HBK Investments L P Purchases 4,188,029 Shares of Teck Resources Ltd $TECK

Key Points

• HBK Investments increased its Teck Resources stake by 264.2% in the second quarter, purchasing 4.19 million additional shares for a total of 5.77 million shares valued at approximately $343.3 million.
• Teck Resources reported strong quarterly results, with EPS of $1.35 beating estimates of $0.95 and revenue rising 78.2% year over year to $2.54 billion.
• Analyst sentiment remains mixed, with six Buy ratings and seven Holds producing an overall “Hold” consensus and an average price target of $62.25; shares recently traded at $64.20.

HBK Investments L P grew its holdings in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 264.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,773,121 shares of the basic materials company's stock after acquiring an additional 4,188,029 shares during the period. Teck Resources accounts for approximately 3.3% of HBK Investments L P's investment portfolio, making the stock its 11th biggest holding. HBK Investments L P owned approximately 1.20% of Teck Resources worth $343,270,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in TECK. Temasek Holdings Private Ltd grew its stake in Teck Resources by 1.1% during the fourth quarter. Temasek Holdings Private Ltd now owns 5,307,384 shares of the basic materials company's stock worth $254,171,000 after purchasing an additional 57,380 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Teck Resources in the second quarter worth approximately $21,425,000. ABN Amro Investment Solutions lifted its stake in Teck Resources by 156.4% in the fourth quarter. ABN Amro Investment Solutions now owns 510,989 shares of the basic materials company's stock valued at $24,471,000 after buying an additional 311,694 shares during the period. NewEdge Advisors LLC lifted its stake in Teck Resources by 92.0% in the first quarter. NewEdge Advisors LLC now owns 37,143 shares of the basic materials company's stock valued at $1,922,000 after buying an additional 17,793 shares during the period. Finally, Norges Bank acquired a new position in Teck Resources in the fourth quarter valued at approximately $404,880,000. 78.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Veritas downgraded shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 4th. Weiss Ratings upgraded shares of Teck Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, August 4th. Scotiabank reissued a "sector perform" rating on shares of Teck Resources in a research note on Monday, June 15th. JPMorgan Chase & Co. raised their price target on shares of Teck Resources from $46.00 to $47.00 and gave the stock a "neutral" rating in a report on Tuesday, July 28th. Finally, Wall Street Zen downgraded shares of Teck Resources from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 26th. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $62.25.

Teck Resources Stock Down 0.7%

NYSE:TECK traded down $0.45 on Wednesday, hitting $64.20. The stock had a trading volume of 2,024,881 shares, compared to its average volume of 3,658,823. The business's fifty day moving average is $63.96 and its 200 day moving average is $60.40. The company has a market cap of $31.01 billion, a PE ratio of 17.40, a P/E/G ratio of 2.06 and a beta of 0.94. The company has a quick ratio of 2.33, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. Teck Resources Ltd has a 52 week low of $38.00 and a 52 week high of $72.56.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $1.35 EPS for the quarter, beating the consensus estimate of $0.95 by $0.40. Teck Resources had a return on equity of 10.42% and a net margin of 17.85%.The firm had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the previous year, the company posted $0.38 earnings per share. The company's quarterly revenue was up 78.2% on a year-over-year basis. On average, equities research analysts expect that Teck Resources Ltd will post 4.03 EPS for the current fiscal year.

Teck Resources Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Tuesday, September 15th. Teck Resources's payout ratio is 9.76%.

Teck Resources Profile

Teck Resources Limited is a Canadian mining and metals company focused primarily on the exploration, development and production of base metals. Its principal products include copper, zinc and lead, along with associated by-products such as molybdenum, silver and germanium. Copper is an increasingly important part of Teck's business as the metal is used in electrical infrastructure, renewable energy systems, transportation and industrial applications.

Teck operates and develops mining assets in Canada, Chile and Peru.

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