Magnetar Financial LLC Has $36.49 Million Stake in Teck Resources Ltd $TECK

Key Points

• Magnetar Financial LLC boosted its stake in Teck Resources by 756.2% in Q3 to 831,314 shares valued at about $36.49 million, equal to roughly 0.17% of the company.
• Teck Resources reported stronger-than-expected Q results (EPS $0.98 vs. $0.59 consensus) with revenue up 9.8% YoY, declared a $0.125 quarterly dividend (1.0% yield), and sits at a market cap of $25.24B while analysts hold a consensus "Hold" rating with a $57 target.

Magnetar Financial LLC lifted its position in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 756.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 831,314 shares of the basic materials company's stock after buying an additional 734,221 shares during the quarter. Magnetar Financial LLC owned about 0.17% of Teck Resources worth $36,486,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. ASR Vermogensbeheer N.V. grew its position in Teck Resources by 1.6% in the third quarter. ASR Vermogensbeheer N.V. now owns 16,721 shares of the basic materials company's stock worth $734,000 after acquiring an additional 270 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Teck Resources by 72.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company's stock valued at $37,000 after purchasing an additional 351 shares in the last quarter. CWM LLC raised its holdings in shares of Teck Resources by 22.7% during the 3rd quarter. CWM LLC now owns 2,078 shares of the basic materials company's stock valued at $91,000 after purchasing an additional 384 shares in the last quarter. GSA Capital Partners LLP lifted its stake in shares of Teck Resources by 1.0% in the 3rd quarter. GSA Capital Partners LLP now owns 40,941 shares of the basic materials company's stock valued at $1,797,000 after purchasing an additional 409 shares during the last quarter. Finally, VestGen Advisors LLC lifted its stake in shares of Teck Resources by 7.9% in the 2nd quarter. VestGen Advisors LLC now owns 6,353 shares of the basic materials company's stock valued at $257,000 after purchasing an additional 467 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company's stock.

Teck Resources Price Performance

NYSE TECK opened at $52.44 on Wednesday. Teck Resources Ltd has a 1 year low of $28.32 and a 1 year high of $62.41. The company has a fifty day simple moving average of $54.60 and a 200 day simple moving average of $46.22. The company has a current ratio of 2.54, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. The company has a market cap of $25.24 billion, a P/E ratio of 25.96, a P/E/G ratio of 3.11 and a beta of 0.77.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its earnings results on Thursday, February 19th. The basic materials company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.59 by $0.39. The firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.28 billion. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. The business's quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.45 EPS. On average, sell-side analysts predict that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, March 13th. Teck Resources's dividend payout ratio (DPR) is currently 17.82%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TECK. Truist Financial set a $67.00 price objective on shares of Teck Resources in a report on Monday, February 23rd. UBS Group reaffirmed a "buy" rating on shares of Teck Resources in a research report on Tuesday, January 27th. JPMorgan Chase & Co. upped their price target on Teck Resources from $43.00 to $51.00 and gave the stock a "neutral" rating in a research note on Friday, December 5th. TD Securities reissued a "hold" rating on shares of Teck Resources in a report on Monday, February 23rd. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Teck Resources in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $57.00.

Teck Resources 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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