Cinctive Capital Management LP Boosts Stock Position in Teck Resources Ltd $TECK

Key Points

• Cinctive Capital Management LP increased its stake in Teck Resources Ltd by 33.2%, acquiring an additional 21,775 shares, bringing its total holdings to 87,461 shares valued at approximately $3.19 million.
• Teck Resources recently reported earnings of $0.27 per share for the quarter, exceeding expectations, while also announcing an increase in its quarterly dividend to $0.0918 per share, resulting in an annual yield of 1.1%.
• Analysts have mixed ratings on Teck Resources, with CIBC downgrading it to "neutral," while UBS upgraded it to "buy," reflecting the divergent views on its financial prospects.

Cinctive Capital Management LP lifted its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 33.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 87,461 shares of the basic materials company's stock after acquiring an additional 21,775 shares during the period. Cinctive Capital Management LP's holdings in Teck Resources were worth $3,189,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Smartleaf Asset Management LLC raised its position in shares of Teck Resources by 69.2% during the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company's stock worth $32,000 after purchasing an additional 350 shares during the period. Costello Asset Management INC acquired a new position in Teck Resources during the first quarter worth $33,000. Banque Cantonale Vaudoise acquired a new position in Teck Resources during the first quarter worth $36,000. Golden State Wealth Management LLC raised its holdings in shares of Teck Resources by 7,560.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock worth $42,000 after acquiring an additional 1,134 shares during the last quarter. Finally, Ameriflex Group Inc. acquired a new stake in shares of Teck Resources in the 4th quarter worth about $50,000. Institutional investors and hedge funds own 78.06% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Benchmark lowered their price objective on Teck Resources from $55.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, July 28th. UBS Group raised Teck Resources from a "neutral" rating to a "buy" rating in a research note on Wednesday. Cibc World Mkts lowered Teck Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. CIBC lowered Teck Resources from a "sector outperform" rating to a "neutral" rating in a research report on Friday, July 25th. Finally, Royal Bank Of Canada lowered their price target on Teck Resources from $82.00 to $67.00 and set an "outperform" rating for the company in a research report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, Teck Resources presently has an average rating of "Moderate Buy" and an average target price of $57.88.

Teck Resources Stock Performance

Shares of TECK stock traded up $1.54 during trading hours on Friday, hitting $34.31. 5,199,901 shares of the company were exchanged, compared to its average volume of 3,771,862. The firm has a fifty day simple moving average of $35.13 and a 200 day simple moving average of $36.50. The company has a current ratio of 3.47, a quick ratio of 2.45 and a debt-to-equity ratio of 0.15. Teck Resources Ltd has a 52-week low of $28.32 and a 52-week high of $54.13. The stock has a market capitalization of $16.48 billion, a price-to-earnings ratio of 90.29, a P/E/G ratio of 0.54 and a beta of 0.78.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its quarterly earnings data 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 analyst estimates of $2.25 billion. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The firm's revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.79 EPS. Research analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

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