CIBC Asset Management Inc Raises Stock Holdings in Teck Resources Ltd $TECK

CIBC Asset Management Inc boosted its holdings in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 3.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,646,656 shares of the basic materials company’s stock after purchasing an additional 190,878 shares during the period. CIBC Asset Management Inc owned about 1.17% of Teck Resources worth $271,828,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TECK. Vanguard Group Inc. boosted its stake in Teck Resources by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 20,185,694 shares of the basic materials company’s stock valued at $966,370,000 after acquiring an additional 278,481 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Teck Resources by 11.6% during the 4th quarter. Principal Financial Group Inc. now owns 18,832,299 shares of the basic materials company’s stock valued at $902,769,000 after acquiring an additional 1,953,070 shares during the last quarter. Davis Selected Advisers boosted its stake in Teck Resources by 9.0% during the 4th quarter. Davis Selected Advisers now owns 12,019,609 shares of the basic materials company’s stock valued at $575,620,000 after acquiring an additional 995,947 shares during the last quarter. Norges Bank bought a new position in Teck Resources during the 4th quarter valued at $404,880,000. Finally, Goldman Sachs Group Inc. boosted its stake in Teck Resources by 11.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 7,939,413 shares of the basic materials company’s stock valued at $380,218,000 after acquiring an additional 836,879 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Benchmark increased their price objective on shares of Teck Resources from $48.00 to $67.00 and gave the company a “buy” rating in a research note on Monday, February 23rd. TD Securities reiterated a “hold” rating on shares of Teck Resources in a research note on Friday, April 24th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Teck Resources in a report on Friday, May 15th. JPMorgan Chase & Co. increased their target price on Teck Resources from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Finally, Zacks Research downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and thirteen have given a Hold rating to the company’s stock. According to MarketBeat.com, Teck Resources presently has an average rating of “Hold” and an average target price of $59.17.

Teck Resources Price Performance

Shares of NYSE:TECK opened at $70.61 on Wednesday. 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 fifty-two week low of $30.98 and a fifty-two week high of $71.25. The firm has a 50-day simple moving average of $58.21 and a 200 day simple moving average of $52.94. The company has a market cap of $34.04 billion, a PE ratio of 25.86, a P/E/G ratio of 4.97 and a beta of 0.89.

Teck Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, June 15th. Teck Resources’s dividend payout ratio is currently 13.55%.

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.