Impala Asset Management LLC Acquires Shares of 12,557,076 Teck Resources Ltd (TECK)
Impala Asset Management LLC acquired a new position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 12,557,076 shares of the basic materials company’s stock, valued at approximately $217,614,000. Teck Resources comprises approximately 11.0% of Impala Asset Management LLC’s investment portfolio, making the stock its biggest holding. Impala Asset Management LLC owned approximately 2.17% of Teck Resources as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently modified their holdings of the business. Letko Brosseau & Associates Inc. purchased a new position in shares of Teck Resources during the second quarter worth about $237,787,000. TD Asset Management Inc. purchased a new position in shares of Teck Resources during the second quarter worth about $146,189,000. Contrarius Investment Management Ltd purchased a new position in shares of Teck Resources during the second quarter worth about $144,456,000. CIBC Asset Management Inc purchased a new position in shares of Teck Resources during the second quarter worth about $144,018,000. Finally, Great West Life Assurance Co. Can purchased a new position in shares of Teck Resources during the second quarter worth about $57,911,000. 46.68% of the stock is currently owned by institutional investors.
Several equities analysts have issued reports on the company. BidaskClub lowered Teck Resources from a “strong-buy” rating to a “buy” rating in a report on Friday. Clarkson Capital reaffirmed a “buy” rating on shares of Teck Resources in a report on Friday, May 19th. ValuEngine lowered Teck Resources from a “strong-buy” rating to a “buy” rating in a report on Wednesday, September 6th. Bank of America Corporation lowered Teck Resources from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $27.00 to $19.00 in a report on Friday, June 9th. Finally, Deutsche Bank AG reaffirmed a “buy” rating and set a $23.00 price objective (down previously from $24.00) on shares of Teck Resources in a report on Sunday, June 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $30.25.
Shares of Teck Resources Ltd (NYSE TECK) traded down 1.21% during midday trading on Friday, reaching $21.31. 2,821,228 shares of the company were exchanged. Teck Resources Ltd has a 52-week low of $14.56 and a 52-week high of $26.60. The company’s 50-day moving average price is $23.19 and its 200 day moving average price is $20.44. The stock has a market capitalization of $12.31 billion, a price-to-earnings ratio of 7.55 and a beta of 1.25.
Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, July 27th. The basic materials company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.71 by $0.02. Teck Resources had a net margin of 17.93% and a return on equity of 13.01%. The firm had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.75 billion. The business’s revenue for the quarter was up 62.0% on a year-over-year basis. On average, equities analysts predict 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. Shareholders of record on Friday, September 15th will be given a $0.0399 dividend. This represents a $0.16 annualized dividend and a yield of 0.74%. The ex-dividend date is Thursday, September 14th. Teck Resources’s dividend payout ratio (DPR) is 5.64%.
Teck Resources 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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