ABN Amro Investment Solutions Invests $6.85 Million in Teck Resources Ltd $TECK

ABN Amro Investment Solutions purchased a new position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 169,646 shares of the basic materials company’s stock, valued at approximately $6,850,000.

Several other institutional investors have also bought and sold shares of TECK. Smartleaf Asset Management LLC raised its stake in Teck Resources by 69.2% in the first 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 in the last quarter. Costello Asset Management INC bought a new stake in Teck Resources during the first quarter valued at approximately $33,000. Banque Cantonale Vaudoise bought a new position in shares of Teck Resources in the first quarter worth about $36,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Teck Resources during the 2nd quarter valued at $49,000. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in Teck Resources by 102.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the basic materials company’s stock valued at $53,000 after buying an additional 668 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Canaccord Genuity Group cut Teck Resources from a “buy” rating to a “hold” rating in a report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft upgraded shares of Teck Resources from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research note on Monday, September 8th. Desjardins cut shares of Teck Resources from a “buy” rating to a “hold” rating in a report on Friday, July 18th. Royal Bank Of Canada reduced their price objective on shares of Teck Resources from $82.00 to $67.00 and set an “outperform” rating for the company in a research report on Friday, July 25th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Teck Resources in a research note on Wednesday, October 8th. One investment 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 given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $54.00.

Teck Resources Price Performance

Shares of TECK opened at $41.91 on Friday. Teck Resources Ltd has a 1-year low of $28.32 and a 1-year high of $48.47. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.78 and a quick ratio of 2.08. The stock has a market cap of $20.14 billion, a PE ratio of 23.54, a price-to-earnings-growth ratio of 0.74 and a beta of 0.90. The firm has a fifty day moving average price of $41.84 and a 200 day moving average price of $38.09.

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

Teck Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be paid a dividend of $0.125 per share. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.2%. Teck Resources’s dividend payout ratio is 19.66%.

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.