purchasing an additional 596 shares during the quarter. Fifth Third Bancorp’s holdings in Teck Resources were worth $280,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Pictet Asset Management Holding SA increased its position in shares of Teck Resources by 102.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 309,987 shares of the basic materials company’s stock worth $12,563,000 after buying an additional 156,980 shares during the period. Cetera Investment Advisers boosted its position in Teck Resources by 20.6% during the fourth quarter. Cetera Investment Advisers now owns 57,793 shares of the basic materials company’s stock valued at $2,342,000 after acquiring an additional 9,887 shares during the last quarter. Principal Securities Inc. grew its holdings in Teck Resources by 49.9% during the 4th quarter. Principal Securities Inc. now owns 2,858 shares of the basic materials company’s stock worth $116,000 after acquiring an additional 952 shares during the period. Quantbot Technologies LP acquired a new stake in Teck Resources during the 4th quarter worth about $2,228,000. Finally, Raymond James Financial Inc. bought a new position in shares of Teck Resources in the 4th quarter worth about $14,344,000. Institutional investors own 78.06% of the company’s stock.

Analyst Ratings Changes

TECK has been the subject of a number of research analyst reports. National Bankshares upgraded Teck Resources from a “sector perform” rating to an “outperform” rating in a report on Thursday, April 24th. National Bank Financial upgraded shares of Teck Resources from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 24th. UBS Group reissued a “neutral” rating on shares of Teck Resources in a research note on Tuesday, April 15th. Bank of America increased their price objective on shares of Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Finally, Desjardins initiated coverage on Teck Resources in a report on Friday, April 4th. They issued a “buy” rating on the stock. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $64.11.

Teck Resources Stock Performance

Shares of TECK stock opened at $38.25 on Thursday. The firm has a market cap of $18.72 billion, a price-to-earnings ratio of 65.95, a P/E/G ratio of 0.50 and a beta of 0.79. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.57 and a current ratio of 3.36. Teck Resources Ltd has a 52 week low of $28.32 and a 52 week high of $54.13. The firm’s 50-day simple moving average is $36.06 and its two-hundred day simple moving average is $39.32.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.18. Teck Resources had a net margin of 3.48% and a return on equity of 4.53%. The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same quarter last year, the business posted $0.75 EPS. Teck Resources’s quarterly revenue was up 41.4% compared to the same quarter last year. As a group, equities analysts forecast that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a $0.0901 dividend. The ex-dividend date of this dividend is Monday, June 16th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.36 annualized dividend and a dividend yield of 0.94%. Teck Resources’s payout ratio is presently 62.07%.

Teck Resources Profile

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.