Maverick Capital Ltd. Purchases Shares of 27,573 Teck Resources Ltd $TECK

Key Points

• Maverick Capital acquired 27,573 Teck Resources shares during the first quarter, valued at approximately $1.43 million. Institutional investors collectively own 78.06% of the company.
• Analyst sentiment is mixed, with five Buy ratings and eight Hold ratings; Teck has a consensus Hold rating and an average price target of $62.00.
• Teck shares opened at $59.73 and were down 0.8%, while the company announced a quarterly dividend of $0.125 per share, representing a 0.8% annualized yield.

Maverick Capital Ltd. acquired 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 fund acquired 27,573 shares of the basic materials company's stock, valued at approximately $1,427,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Temasek Holdings Private Ltd grew its holdings 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 buying an additional 57,380 shares in the last quarter. New York Life Investment Management LLC purchased a new stake in Teck Resources in the 4th quarter valued at $11,014,000. Cardinal Point Capital Management ULC bought a new position in Teck Resources during the 4th quarter valued at $379,000. ABN Amro Investment Solutions lifted its stake in Teck Resources by 156.4% during the 4th quarter. ABN Amro Investment Solutions now owns 510,989 shares of the basic materials company's stock valued at $24,471,000 after acquiring an additional 311,694 shares in the last quarter. Finally, Perpetual Ltd purchased a new position in Teck Resources during the 4th quarter worth $26,838,000. 78.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TECK. Deutsche Bank Aktiengesellschaft upped their target price on shares of Teck Resources from $64.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, July 2nd. JPMorgan Chase & Co. dropped their price target on shares of Teck Resources from $48.00 to $46.00 and set a "neutral" rating on the stock in a research report on Thursday, July 9th. Wall Street Zen cut shares of Teck Resources from a "strong-buy" rating to a "buy" rating in a report on Sunday. Zacks Research downgraded shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 22nd. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Teck Resources in a research note on Tuesday, July 21st. Five equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, Teck Resources currently has a consensus rating of "Hold" and a consensus target price of $62.00.

Teck Resources Trading Down 0.8%

Shares of TECK stock opened at $59.73 on Tuesday. The company has a quick ratio of 2.16, a current ratio of 2.83 and a debt-to-equity ratio of 0.13. The firm has a market cap of $28.85 billion, a P/E ratio of 16.19, a PEG ratio of 1.78 and a beta of 0.92. The company has a 50 day moving average of $61.45 and a 200-day moving average of $57.60. Teck Resources Ltd has a 12-month low of $30.98 and a 12-month high of $71.25.

Teck Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Teck Resources's dividend payout ratio is 9.49%.

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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