Weiss Asset Management LP Makes New Investment in Teck Resources Ltd $TECK

Weiss Asset Management LP acquired a new position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 25,888 shares of the basic materials company’s stock, valued at approximately $1,340,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its holdings in shares of Teck Resources by 17.1% in the 1st quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company’s stock valued at $1,139,051,000 after purchasing an additional 3,211,985 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Teck Resources by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 20,185,694 shares of the basic materials company’s stock valued at $966,370,000 after purchasing an additional 278,481 shares in the last quarter. Davis Selected Advisers increased its holdings in Teck Resources by 9.0% during the fourth quarter. Davis Selected Advisers now owns 12,019,609 shares of the basic materials company’s stock valued at $575,620,000 after buying an additional 995,947 shares during the period. Hancock Prospecting Pty Ltd increased its holdings in Teck Resources by 31.7% during 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 buying an additional 2,477,344 shares during the period. Finally, Norges Bank bought a new position in Teck Resources in the fourth quarter worth approximately $404,880,000. 78.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TECK. Veritas cut Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 4th. Deutsche Bank Aktiengesellschaft lifted their target price on Teck Resources from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. JPMorgan Chase & Co. reduced their target price on shares of Teck Resources from $48.00 to $46.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. Weiss Ratings reissued a “hold (c+)” rating on shares of Teck Resources in a research report on Tuesday, July 21st. Finally, Scotiabank restated a “sector perform” rating on shares of Teck Resources in a report on Monday, June 15th. Five equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $62.00.

Teck Resources Price Performance

NYSE TECK opened at $59.73 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.83 and a quick ratio of 2.16. The stock’s fifty day moving average price is $61.45 and its 200 day moving average price is $57.60. Teck Resources Ltd has a 1 year low of $30.98 and a 1 year high of $71.25. The company has a market cap of $28.85 billion, a price-to-earnings ratio of 16.19, a PEG ratio of 1.78 and a beta of 0.92.

Teck Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Teck Resources’s dividend payout ratio is presently 9.49%.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.