Point72 Europe London LLP Increases Position in Teck Resources Ltd $TECK

Key Points

• Point72 Europe London LLP increased its stake in Teck Resources by 106.5%, acquiring an additional 46,200 shares for a total of 89,600 shares valued at approximately $3.26 million.
• Teck Resources announced a quarterly dividend increase to $0.0918 per share, up from the previous $0.09, with a total annualized dividend yield of 1.1%.
• The company's Q2 earnings surpassed expectations, reporting $0.27 earnings per share, while revenue was $1.49 billion, below analyst estimates of $2.25 billion.

Point72 Europe London LLP increased its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 106.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,600 shares of the basic materials company's stock after purchasing an additional 46,200 shares during the quarter. Point72 Europe London LLP's holdings in Teck Resources were worth $3,264,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Smartleaf Asset Management LLC increased 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 acquiring an additional 350 shares during the last quarter. Costello Asset Management INC bought a new position in shares of Teck Resources in the 1st quarter valued at approximately $33,000. Banque Cantonale Vaudoise acquired a new stake in Teck Resources in the 1st quarter valued at approximately $36,000. Golden State Wealth Management LLC grew its holdings 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 worth $42,000 after purchasing an additional 1,134 shares in the last quarter. Finally, Ameriflex Group Inc. acquired a new position in Teck Resources in the fourth quarter worth $50,000. Hedge funds and other institutional investors own 78.06% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on TECK shares. UBS Group upgraded Teck Resources from a "neutral" rating to a "buy" rating in a report on Wednesday. Stifel Nicolaus began coverage on Teck Resources in a research report on Wednesday, July 9th. They set a "hold" rating on the stock. Royal Bank Of Canada decreased their target price 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. Benchmark dropped their price objective on Teck Resources from $55.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, July 28th. Finally, CIBC downgraded Teck Resources from a "sector outperform" rating to a "neutral" rating in a report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat, Teck Resources currently has an average rating of "Moderate Buy" and a consensus price target of $60.11.

Teck Resources Price Performance

Shares of Teck Resources stock traded up $0.19 during trading on Wednesday, reaching $33.74. 8,754,430 shares of the stock traded hands, compared to its average volume of 2,862,161. The company has a market capitalization of $16.30 billion, a price-to-earnings ratio of 88.78, a P/E/G ratio of 0.53 and a beta of 0.78. Teck Resources Ltd has a 52-week low of $28.32 and a 52-week high of $54.13. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.47 and a quick ratio of 2.45. The business has a fifty day simple moving average of $35.43 and a two-hundred day simple moving average of $36.72.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.07. The firm had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $2.25 billion. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The company's revenue was up 12.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.79 earnings per share. Sell-side analysts expect that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The firm 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. The ex-dividend date of this dividend is Monday, September 15th. This is a boost from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.37 dividend on an annualized basis and a dividend yield of 1.1%. Teck Resources's payout ratio is currently 94.74%.

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.