Teck Resources Ltd $TECK Shares Sold by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP reduced its Teck Resources stake by 9.1% in the second quarter, selling 46,556 shares and retaining 464,241 shares valued at approximately $27.6 million. Institutional investors and hedge funds collectively own 78.06% of the company.
• Analyst sentiment is mixed, with six Buy ratings and seven Holds; the consensus rating is Hold and the average price target is $62.25.
• Teck Resources beat quarterly earnings expectations, reporting $1.35 in EPS versus a $0.95 estimate and $2.54 billion in revenue. The company also declared a quarterly dividend of $0.125 per share, equal to a 0.7% annualized yield.

Engineers Gate Manager LP lowered its stake in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 9.1% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 464,241 shares of the basic materials company's stock after selling 46,556 shares during the quarter. Engineers Gate Manager LP owned approximately 0.10% of Teck Resources worth $27,604,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in the stock. RFG Advisory LLC purchased a new stake in shares of Teck Resources during the second quarter worth about $207,000. Squarepoint Ops LLC purchased a new position in shares of Teck Resources during the 2nd quarter worth $7,952,000. Allworth Financial LP lifted its stake in shares of Teck Resources by 228.9% during the 2nd quarter. Allworth Financial LP now owns 7,288 shares of the basic materials company's stock worth $433,000 after purchasing an additional 5,072 shares during the period. Nykredit A S acquired a new stake in shares of Teck Resources during the second quarter worth $4,076,000. Finally, HB Wealth Management LLC purchased a new stake in shares of Teck Resources in the second quarter valued at $293,000. 78.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Scotiabank reiterated a "sector perform" rating on shares of Teck Resources in a research report on Monday, June 15th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Teck Resources from $64.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. JPMorgan Chase & Co. upped their price target on shares of Teck Resources from $46.00 to $47.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 28th. Weiss Ratings upgraded shares of Teck Resources from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, August 4th. Finally, Wall Street Zen cut shares of Teck Resources from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 26th. Six analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Teck Resources currently has a consensus rating of "Hold" and an average target price of $62.25.

Teck Resources Price Performance

TECK stock opened at $70.44 on Thursday. The company has a quick ratio of 2.33, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. Teck Resources Ltd has a 52-week low of $38.00 and a 52-week high of $72.56. The stock's 50 day moving average is $63.49 and its two-hundred day moving average is $60.23. The company has a market capitalization of $34.02 billion, a PE ratio of 19.09, a P/E/G ratio of 2.59 and a beta of 0.94.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its earnings results on Thursday, July 23rd. The basic materials company reported $1.35 EPS for the quarter, beating the consensus estimate of $0.95 by $0.40. The company had revenue of $2.54 billion during the quarter, compared to analysts' expectations of $2.38 billion. Teck Resources had a return on equity of 10.42% and a net margin of 17.85%.The business's revenue was up 78.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.38 EPS. Analysts predict that Teck Resources Ltd will post 3.48 earnings per share for the current fiscal year.

Teck Resources Dividend Announcement

The business 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 0.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Teck Resources's dividend payout ratio (DPR) is currently 9.76%.

Teck Resources Company Profile

Teck Resources Limited is a Canadian mining and metals company focused primarily on the exploration, development and production of base metals. Its principal products include copper, zinc and lead, along with associated by-products such as molybdenum, silver and germanium. Copper is an increasingly important part of Teck's business as the metal is used in electrical infrastructure, renewable energy systems, transportation and industrial applications.

Teck operates and develops mining assets in Canada, Chile and Peru.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.