Carrhae Capital LLP Takes $46.48 Million Position in Teck Resources Ltd (NYSE:TECK)

Carrhae Capital LLP purchased a new stake in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,275,810 shares of the basic materials company's stock, valued at approximately $46,478,000. Teck Resources comprises approximately 3.4% of Carrhae Capital LLP's investment portfolio, making the stock its 9th largest holding. Carrhae Capital LLP owned approximately 0.26% of Teck Resources as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of TECK. Dynasty Wealth Management LLC grew its position in Teck Resources by 84.0% during the 1st quarter. Dynasty Wealth Management LLC now owns 22,444 shares of the basic materials company's stock worth $818,000 after acquiring an additional 10,246 shares during the last quarter. Legacy Capital Wealth Partners LLC bought a new stake in Teck Resources during the 1st quarter worth $248,000. Massachusetts Financial Services Co. MA grew its position in Teck Resources by 20.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,308,019 shares of the basic materials company's stock worth $47,651,000 after acquiring an additional 220,603 shares during the last quarter. Signaturefd LLC grew its position in Teck Resources by 6.4% during the 1st quarter. Signaturefd LLC now owns 17,762 shares of the basic materials company's stock worth $647,000 after acquiring an additional 1,068 shares during the last quarter. Finally, MQS Management LLC bought a new stake in Teck Resources during the 1st quarter worth $475,000. Institutional investors own 78.06% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on TECK. Stifel Canada raised Teck Resources to a "hold" rating in a report on Tuesday, July 8th. UBS Group reaffirmed a "neutral" rating on shares of Teck Resources in a report on Tuesday, April 15th. Morgan Stanley downgraded Teck Resources from an "overweight" rating to an "equal weight" rating and lifted their target price for the stock from $42.00 to $44.00 in a report on Tuesday. National Bankshares raised Teck Resources from a "sector perform" rating to an "outperform" rating in a report on Thursday, April 24th. Finally, National Bank Financial raised Teck Resources from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 24th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $60.75.

Teck Resources Stock Down 1.2%

Shares of NYSE:TECK opened at $37.08 on Thursday. The firm has a market cap of $17.91 billion, a P/E ratio of 63.94, a PEG ratio of 0.58 and a beta of 0.80. Teck Resources Ltd has a 52-week low of $28.32 and a 52-week high of $54.13. The business's 50 day simple moving average is $38.10 and its two-hundred day simple moving average is $38.76. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.57 and a current ratio of 3.36.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $0.42 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.18. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $2.19 billion. Teck Resources had a return on equity of 4.53% and a net margin of 3.48%. Teck Resources's revenue was up 41.4% on a year-over-year basis. During the same period last year, the business posted $0.75 earnings per share. As a group, research analysts forecast that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a $0.0901 dividend. This is an increase from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.36 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date of this dividend was Monday, June 16th. Teck Resources's dividend payout ratio (DPR) is currently 62.07%.

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.

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