Douglas Lane & Associates LLC Has $50.48 Million Stake in Teck Resources Ltd $TECK

Douglas Lane & Associates LLC grew its position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 10.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,150,076 shares of the basic materials company’s stock after buying an additional 112,100 shares during the quarter. Douglas Lane & Associates LLC owned 0.24% of Teck Resources worth $50,477,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in Teck Resources in the 2nd quarter worth about $437,657,000. Northwest & Ethical Investments L.P. grew its holdings in shares of Teck Resources by 16.1% during the second quarter. Northwest & Ethical Investments L.P. now owns 157,645 shares of the basic materials company’s stock worth $6,402,000 after purchasing an additional 21,900 shares during the last quarter. Swiss National Bank increased its stake in shares of Teck Resources by 6.0% in the second quarter. Swiss National Bank now owns 1,428,679 shares of the basic materials company’s stock valued at $57,555,000 after buying an additional 80,300 shares during the period. Invesco Ltd. increased its stake in shares of Teck Resources by 10.8% in the second quarter. Invesco Ltd. now owns 5,565,955 shares of the basic materials company’s stock valued at $224,753,000 after buying an additional 543,554 shares during the period. Finally, Franklin Resources Inc. raised its holdings in Teck Resources by 6.9% in the 2nd quarter. Franklin Resources Inc. now owns 368,585 shares of the basic materials company’s stock valued at $14,897,000 after buying an additional 23,842 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on TECK shares. Citigroup reissued a “neutral” rating on shares of Teck Resources in a report on Wednesday, October 8th. Veritas cut shares of Teck Resources from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. Weiss Ratings upgraded Teck Resources from a “sell (d+)” rating to a “hold (c)” rating in a report on Friday, October 24th. JPMorgan Chase & Co. lifted their target price on Teck Resources from $43.00 to $51.00 and gave the stock a “neutral” rating in a report on Friday, December 5th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $46.00 price target on shares of Teck Resources in a research note on Wednesday, November 26th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Teck Resources currently has a consensus rating of “Hold” and a consensus target price of $55.71.

Teck Resources Stock Performance

Shares of Teck Resources stock opened at $44.73 on Friday. The business has a 50-day moving average price of $42.79 and a two-hundred day moving average price of $39.32. Teck Resources Ltd has a 1-year low of $28.32 and a 1-year high of $46.46. The company has a current ratio of 2.78, a quick ratio of 2.08 and a debt-to-equity ratio of 0.15. The company has a market cap of $21.50 billion, a P/E ratio of 25.13, a PEG ratio of 0.64 and a beta of 0.83.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 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 company had revenue of $2.43 billion for the quarter, compared to analyst estimates of $2.93 billion. During the same quarter in the prior year, the company earned $0.60 EPS. The firm’s revenue for the quarter was up 18.4% compared to the same quarter last year. As a group, analysts anticipate that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be given 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 annualized dividend and a dividend yield of 1.1%. Teck Resources’s payout ratio is 20.22%.

Teck Resources Company 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.