Letko Brosseau & Associates Inc. Purchases Shares of 13,737,287 Teck Resources Ltd (TECK)
Letko Brosseau & Associates Inc. purchased a new position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 13,737,287 shares of the basic materials company’s stock, valued at approximately $237,787,000. Teck Resources makes up about 2.3% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 16th largest holding. Letko Brosseau & Associates Inc. owned 2.38% of Teck Resources as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Atria Investments LLC bought a new position in shares of Teck Resources during the 2nd quarter valued at approximately $231,000. Addison Capital Co bought a new position in shares of Teck Resources during the 2nd quarter valued at approximately $423,000. NN Investment Partners Holdings N.V. bought a new position in shares of Teck Resources during the 2nd quarter valued at approximately $623,000. Nexus Investment Management Inc. bought a new position in shares of Teck Resources during the 2nd quarter valued at approximately $182,000. Finally, Winslow Evans & Crocker Inc. bought a new position in shares of Teck Resources during the 2nd quarter valued at approximately $108,000. 46.68% of the stock is currently owned by institutional investors.
Shares of Teck Resources Ltd (NYSE:TECK) traded down 2.50% during midday trading on Thursday, hitting $21.37. The stock had a trading volume of 4,808,549 shares. The stock has a market cap of $12.35 billion, a P/E ratio of 7.67 and a beta of 1.25. Teck Resources Ltd has a 12-month low of $14.56 and a 12-month high of $26.60. The stock has a 50-day moving average price of $23.14 and a 200-day moving average price of $20.42.
Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.02. Teck Resources had a return on equity of 13.01% and a net margin of 17.93%. The company had revenue of $2.82 billion for the quarter, compared to analyst estimates of $2.75 billion. The company’s quarterly revenue was up 62.0% on a year-over-year basis. Equities analysts forecast that Teck Resources Ltd will post $3.56 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a $0.0399 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.73%. The ex-dividend date is Thursday, September 14th. Teck Resources’s dividend payout ratio (DPR) is currently 5.64%.
Several brokerages have commented on TECK. J P Morgan Chase & Co raised Teck Resources from a “neutral” rating to an “overweight” rating in a research report on Tuesday, May 30th. Bank of America Corporation raised Teck Resources from a “neutral” rating to a “buy” rating in a research report on Friday, June 30th. Clarkson Capital reaffirmed a “buy” rating on shares of Teck Resources in a research report on Friday, May 19th. Zacks Investment Research downgraded Teck Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Finally, Deutsche Bank AG reissued a “buy” rating and set a $23.00 price target (down previously from $24.00) on shares of Teck Resources in a research report on Sunday, June 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-three have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $30.25.
Teck Resources Company Profile
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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