Impala Asset Management LLC Acquires New Position in Teck Resources Ltd $TECK

Key Points

• Impala Asset Management LLC has acquired 434,000 shares of Teck Resources Ltd worth approximately $15.8 million, making it the 5th largest position in its portfolio.
• Teck Resources recently reported $0.27 earnings per share for the last quarter, exceeding estimates, and announced an increase in its quarterly dividend to $0.0918 per share.
• About 78.06% of Teck Resources' stock is owned by hedge funds and institutional investors, indicating strong interest in the company.

Impala Asset Management LLC bought a new position in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 434,000 shares of the basic materials company's stock, valued at approximately $15,811,000. Teck Resources makes up 10.2% of Impala Asset Management LLC's holdings, making the stock its 5th largest position. Impala Asset Management LLC owned about 0.09% of Teck Resources at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Sequoia Financial Advisors LLC raised its stake in shares of Teck Resources by 5.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 10,354 shares of the basic materials company's stock worth $377,000 after buying an additional 545 shares in the last quarter. Golden State Wealth Management LLC lifted its position 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 valued at $42,000 after acquiring an additional 1,134 shares during the period. Cetera Investment Advisers lifted its position in shares of Teck Resources by 20.9% during the 1st quarter. Cetera Investment Advisers now owns 69,885 shares of the basic materials company's stock valued at $2,546,000 after acquiring an additional 12,092 shares during the period. Oppenheimer Asset Management Inc. lifted its position in shares of Teck Resources by 22.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 12,141 shares of the basic materials company's stock valued at $442,000 after acquiring an additional 2,240 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Teck Resources by 13,171.4% during the 1st quarter. GAMMA Investing LLC now owns 3,716 shares of the basic materials company's stock valued at $135,000 after acquiring an additional 3,688 shares during the period. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Stock Performance

Teck Resources stock opened at $40.25 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.45 and a current ratio of 3.47. The stock has a fifty day moving average of $35.00 and a two-hundred day moving average of $36.47. The company has a market capitalization of $19.33 billion, a price-to-earnings ratio of 105.86, a PEG ratio of 0.55 and a beta of 0.78. Teck Resources Ltd has a fifty-two week low of $28.32 and a fifty-two week high of $54.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings results 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 the consensus estimate of $2.25 billion. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.Teck Resources's revenue was up 12.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.79 earnings per share. On average, analysts anticipate that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be given a dividend of $0.0918 per share. The ex-dividend date of this dividend is Monday, September 15th. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.37 annualized dividend and a yield of 0.9%. Teck Resources's dividend payout ratio (DPR) is 94.74%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on TECK shares. Wall Street Zen upgraded shares of Teck Resources from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Cibc World Mkts downgraded shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Benchmark reduced their price target on shares of Teck Resources from $55.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, July 28th. Deutsche Bank Aktiengesellschaft upgraded shares of Teck Resources from a "hold" rating to a "buy" rating and set a $42.00 price target for the company in a research report on Monday. Finally, B. Riley downgraded shares of Teck Resources from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, Teck Resources has a consensus rating of "Moderate Buy" and a consensus price target of $56.88.

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.

Want to see what other hedge funds are holding TECK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.