Walleye Capital LLC purchased a new position in shares of Teck Resources Limited (NYSE:TECK – Get Rating) (TSE:TECK) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 27,233 shares of the basic materials company’s stock, valued at approximately $1,100,000.
Other hedge funds have also modified their holdings of the company. Achmea Investment Management B.V. purchased a new position in shares of Teck Resources during the 1st quarter worth $37,000. Optimum Investment Advisors purchased a new position in shares of Teck Resources during the 1st quarter worth $40,000. Kistler Tiffany Companies LLC boosted its holdings in Teck Resources by 95.9% during the 1st quarter. Kistler Tiffany Companies LLC now owns 1,056 shares of the basic materials company’s stock valued at $43,000 after acquiring an additional 517 shares during the period. DeDora Capital Inc. purchased a new position in Teck Resources during the 1st quarter valued at about $45,000. Finally, Hood River Capital Management LLC purchased a new position in Teck Resources during the 1st quarter valued at about $49,000. 55.01% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of brokerages recently commented on TECK. TD Securities lowered their target price on Teck Resources from C$57.00 to C$55.00 in a report on Thursday, July 28th. CIBC upgraded Teck Resources from a “neutral” rating to an “outperform” rating in a report on Wednesday, June 15th. Morgan Stanley raised Teck Resources from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $41.00 to $51.00 in a research report on Friday. Royal Bank of Canada reduced their price target on Teck Resources from C$67.00 to C$60.00 in a research report on Thursday, July 28th. Finally, BMO Capital Markets reduced their price target on Teck Resources from C$67.00 to C$61.00 in a research report on Friday, July 8th. Two analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.66.
Teck Resources Trading Down 0.8 %
Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) last released its quarterly earnings results on Wednesday, July 27th. The basic materials company reported $3.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $1.24. The firm had revenue of $5.79 billion for the quarter, compared to the consensus estimate of $5.59 billion. Teck Resources had a return on equity of 23.73% and a net margin of 28.90%. The firm’s quarterly revenue was up 126.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.51 EPS. On average, research analysts anticipate that Teck Resources Limited will post 6.83 EPS for the current year.
Teck Resources Cuts Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th will be paid a $0.097 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $0.39 annualized dividend and a dividend yield of 1.21%. Teck Resources’s dividend payout ratio (DPR) is currently 4.72%.
About Teck Resources
Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company's principal products include copper, zinc, steelmaking coal, and blended bitumen.
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