Aigen Investment Management LP Purchases 30,386 Shares of Teck Resources Ltd (NYSE:TECK)

Key Points

• Aigen Investment Management LP increased its stake in Teck Resources Ltd by 102.8%, acquiring an additional 30,386 shares for a total of 59,952 shares valued at around $2.18 million.
• Teck Resources announced a dividend increase to $0.0918 per share, up from $0.09, with a dividend yield of 1.1% and a payout ratio of 94.74%.
• The company recently reported earnings of $0.27 per share, exceeding estimates, despite a year-over-year revenue increase of only 12.3% to $1.49 billion.

Aigen Investment Management LP increased its position in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 102.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 59,952 shares of the basic materials company's stock after acquiring an additional 30,386 shares during the period. Aigen Investment Management LP's holdings in Teck Resources were worth $2,184,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC raised its holdings in Teck Resources by 5.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 10,354 shares of the basic materials company's stock worth $377,000 after acquiring an additional 545 shares during the last quarter. Golden State Wealth Management LLC raised its stake in Teck Resources by 7,560.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock valued at $42,000 after buying an additional 1,134 shares during the last quarter. Cetera Investment Advisers raised its stake in Teck Resources by 20.6% during the 4th 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. Oppenheimer Asset Management Inc. raised its stake in Teck Resources by 22.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 12,141 shares of the basic materials company's stock valued at $442,000 after buying an additional 2,240 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in Teck Resources by 13,171.4% during the 1st quarter. GAMMA Investing LLC now owns 3,716 shares of the basic materials company's stock valued at $135,000 after buying an additional 3,688 shares during the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TECK has been the subject of a number of research reports. Benchmark decreased their target price on shares of Teck Resources from $55.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, July 28th. Desjardins lowered shares of Teck Resources from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. UBS Group reiterated a "neutral" rating on shares of Teck Resources in a research note on Tuesday, April 15th. Morgan Stanley lowered shares of Teck Resources from an "overweight" rating to an "equal weight" rating and boosted their target price for the company from $42.00 to $44.00 in a research note on Tuesday, July 15th. Finally, National Bank Financial raised shares of Teck Resources from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 24th. Thirteen analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $60.11.

Teck Resources Price Performance

Teck Resources stock traded up $0.23 during mid-day trading on Tuesday, hitting $32.53. The stock had a trading volume of 3,756,365 shares, compared to its average volume of 5,407,007. The firm has a market capitalization of $15.71 billion, a P/E ratio of 85.61, a P/E/G ratio of 0.51 and a beta of 0.81. 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 firm's 50 day moving average is $37.20 and its 200 day moving average is $37.71. Teck Resources Ltd has a one year low of $28.32 and a one year high of $54.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.07. The company had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $2.25 billion. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. Teck Resources'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, sell-side analysts forecast that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be issued a $0.0918 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.37 annualized dividend and a yield of 1.1%. This is an increase from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's payout ratio is currently 94.74%.

Teck Resources Company Profile

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.