86,980 Shares in Teck Resources Ltd $TECK Acquired by PDT Partners LLC

Key Points

• PDT Partners LLC acquired 86,980 shares of Teck Resources Ltd, valued at approximately $3.17 million, during the 1st quarter.
• Teck Resources recently increased its quarterly dividend to $0.0918 per share, reflecting a modest 1.1% yield for shareholders.
• Analysts have varying opinions on Teck Resources, with one rating it as a Strong Buy and the consensus rating being Hold, alongside an average price target of $60.11.

PDT Partners LLC bought a new position in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 86,980 shares of the basic materials company's stock, valued at approximately $3,169,000.

Other large investors have also recently modified their holdings of the company. First Trust Advisors LP raised its holdings in shares of Teck Resources by 1.6% during the 4th quarter. First Trust Advisors LP now owns 65,749 shares of the basic materials company's stock valued at $2,665,000 after buying an additional 1,027 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Teck Resources by 55.9% during the 4th quarter. Northern Trust Corp now owns 391,370 shares of the basic materials company's stock worth $15,862,000 after acquiring an additional 140,404 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Teck Resources by 100.1% during the fourth quarter. BNP Paribas Financial Markets now owns 283,346 shares of the basic materials company's stock valued at $11,484,000 after purchasing an additional 141,753 shares during the last quarter. Balyasny Asset Management L.P. grew its holdings in shares of Teck Resources by 21.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,046,803 shares of the basic materials company's stock valued at $42,427,000 after buying an additional 187,489 shares during the last quarter. Finally, Cetera Investment Advisers grew its holdings in shares of Teck Resources by 20.6% during the fourth quarter. Cetera Investment Advisers now owns 57,793 shares of the basic materials company's stock valued at $2,342,000 after buying an additional 9,887 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on TECK. CIBC cut shares of Teck Resources from a "sector outperform" rating to a "neutral" rating in a report on Friday, July 25th. Morgan Stanley lowered shares of Teck Resources from an "overweight" rating to an "equal weight" rating and increased their price objective for the company from $42.00 to $44.00 in a report on Tuesday, July 15th. Benchmark reduced their price target on shares of Teck Resources from $55.00 to $48.00 and set a "buy" rating on the stock in a report on Monday, July 28th. JPMorgan Chase & Co. restated a "neutral" rating and set a $41.00 price target (down previously from $46.00) on shares of Teck Resources in a report on Friday, July 25th. Finally, Stifel Canada upgraded Teck Resources to a "hold" rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $57.88.

Teck Resources Stock Performance

Shares of NYSE TECK traded up $1.54 during midday trading on Friday, reaching $34.31. The company had a trading volume of 5,199,901 shares, compared to its average volume of 3,702,271. Teck Resources Ltd has a 1 year low of $28.32 and a 1 year high of $54.13. The company has a current ratio of 3.47, a quick ratio of 2.45 and a debt-to-equity ratio of 0.15. The stock has a market cap of $16.48 billion, a P/E ratio of 90.29, a P/E/G ratio of 0.54 and a beta of 0.78. The business's 50-day simple moving average is $35.13 and its 200 day simple moving average is $36.54.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.20 by $0.07. The business had revenue of $1.49 billion for the quarter, compared to analyst estimates of $2.25 billion. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The business's quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.79 EPS. On average, analysts forecast that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be given a $0.0918 dividend. This represents a $0.37 dividend on an annualized basis and a dividend yield of 1.1%. This is a boost from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date is Monday, September 15th. Teck Resources's dividend payout ratio (DPR) is currently 94.74%.

About Teck Resources

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.