Contrarius Investment Management Ltd Has $112.79 Million Holdings in Teck Resources Ltd (TECK)

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Contrarius Investment Management Ltd cut its holdings in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 4.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,431,676 shares of the basic materials company’s stock after selling 200,180 shares during the period. Teck Resources comprises about 4.4% of Contrarius Investment Management Ltd’s holdings, making the stock its 11th largest position. Contrarius Investment Management Ltd’s holdings in Teck Resources were worth $112,786,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Signaturefd LLC acquired a new stake in shares of Teck Resources during the first quarter worth about $160,000. Regentatlantic Capital LLC acquired a new stake in shares of Teck Resources during the second quarter worth about $200,000. Seven Eight Capital LP acquired a new stake in shares of Teck Resources during the first quarter worth about $223,000. Bayesian Capital Management LP acquired a new stake in shares of Teck Resources during the first quarter worth about $247,000. Finally, Daiwa SB Investments Ltd. increased its position in shares of Teck Resources by 207.2% during the second quarter. Daiwa SB Investments Ltd. now owns 9,860 shares of the basic materials company’s stock worth $251,000 after purchasing an additional 6,650 shares in the last quarter. Institutional investors own 53.05% of the company’s stock.

NYSE TECK opened at $22.78 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.51 and a current ratio of 2.38. Teck Resources Ltd has a 52-week low of $20.06 and a 52-week high of $30.80. The stock has a market cap of $13.79 billion, a P/E ratio of 6.64, a P/E/G ratio of 0.66 and a beta of 1.42.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, July 26th. The basic materials company reported $1.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.28. Teck Resources had a return on equity of 13.56% and a net margin of 22.12%. The firm had revenue of $3.02 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same quarter last year, the company posted $1.00 earnings per share. The business’s revenue was up 6.5% on a year-over-year basis. analysts predict that Teck Resources Ltd will post 3.55 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be issued a dividend of $0.038 per share. This represents a $0.15 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date of this dividend is Thursday, September 13th. Teck Resources’s dividend payout ratio is currently 4.37%.

A number of research firms have recently commented on TECK. ValuEngine cut Teck Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Morgan Stanley cut their target price on Teck Resources from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 1st. Zacks Investment Research cut Teck Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, July 18th. Finally, MKM Partners set a $35.00 target price on Teck Resources and gave the stock a “buy” rating in a research report on Wednesday, June 6th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $30.94.

Teck Resources Profile

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.

Further Reading: Average Daily Trade Volume – What You Need to Know

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

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