Parallel Advisors LLC Raises Stock Holdings in Teck Resources Limited (NYSE:TECK)

Parallel Advisors LLC increased its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 49.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,457 shares of the basic materials company’s stock after purchasing an additional 1,141 shares during the quarter. Parallel Advisors LLC’s holdings in Teck Resources were worth $126,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Stonebridge Financial Group LLC acquired a new position in shares of Teck Resources in the fourth quarter valued at about $25,000. FPC Investment Advisory Inc. acquired a new stake in Teck Resources in the fourth quarter valued at approximately $27,000. Community Bank N.A. acquired a new stake in Teck Resources in the fourth quarter valued at approximately $33,000. Ameriflex Group Inc. acquired a new stake in Teck Resources in the fourth quarter valued at approximately $50,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in Teck Resources in the fourth quarter valued at approximately $55,000. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on TECK shares. National Bank Financial upgraded Teck Resources from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 24th. Bank of America raised their target price on Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Desjardins began coverage on Teck Resources in a research report on Friday, April 4th. They issued a “buy” rating on the stock. UBS Group reiterated a “neutral” rating on shares of Teck Resources in a research report on Tuesday, April 15th. Finally, Veritas upgraded Teck Resources to a “hold” rating in a research report on Friday, April 11th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $64.11.

Teck Resources Trading Up 0.0%

Shares of NYSE TECK opened at $38.61 on Friday. Teck Resources Limited has a twelve month low of $28.32 and a twelve month high of $54.13. The stock has a market capitalization of $18.89 billion, a PE ratio of 70.20 and a beta of 0.79. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The stock has a fifty day simple moving average of $35.01 and a 200-day simple moving average of $39.76.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Thursday, April 24th. The basic materials company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.24 by $0.18. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The firm had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the firm posted $0.75 EPS. Teck Resources’s revenue for the quarter was up 41.4% on a year-over-year basis. On average, equities analysts forecast that Teck Resources Limited will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a dividend of $0.0901 per share. This represents a $0.36 annualized dividend and a yield of 0.93%. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, June 16th. Teck Resources’s payout ratio is presently 58.62%.

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.