Credit Industriel ET Commercial Makes New $5.44 Million Investment in Teck Resources Ltd $TECK

Credit Industriel ET Commercial bought a new stake in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 105,200 shares of the basic materials company’s stock, valued at approximately $5,444,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of TECK. Vanguard Group Inc. raised its holdings in Teck Resources by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 20,185,694 shares of the basic materials company’s stock worth $966,370,000 after purchasing an additional 278,481 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Teck Resources by 11.6% in the fourth quarter. Principal Financial Group Inc. now owns 18,832,299 shares of the basic materials company’s stock valued at $902,769,000 after purchasing an additional 1,953,070 shares during the last quarter. Davis Selected Advisers grew its holdings in Teck Resources by 9.0% in the fourth quarter. Davis Selected Advisers now owns 12,019,609 shares of the basic materials company’s stock valued at $575,620,000 after purchasing an additional 995,947 shares during the last quarter. Hancock Prospecting Pty Ltd increased its position in shares of Teck Resources by 31.7% in the fourth quarter. Hancock Prospecting Pty Ltd now owns 10,298,293 shares of the basic materials company’s stock valued at $493,185,000 after buying an additional 2,477,344 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Teck Resources in the fourth quarter valued at $404,880,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Zacks Research downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 22nd. Veritas downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 4th. TD Securities restated a “hold” rating on shares of Teck Resources in a research report on Friday, April 24th. Scotiabank reaffirmed a “sector perform” rating on shares of Teck Resources in a report on Monday, June 15th. Finally, Wall Street Zen upgraded shares of Teck Resources to a “buy” rating in a research report on Saturday, May 16th. Five research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Teck Resources has an average rating of “Hold” and an average price target of $60.17.

Teck Resources Stock Down 3.4%

Shares of NYSE:TECK opened at $59.36 on Tuesday. The company has a quick ratio of 2.16, a current ratio of 2.83 and a debt-to-equity ratio of 0.13. Teck Resources Ltd has a 52-week low of $30.98 and a 52-week high of $71.25. The stock’s fifty day simple moving average is $62.52 and its 200-day simple moving average is $56.46. The company has a market capitalization of $28.66 billion, a P/E ratio of 21.65, a P/E/G ratio of 3.56 and a beta of 0.92.

Teck Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $0.125 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.50 annualized dividend and a yield of 0.8%. Teck Resources’s payout ratio is presently 13.19%.

About Teck Resources

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.