Beaconlight Capital LLC Sells 49,492 Shares of Teck Resources Ltd $TECK

Key Points

• Beaconlight Capital reduced its Teck Resources stake by 27%, selling 49,492 shares in the second quarter and retaining 133,807 shares valued at approximately $7.96 million. Institutional investors collectively own 78.06% of the company.
• Analyst sentiment remains mixed, with six “Buy” and seven “Hold” ratings producing an overall “Hold” consensus and an average price target of $62.25. Teck shares opened at $69.42, near their 52-week high.
• Teck reported stronger-than-expected quarterly results, including $1.35 EPS versus the $0.95 estimate and $2.54 billion in revenue, up 78.2% year over year. The company also declared a quarterly dividend of $0.125 per share, implying a 0.7% annualized yield.

Beaconlight Capital LLC cut its holdings in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 27.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 133,807 shares of the basic materials company's stock after selling 49,492 shares during the quarter. Teck Resources comprises 2.8% of Beaconlight Capital LLC's investment portfolio, making the stock its 11th largest holding. Beaconlight Capital LLC's holdings in Teck Resources were worth $7,956,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Public Employees Retirement System of Ohio bought a new position in Teck Resources during the second quarter worth $21,425,000. PensionDanmark Pensionsforsikringsaktieselskab boosted its holdings in Teck Resources by 2.8% in the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 191,700 shares of the basic materials company's stock valued at $11,413,000 after purchasing an additional 5,220 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Teck Resources by 23.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 17,299 shares of the basic materials company's stock valued at $1,030,000 after purchasing an additional 3,302 shares during the period. Versant Capital Management Inc boosted its holdings in Teck Resources by 86.5% in the 2nd quarter. Versant Capital Management Inc now owns 1,587 shares of the basic materials company's stock valued at $94,000 after purchasing an additional 736 shares during the period. Finally, Brandywine Financial Group acquired a new stake in Teck Resources in the 1st quarter worth $5,251,000. 78.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on TECK. Veritas downgraded shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 4th. Scotiabank reiterated a "sector perform" rating on shares of Teck Resources in a research note on Monday, June 15th. Deutsche Bank Aktiengesellschaft lifted their target price on Teck Resources from $64.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. boosted their price target on Teck Resources from $46.00 to $47.00 and gave the company a "neutral" rating in a research note on Tuesday, July 28th. Finally, Raymond James Financial raised Teck Resources from a "market perform" rating to an "outperform" rating in a report on Thursday, July 23rd. Six equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $62.25.

Teck Resources Stock Up 0.1%

NYSE TECK opened at $69.42 on Monday. Teck Resources Ltd has a 1-year low of $31.68 and a 1-year high of $71.93. The company has a market capitalization of $33.53 billion, a price-to-earnings ratio of 18.81, a PEG ratio of 2.50 and a beta of 0.92. The stock's 50 day moving average is $61.97 and its two-hundred day moving average is $59.67. The company has a current ratio of 3.12, a quick ratio of 2.33 and a debt-to-equity ratio of 0.12.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its earnings results on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.40. The business had revenue of $2.54 billion during the quarter, compared to analysts' expectations of $2.38 billion. Teck Resources had a return on equity of 10.42% and a net margin of 17.85%.Teck Resources's quarterly revenue was up 78.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.38 EPS. Equities analysts forecast that Teck Resources Ltd will post 3.48 earnings per share for the current fiscal year.

Teck Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 0.7%. The ex-dividend date is Tuesday, September 15th. Teck Resources's dividend payout ratio is currently 9.76%.

Teck Resources Profile

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.

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