Levin Capital Strategies L.P. Has $17.98 Million Stock Position in Teck Resources Ltd $TECK

Key Points

• Levin Capital Strategies L.P. increased its Teck Resources stake by 28.6% in the first quarter, buying 77,375 more shares and bringing its total holding to 347,508 shares valued at about $17.98 million.
• Institutional ownership remains high, with hedge funds and other institutional investors holding about 78.06% of Teck Resources’ shares.
• Analyst sentiment is mixed but cautious: Teck Resources now has a consensus Hold rating, with a consensus price target of $63.00, while JPMorgan trimmed its target to $46 and several firms issued hold-style ratings.

Levin Capital Strategies L.P. boosted its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 28.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 347,508 shares of the basic materials company's stock after acquiring an additional 77,375 shares during the quarter. Teck Resources makes up approximately 1.4% of Levin Capital Strategies L.P.'s holdings, making the stock its 19th biggest holding. Levin Capital Strategies L.P. owned about 0.07% of Teck Resources worth $17,984,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. bought a new position in shares of Teck Resources in the fourth quarter worth about $25,000. Blue Trust Inc. grew its stake in shares of Teck Resources by 411.8% during the first quarter. Blue Trust Inc. now owns 563 shares of the basic materials company's stock valued at $29,000 after purchasing an additional 453 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in shares of Teck Resources by 117.4% in the first quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company's stock valued at $29,000 after purchasing an additional 303 shares in the last quarter. Oslo Pensjonsforsikring AS acquired a new stake in shares of Teck Resources in the first quarter valued at approximately $83,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of Teck Resources in the fourth quarter valued at approximately $103,000. Institutional investors and hedge funds own 78.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Wall Street Zen upgraded Teck Resources from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 18th. Zacks Research downgraded Teck Resources from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 22nd. Weiss Ratings raised Teck Resources from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, April 24th. JPMorgan Chase & Co. decreased their price target on Teck Resources from $48.00 to $46.00 and set a "neutral" rating on the stock in a report on Thursday, July 9th. Finally, Scotiabank reiterated a "sector perform" rating on shares of Teck Resources in a research report on Monday, June 15th. Five equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, Teck Resources currently has a consensus rating of "Hold" and a consensus price target of $63.00.

Teck Resources Price Performance

Shares of TECK stock opened at $57.31 on Thursday. The firm's 50 day moving average price is $61.59 and its two-hundred day moving average price is $57.38. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.16 and a current ratio of 2.83. Teck Resources Ltd has a 52-week low of $30.98 and a 52-week high of $71.25. The stock has a market cap of $27.68 billion, a PE ratio of 20.99, a PEG ratio of 1.68 and a beta of 0.92.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company's operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.

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