Impala Asset Management LLC Takes $15.81 Million 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 acquired a new position in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 434,000 shares of the basic materials company's stock, valued at approximately $15,811,000. Teck Resources accounts for approximately 10.2% of Impala Asset Management LLC's investment portfolio, making the stock its 5th biggest position. Impala Asset Management LLC owned approximately 0.09% of Teck Resources at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Smartleaf Asset Management LLC boosted its holdings in shares of Teck Resources by 69.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company's stock valued at $32,000 after buying an additional 350 shares during the period. Costello Asset Management INC bought a new position in Teck Resources in the first quarter worth about $33,000. Banque Cantonale Vaudoise bought a new position in Teck Resources in the first quarter worth about $36,000. Golden State Wealth Management LLC boosted its stake in Teck Resources by 7,560.0% in the first 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. Finally, Ameriflex Group Inc. acquired a new stake in shares of Teck Resources during the 4th quarter worth approximately $50,000. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Price Performance

TECK traded up $0.70 on Monday, reaching $42.50. The company had a trading volume of 2,813,829 shares, compared to its average volume of 4,133,836. The company has a market capitalization of $20.41 billion, a P/E ratio of 111.75, a PEG ratio of 0.62 and a beta of 0.78. The company has a current ratio of 3.47, a quick ratio of 2.45 and a debt-to-equity ratio of 0.15. The company has a fifty day moving average of $35.00 and a 200-day moving average of $36.46. Teck Resources Ltd has a one year low of $28.32 and a one year high of $54.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.20 by $0.07. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The company had revenue of $1.49 billion during the quarter, compared to analyst estimates of $2.25 billion. During the same period in the prior year, the business posted $0.79 EPS. The business's revenue for the quarter was up 12.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

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

Analyst Upgrades and Downgrades

TECK has been the subject of a number of analyst reports. Royal Bank Of Canada reduced their price objective 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. CIBC lowered shares of Teck Resources from a "sector outperform" rating to a "neutral" rating in a research report on Friday, July 25th. Benchmark cut their price objective on shares of Teck Resources from $55.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, July 28th. UBS Group raised shares of Teck Resources from a "neutral" rating to a "buy" rating in a research note on Wednesday, September 3rd. Finally, Morgan Stanley lowered shares of Teck Resources from an "overweight" rating to an "equal weight" rating and raised their price target for the company from $42.00 to $44.00 in a research note on Tuesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, Teck Resources currently has an average rating of "Moderate Buy" and an average price target of $56.88.

Teck Resources 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.