Bornite Capital Management LP Purchases New Holdings in Teck Resources Ltd (NYSE:TECK)

Key Points

• Bornite Capital Management LP has acquired a new position in Teck Resources Ltd with 222,200 shares valued at approximately $8.1 million, representing 2.1% of their portfolio.
• Teck Resources recently increased its quarterly dividend to $0.0918 per share, with a total annualized dividend of $0.37, showcasing a positive shift from the previous quarter.
• Shares of Teck Resources are currently down 0.5%, trading at $33.03, with a market capitalization of $15.95 billion.

Bornite Capital Management LP acquired a new stake in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 222,200 shares of the basic materials company's stock, valued at approximately $8,095,000. Teck Resources accounts for about 2.1% of Bornite Capital Management LP's investment portfolio, making the stock its 19th largest holding.

A number of other hedge funds have also recently added to or reduced their stakes in TECK. Costello Asset Management INC acquired a new stake in shares of Teck Resources during the 1st quarter valued at approximately $33,000. Banque Cantonale Vaudoise purchased a new position in shares of Teck Resources during the 1st quarter worth approximately $36,000. Golden State Wealth Management LLC increased its stake in shares of 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 worth $42,000 after purchasing an additional 1,134 shares in the last quarter. Ameriflex Group Inc. purchased a new position in shares of Teck Resources during the 4th quarter worth approximately $50,000. Finally, Bruce G. Allen Investments LLC increased its stake in shares of Teck Resources by 104.8% during the 1st quarter. Bruce G. Allen Investments LLC now owns 1,636 shares of the basic materials company's stock worth $60,000 after purchasing an additional 837 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on TECK. Desjardins cut shares of Teck Resources from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Stifel Nicolaus began coverage on shares of Teck Resources in a research note on Wednesday, July 9th. They issued a "hold" rating for the company. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $41.00 target price (down from $46.00) on shares of Teck Resources in a research note on Friday, July 25th. National Bank Financial raised shares of Teck Resources from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 24th. Finally, Wall Street Zen raised shares of Teck Resources from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Thirteen equities research 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's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $60.11.

Teck Resources Stock Performance

TECK stock traded down $0.74 during midday trading on Monday, reaching $32.29. The company had a trading volume of 3,891,898 shares, compared to its average volume of 5,324,665. The company has a quick ratio of 2.45, a current ratio of 3.47 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average price of $37.29 and a 200 day moving average price of $37.75. Teck Resources Ltd has a fifty-two week low of $28.32 and a fifty-two week high of $54.13. The firm has a market capitalization of $15.60 billion, a PE ratio of 84.99, a P/E/G ratio of 0.53 and a beta of 0.81.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its earnings results 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. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The firm had revenue of $1.49 billion during the quarter, compared to analysts' expectations of $2.25 billion. During the same quarter in the prior year, the firm earned $0.79 EPS. Teck Resources's quarterly revenue was up 12.3% on a year-over-year basis. Analysts anticipate that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be paid a dividend of $0.0918 per share. This is a boost from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.37 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend 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.