8,456,934 Shares in Teck Resources Ltd $TECK Acquired by Norges Bank

Norges Bank acquired a new position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 8,456,934 shares of the basic materials company’s stock, valued at approximately $404,880,000. Norges Bank owned 1.76% of Teck Resources as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of TECK. Wellington Management Group LLP boosted its stake in shares of Teck Resources by 264.5% during the 3rd quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company’s stock valued at $253,695,000 after buying an additional 4,194,868 shares during the period. Pentwater Capital Management LP boosted its stake in shares of Teck Resources by 7,150.0% during the 3rd quarter. Pentwater Capital Management LP now owns 2,900,000 shares of the basic materials company’s stock valued at $127,281,000 after buying an additional 2,860,000 shares during the period. Carrhae Capital LLP acquired a new stake in shares of Teck Resources during the 4th quarter valued at $98,841,000. Maple Rock Capital Partners Inc. acquired a new stake in shares of Teck Resources during the 3rd quarter valued at $88,601,000. Finally, Principal Financial Group Inc. boosted its stake in shares of 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 buying an additional 1,953,070 shares during the period. Institutional investors and hedge funds own 78.06% of the company’s stock.

Analysts Set New Price Targets

TECK has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Teck Resources in a research note on Friday, May 15th. JPMorgan Chase & Co. lifted their target price on shares of Teck Resources from $45.00 to $48.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a research note on Tuesday, April 14th. TD Securities restated a “hold” rating on shares of Teck Resources in a report on Friday, April 24th. Finally, Citigroup raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a research note on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and thirteen have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $59.17.

Teck Resources Stock Up 2.6%

TECK stock opened at $67.91 on Tuesday. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13. Teck Resources Ltd has a 1 year low of $30.98 and a 1 year high of $68.21. The company has a fifty day simple moving average of $58.21 and a 200 day simple moving average of $52.94. The firm has a market cap of $32.74 billion, a PE ratio of 24.88, a PEG ratio of 4.85 and a beta of 0.89.

Teck Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.7%. The ex-dividend date is Monday, June 15th. Teck Resources’s dividend payout ratio (DPR) is 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.