The Manufacturers Life Insurance Company Acquires New Position in Teck Resources Ltd (TECK)

The Manufacturers Life Insurance Company acquired a new position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 4,223,136 shares of the basic materials company’s stock, valued at approximately $73,078,000. The Manufacturers Life Insurance Company owned approximately 0.73% of Teck Resources as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Caxton Associates LP bought a new position in Teck Resources in the second quarter worth approximately $4,766,000. Cubist Systematic Strategies LLC bought a new position in Teck Resources in the second quarter worth approximately $542,000. York Capital Management Global Advisors LLC bought a new position in Teck Resources in the second quarter worth approximately $12,863,000. Tyrus Capital S.A.M. bought a new position in Teck Resources in the second quarter worth approximately $4,781,000. Finally, Gotham Asset Management LLC bought a new position in Teck Resources in the second quarter worth approximately $3,171,000. 46.80% of the stock is currently owned by institutional investors.

TECK has been the topic of several research analyst reports. Deutsche Bank AG reissued a “buy” rating and issued a $26.00 price objective (up previously from $24.00) on shares of Teck Resources in a research note on Monday, September 25th. MKM Partners reissued a “buy” rating and issued a $30.00 price objective on shares of Teck Resources in a research note on Wednesday, September 20th. Bank of America Corporation raised Teck Resources from a “neutral” rating to a “buy” rating in a research note on Friday, June 30th. BidaskClub cut Teck Resources from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 15th. Finally, ValuEngine cut Teck Resources from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, September 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $31.18.

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Teck Resources Ltd (NYSE:TECK) traded up 1.4282% during mid-day trading on Tuesday, hitting $22.4562. The stock had a trading volume of 1,097,407 shares. Teck Resources Ltd has a 52-week low of $14.56 and a 52-week high of $26.60. The firm has a 50-day moving average of $22.94 and a 200-day moving average of $20.60. The stock has a market cap of $12.81 billion, a P/E ratio of 7.7222 and a beta of 1.21.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, July 27th. The basic materials company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.02. The firm had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.75 billion. Teck Resources had a net margin of 17.93% and a return on equity of 13.01%. The company’s revenue was up 62.0% on a year-over-year basis. On average, analysts forecast that Teck Resources Ltd will post $3.50 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were paid a $0.0399 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $0.16 annualized dividend and a yield of 0.72%. Teck Resources’s dividend payout ratio is presently 3.01%.

About Teck Resources

Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corpo

A number of other large investors have also recently made changes to their positions in the stock. Caxton Associates LP bought a new position in Teck Resources in the second quarter worth approximately $4,766,000. Cubist Systematic Strategies LLC bought a new position in Teck Resources in the second quarter worth approximately $542,000. York Capital Management Global Advisors LLC bought a new position in Teck Resources in the second quarter worth approximately $12,863,000. Tyrus Capital S.A.M. bought a new position in Teck Resources in the second quarter worth approximately $4,781,000. Finally, Gotham Asset Management LLC bought a new position in Teck Resources in the second quarter worth approximately $3,171,000. 46.80% of the stock is currently owned by institutional investors.

TECK has been the topic of several research analyst reports. Deutsche Bank AG reissued a “buy” rating and issued a $26.00 price objective (up previously from $24.00) on shares of Teck Resources in a research note on Monday, September 25th. MKM Partners reissued a “buy” rating and issued a $30.00 price objective on shares of Teck Resources in a research note on Wednesday, September 20th. Bank of America Corporation raised Teck Resources from a “neutral” rating to a “buy” rating in a research note on Friday, June 30th. BidaskClub cut Teck Resources from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 15th. Finally, ValuEngine cut Teck Resources from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, September 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $31.18.

COPYRIGHT VIOLATION WARNING: This story was published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this story on another domain, it was illegally stolen and reposted in violation of United States & international trademark & copyright law. The correct version of this story can be viewed at https://ledgergazette.com/2017/10/10/the-manufacturers-life-insurance-company-acquires-new-position-in-teck-resources-ltd-teck.html.

Teck Resources Ltd (NYSE:TECK) traded up 1.4282% during mid-day trading on Tuesday, hitting $22.4562. The stock had a trading volume of 1,097,407 shares. Teck Resources Ltd has a 52-week low of $14.56 and a 52-week high of $26.60. The firm has a 50-day moving average of $22.94 and a 200-day moving average of $20.60. The stock has a market cap of $12.81 billion, a P/E ratio of 7.7222 and a beta of 1.21.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, July 27th. The basic materials company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.02. The firm had revenue of $2.82 billion during the quarter, compared to the consensus estimate of $2.75 billion. Teck Resources had a net margin of 17.93% and a return on equity of 13.01%. The company’s revenue was up 62.0% on a year-over-year basis. On average, analysts forecast that Teck Resources Ltd will post $3.50 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were paid a $0.0399 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $0.16 annualized dividend and a yield of 0.72%. Teck Resources’s dividend payout ratio is presently 3.01%.

About Teck Resources

Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.

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Institutional Ownership by Quarter for Teck Resources (NYSE:TECK)

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