Foundations Investment Advisors LLC increased its stake in Tech Resource Limited (NYSE:TECK – Free Report) (TSE:TECK) by 26.7% in the first quarter, according to its latest 13F filing with the Securities and Exchange Commission. rice field. After acquiring an additional 3,121 shares during the same period, the company owns 14,805 shares in the basic materials company. Foundations Investment Advisors LLC’s holdings of Teck Resources were valued at $540,000 at the time of the latest SEC filing.
Several other institutional investors have also recently added or reduced their equity stakes. Vanguard Group Inc. increased his position in Teck Resources by 1.9% in the third quarter. Vanguard Group Inc. acquired an additional 297,156 shares during the period and now owns 15,602,373 shares of the basic materials company, valued at $474,468,000. Davis Selected Advisers raised his stake in Teck Resources shares by 2.0% during the fourth quarter. Davis Selected Advisers purchased an additional 253,832 shares last quarter and now owns 13,008,612 shares of the Basic Materials Company, valued at $491,986,000. Norges Bank purchased new positions in Teck Resources shares worth approximately $291,283,000 during the fourth quarter. Dimensional Fund Advisors LP increased its stake in Teck Resources shares by 5.7% during the fourth quarter. Dimensional Fund Advisors LP purchased an additional 343,370 shares in the last quarter and now owns 6,418,574 shares of the Basic Materials Company, valued at $242,758,000. Finally, Montreal Kan Bank increased its stake in Teck Resources shares by 21.3% during the fourth quarter. Can Bank of Montreal now owns 5,880,796 shares of the basic materials company, worth $223.6 million, after purchasing an additional 1,034,168 shares in the previous quarter. Institutional investors and hedge funds hold 56.42% of the company’s shares.
Tech resource price performance
TECK shares opened Wednesday at $41.78. Tech Resource Limited hit a 52-week low of $24.72 and a 52-week high of $49.34. The stock has a 50-day simple moving average of $41.80 and a 200-day simple moving average of $41.23. The company has a quick ratio of 0.80, a current ratio of 1.28 and a debt to equity ratio of 0.24. The stock has a market cap of $21.44 billion, a price/earnings multiple of 10.04 times, a price/earnings multiple of 1.52 times, and a beta of 1.07 times.
Teck Resources (NYSE:TECK – Get Your Free Report) (TSE:TECK) last released its quarterly earnings data on Wednesday, April 26th. Basic Materials reported earnings per share (EPS) of $1.32 for the quarter, short of consensus expectations of $1.33 ($0.01). Teck Resources’ return on equity was 15.71% and net profit margin was 16.80%. The business had sales of $2.8 billion in the quarter, compared with analysts’ expectations of $2.96 billion. Equity research analysts expect Tech Resources Limited to post an EPS of 4.63 this year.
Tech Resources, Dividend Increase
The company also recently announced its quarterly dividend, which was paid out on Friday, June 30. A dividend of $0.125 per share was issued to shareholders of record on Thursday, June 15. That’s up from Tech Resources’ previous quarterly dividend of $0.09. The ex-dividend date for this dividend was Wednesday, June 14. This equates to an annualized dividend of $0.50 and a dividend yield of 1.20%. Tech Resources has a dividend payout ratio (DPR) of 8.89%.
Wall Street analysts forecast growth
TECK has been the subject of many analyst reports. National Bank Financial cut Tech Resource’s rating from ‘outperform’ to ‘sector perform’ in a research note on Thursday, April 27. Morgan Stanley raised its price target on Tech Resources to $53.00 from $51.00 in a research note on Wednesday, June 21. B. Riley lowered his price target on Tech Resources to C$67.00 from C$68.00 in a report on Monday, June 26. Benchmark raised its price target on Tech Resources to $50.00 from $48.00 in its report on Monday, April 17, giving the stock a Buy rating. Finally, StockNews.com began reporting on his Teck Resources in Wednesday’s report. They issued a “hold” rating on the stock. Six analysts have a Hold rating on the stock, while eight have a Buy rating. According to MarketBeat.com, the company currently has an average rating of “moderate buy” and a consensus price target of $62.42.
About tech resources
Teck Resources Limited engages in the exploration, acquisition, development and production of natural resources in Asia, Europe and North America. It operates through the steel, coal, copper, zinc and energy sectors. The company’s main products include copper, zinc, ironmaking coal and mixed asphalt.
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