Squarepoint Ops LLC Invests $7.95 Million in Teck Resources Ltd $TECK

Squarepoint Ops LLC acquired a new stake in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 133,740 shares of the basic materials company’s stock, valued at approximately $7,952,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its holdings in Teck Resources by 17.1% during the 1st quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company’s stock worth $1,139,051,000 after purchasing an additional 3,211,985 shares in the last quarter. Hancock Prospecting Pty Ltd lifted its holdings in shares of Teck Resources by 31.7% in the fourth quarter. Hancock Prospecting Pty Ltd now owns 10,298,293 shares of the basic materials company’s stock valued at $493,185,000 after purchasing an additional 2,477,344 shares in the last quarter. Norges Bank acquired a new position in shares of Teck Resources during the fourth quarter worth about $404,880,000. Mackenzie Financial Corp boosted its position in shares of Teck Resources by 6.9% during the fourth quarter. Mackenzie Financial Corp now owns 8,258,250 shares of the basic materials company’s stock worth $395,101,000 after buying an additional 536,396 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Teck Resources by 11.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 7,939,413 shares of the basic materials company’s stock worth $380,218,000 after buying an additional 836,879 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Stock Performance

Shares of NYSE TECK opened at $65.90 on Friday. The stock has a 50 day moving average price of $63.61 and a 200 day moving average price of $60.28. Teck Resources Ltd has a 52 week low of $38.00 and a 52 week high of $72.56. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.33 and a current ratio of 3.12. The stock has a market capitalization of $31.83 billion, a PE ratio of 17.86, a price-to-earnings-growth ratio of 2.53 and a beta of 0.94.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.40. Teck Resources had a return on equity of 10.42% and a net margin of 17.85%.The firm had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the firm earned $0.38 EPS. The business’s quarterly revenue was up 78.2% on a year-over-year basis. Analysts predict that Teck Resources Ltd will post 3.48 earnings per share for the current fiscal year.

Teck Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.50 annualized dividend and a dividend yield of 0.8%. Teck Resources’s dividend payout ratio (DPR) is currently 9.76%.

Analysts Set New Price Targets

TECK has been the topic of several research reports. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a research note on Monday, June 15th. Veritas downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 4th. JPMorgan Chase & Co. boosted their price objective on shares of Teck Resources from $46.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 28th. Wall Street Zen cut shares of Teck Resources from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 26th. Finally, Weiss Ratings raised shares of Teck Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 4th. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $62.25.

Teck Resources Company Profile

Teck Resources Limited is a Canadian mining and metals company focused primarily on the exploration, development and production of base metals. Its principal products include copper, zinc and lead, along with associated by-products such as molybdenum, silver and germanium. Copper is an increasingly important part of Teck’s business as the metal is used in electrical infrastructure, renewable energy systems, transportation and industrial applications.

Teck operates and develops mining assets in Canada, Chile and Peru.