Connor Clark & Lunn Investment Management Ltd. Has $25.46 Million Holdings in Teck Resources Ltd (NYSE:TECK)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Teck Resources Ltd by 27.1% during the first quarter, owning 698,918 shares valued at approximately $25.46 million after acquiring an additional 149,009 shares.
• Teck Resources reported a quarterly EPS of $0.27, exceeding estimates and showing a 12.3% revenue increase year-over-year, though revenue of $1.49 billion fell short of analyst expectations.
• The company announced an increase in its quarterly dividend, now at $0.0918 per share, reflecting a positive change from the previous quarter's dividend, indicating strong cash flow management.

Connor Clark & Lunn Investment Management Ltd. grew its position in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 27.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 698,918 shares of the basic materials company's stock after acquiring an additional 149,009 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.14% of Teck Resources worth $25,464,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. lifted its position in shares of Teck Resources by 56.9% during the 1st quarter. Principal Financial Group Inc. now owns 11,530,742 shares of the basic materials company's stock worth $419,970,000 after buying an additional 4,180,623 shares during the period. Carrhae Capital LLP bought a new position in shares of Teck Resources during the 1st quarter worth approximately $46,478,000. FMR LLC lifted its position in shares of Teck Resources by 29.7% during the 4th quarter. FMR LLC now owns 4,715,144 shares of the basic materials company's stock worth $191,133,000 after buying an additional 1,080,714 shares during the period. D. E. Shaw & Co. Inc. lifted its position in shares of Teck Resources by 18.8% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 5,882,044 shares of the basic materials company's stock worth $238,381,000 after buying an additional 932,058 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Teck Resources by 38.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 2,638,973 shares of the basic materials company's stock worth $107,135,000 after buying an additional 736,721 shares during the period. Institutional investors own 78.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on TECK shares. National Bank Financial upgraded Teck Resources from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 24th. CIBC downgraded Teck Resources from a "sector outperform" rating to a "neutral" rating in a research report on Friday, July 25th. JPMorgan Chase & Co. restated a "neutral" rating and set a $41.00 target price (down previously from $46.00) on shares of Teck Resources in a research report on Friday, July 25th. Cibc World Mkts cut Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Finally, B. Riley cut Teck Resources from a "buy" rating to a "neutral" rating in a report on Monday, July 28th. Thirteen analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $60.11.

Teck Resources Trading Down 2.2%

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

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its earnings results on Thursday, July 24th. The basic materials company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.20 by $0.07. The company had revenue of $1.49 billion during the quarter, compared to analysts' expectations of $2.25 billion. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%. The business's revenue for the quarter was up 12.3% on a year-over-year basis. During the same period last year, the firm earned $0.79 EPS. Research analysts anticipate that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a $0.0918 dividend. This is an increase from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.37 annualized dividend and a dividend yield of 1.1%. Teck Resources's payout ratio is 94.74%.

Teck Resources Company Profile

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.