Arrowstreet Capital Limited Partnership Acquires 1,720,066 Shares of Teck Resources Ltd $TECK

Key Points

• Arrowstreet Capital significantly increased its Teck Resources stake in the first quarter, buying 1.72 million additional shares and lifting its holdings by 48.4% to 5.27 million shares valued at about $273 million.
• Institutional ownership remains high, with hedge funds and other investors holding 78.06% of Teck’s stock. Several other firms also added or initiated positions during the quarter.
• Teck’s recent fundamentals and shareholder returns look solid, as the company reported strong Q2 results driven by copper and zinc strength and announced a quarterly dividend of $0.125 per share, implying a 0.8% annualized yield.

Arrowstreet Capital Limited Partnership boosted its holdings in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 48.4% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,270,386 shares of the basic materials company's stock after acquiring an additional 1,720,066 shares during the quarter. Arrowstreet Capital Limited Partnership owned 1.09% of Teck Resources worth $272,955,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of TECK. Brown Brothers Harriman & Co. purchased a new stake in Teck Resources in the fourth quarter valued at approximately $25,000. Blue Trust Inc. lifted its position in Teck Resources by 411.8% in the 1st quarter. Blue Trust Inc. now owns 563 shares of the basic materials company's stock worth $29,000 after buying an additional 453 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in Teck Resources by 117.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company's stock worth $29,000 after buying an additional 303 shares during the last quarter. Oslo Pensjonsforsikring AS purchased a new position in shares of Teck Resources during the first quarter worth approximately $83,000. Finally, Flagship Harbor Advisors LLC purchased a new position in shares of Teck Resources during the fourth quarter worth approximately $103,000. Hedge funds and other institutional investors own 78.06% of the company's stock.

Teck Resources Stock Performance

Shares of TECK opened at $60.30 on Friday. The business's 50 day moving average price is $61.46 and its 200-day moving average price is $57.49. The company has a quick ratio of 2.16, a current ratio of 2.83 and a debt-to-equity ratio of 0.13. The stock has a market cap of $29.12 billion, a P/E ratio of 16.34, a P/E/G ratio of 1.77 and a beta of 0.92. Teck Resources Ltd has a 52 week low of $30.98 and a 52 week high of $71.25.

Teck Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Tuesday, September 15th. Teck Resources's payout ratio is presently 9.76%.

Key Headlines Impacting Teck Resources

Here are the key news stories impacting Teck Resources this week:

• Positive Sentiment: Teck’s Q2 earnings and revenue beat expectations, driven by stronger copper and zinc prices, higher sales volumes, and margin expansion. Teck Resources Q2 Earnings Beat Estimates, Sales & Margins Improve Y/Y
• Positive Sentiment: The company reported a sharp jump in quarterly profit on higher copper production and commodity prices, reinforcing optimism around Teck’s core metals business. Teck earns $854M Q2 profit, reports copper production up and higher commodity prices
• Positive Sentiment: Teck’s board declared a quarterly dividend of $0.125 per share, signaling continued cash generation and shareholder returns. Teck Announces Dividend
• Neutral Sentiment: Red Dog zinc output fell 18% in the quarter, though Teck said it is advancing a mine-life extension study and maintained full-year zinc guidance. Teck’s Red Dog Q2 Zinc Output Falls 18% as Mine-Life Extension PFS Advances
• Neutral Sentiment: Teck maintained its full-year zinc guidance despite the weaker Red Dog output, limiting concerns about near-term production disruption. Teck’s Q2 Zinc Gross Profit Rises to $353 Million; Full-Year Zinc Guidance Maintained

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. JPMorgan Chase & Co. cut their price target on shares of Teck Resources from $48.00 to $46.00 and set a "neutral" rating for the company in a research report on Thursday, July 9th. Scotiabank restated a "sector perform" rating on shares of Teck Resources in a report on Monday, June 15th. TD Securities reiterated a "hold" rating on shares of Teck Resources in a research report on Friday, April 24th. Weiss Ratings reissued a "hold (c+)" rating on shares of Teck Resources in a research note on Tuesday. Finally, Veritas cut shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, Teck Resources presently has an average rating of "Hold" and an average price target of $62.00.

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.

Want to see what other hedge funds are holding TECK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.