Pictet Asset Management Holding SA Increases Position in Teck Resources Limited (NYSE:TECK)

Pictet Asset Management Holding SA increased its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 102.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 309,987 shares of the basic materials company’s stock after purchasing an additional 156,980 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Teck Resources were worth $12,563,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Teck Resources by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 19,316,132 shares of the basic materials company’s stock worth $783,153,000 after purchasing an additional 58,985 shares in the last quarter. Amundi raised its stake in shares of Teck Resources by 5.6% during the 4th quarter. Amundi now owns 14,949,233 shares of the basic materials company’s stock worth $619,765,000 after acquiring an additional 791,725 shares in the last quarter. Norges Bank bought a new position in shares of Teck Resources during the 4th quarter worth approximately $470,101,000. Principal Financial Group Inc. lifted its position in Teck Resources by 21.7% during the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after acquiring an additional 1,326,241 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its stake in Teck Resources by 2.0% in the fourth quarter. CIBC Asset Management Inc now owns 6,623,228 shares of the basic materials company’s stock valued at $269,956,000 after acquiring an additional 127,348 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Up 0.8 %

NYSE:TECK opened at $36.73 on Wednesday. The firm has a market capitalization of $18.18 billion, a P/E ratio of 66.79 and a beta of 0.93. The company’s fifty day moving average price is $41.28 and its 200-day moving average price is $44.50. Teck Resources Limited has a 1-year low of $35.14 and a 1-year high of $55.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.07. The company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2.58 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. As a group, equities research analysts anticipate that Teck Resources Limited will post 1.53 EPS for the current year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $0.0879 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.35 annualized dividend and a yield of 0.96%. Teck Resources’s dividend payout ratio is presently 61.82%.

Analyst Ratings Changes

Several brokerages have recently commented on TECK. Bank of America increased their price objective on Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, March 10th. JPMorgan Chase & Co. lowered their price target on Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. Raymond James cut their price objective on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. Finally, National Bank Financial cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Teck Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.22.

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.