Verition Fund Management LLC increased its stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 492.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 81,830 shares of the basic materials company’s stock after purchasing an additional 68,022 shares during the quarter. Verition Fund Management LLC’s holdings in Teck Resources were worth $2,108,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in TECK. Amundi Pioneer Asset Management Inc. raised its holdings in Teck Resources by 47.7% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 239,495 shares of the basic materials company’s stock worth $6,171,000 after purchasing an additional 77,338 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Teck Resources during the first quarter worth $7,938,000. Ladenburg Thalmann Financial Services Inc. raised its holdings in shares of Teck Resources by 25.3% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 10,342 shares of the basic materials company’s stock worth $266,000 after acquiring an additional 2,088 shares during the period. Element Capital Management LLC bought a new position in Teck Resources in the first quarter valued at $677,000. Finally, Natixis grew its position in Teck Resources by 98.3% in the first quarter. Natixis now owns 146,660 shares of the basic materials company’s stock valued at $3,778,000 after purchasing an additional 72,695 shares in the last quarter. 55.18% of the stock is currently owned by institutional investors and hedge funds.
Shares of Teck Resources opened at $25.45 on Friday, MarketBeat.com reports. The company has a market cap of $13.95 billion, a P/E ratio of 6.93, a P/E/G ratio of 0.66 and a beta of 1.54. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.38 and a current ratio of 2.14. Teck Resources Ltd has a 1 year low of $16.78 and a 1 year high of $30.80.
Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Tuesday, April 24th. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.04). Teck Resources had a net margin of 22.03% and a return on equity of 13.66%. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.17 billion. During the same period last year, the firm posted $1.16 earnings per share. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. equities research analysts forecast that Teck Resources Ltd will post 3.59 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 29th. Shareholders of record on Friday, June 15th were issued a dividend of $0.039 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date of this dividend was Thursday, June 14th. Teck Resources’s payout ratio is 4.37%.
TECK has been the subject of a number of analyst reports. Seaport Global Securities initiated coverage on shares of Teck Resources in a research report on Friday, March 2nd. They issued a “hold” rating for the company. ValuEngine downgraded shares of Teck Resources from a “strong-buy” rating to a “buy” rating in a research report on Friday, March 2nd. Zacks Investment Research raised shares of Teck Resources from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a research report on Wednesday, March 7th. Goldman Sachs Group started coverage on shares of Teck Resources in a research note on Tuesday, March 20th. They set a “neutral” rating and a $31.00 target price for the company. Finally, Morgan Stanley raised their target price on shares of Teck Resources from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Monday, March 26th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Teck Resources currently has a consensus rating of “Hold” and a consensus price target of $31.06.
About Teck Resources
Teck Resources Limited researches, explores for, develops, and produces natural resources in the Americas, the Asia Pacific, and Europe. It operates through five segments: Steelmaking Coal, Copper, Zinc, Energy, and Corporate. The company's principal products comprise steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates.
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