Teck Resources Ltd $TECK Shares Sold by Senator Investment Group LP

Key Points

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Senator Investment Group LP reduced its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 96.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 30,113 shares of the basic materials company's stock after selling 840,875 shares during the period. Senator Investment Group LP's holdings in Teck Resources were worth $1,097,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of TECK. Principal Financial Group Inc. grew its position in Teck Resources by 56.9% during the first quarter. Principal Financial Group Inc. now owns 11,530,742 shares of the basic materials company's stock worth $419,970,000 after buying an additional 4,180,623 shares in the last quarter. Carrhae Capital LLP purchased a new position in Teck Resources in the 1st quarter worth $46,478,000. D. E. Shaw & Co. Inc. raised its position in Teck Resources by 18.8% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 5,882,044 shares of the basic materials company's stock worth $238,381,000 after purchasing an additional 932,058 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Teck Resources by 38.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 2,638,973 shares of the basic materials company's stock worth $107,135,000 after acquiring an additional 736,721 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Teck Resources by 1,611.2% during the 1st quarter. Wellington Management Group LLP now owns 751,146 shares of the basic materials company's stock valued at $27,358,000 after purchasing an additional 707,249 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company's stock.

Teck Resources Price Performance

TECK stock traded up $1.84 during mid-day trading on Friday, reaching $33.60. The company's stock had a trading volume of 4,897,497 shares, compared to its average volume of 3,749,394. Teck Resources Ltd has a fifty-two week low of $28.32 and a fifty-two week high of $54.13. The company has a current ratio of 3.47, a quick ratio of 2.45 and a debt-to-equity ratio of 0.15. The company's 50 day moving average is $36.29 and its two-hundred day moving average is $37.29. The stock has a market cap of $16.23 billion, a PE ratio of 88.42, a P/E/G ratio of 0.49 and a beta of 0.81.

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

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a $0.0918 dividend. This represents a $0.37 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, September 15th. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's dividend payout ratio is presently 94.74%.

Analyst Upgrades and Downgrades

TECK has been the topic of a number of research analyst reports. Morgan Stanley downgraded Teck Resources from an "overweight" rating to an "equal weight" rating and upped their price target for the company from $42.00 to $44.00 in a report on Tuesday, July 15th. Stifel Canada upgraded shares of Teck Resources to a "hold" rating in a research report on Tuesday, July 8th. National Bank Financial upgraded shares of Teck Resources from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 24th. Royal Bank Of Canada dropped their target price on shares of Teck Resources from $82.00 to $67.00 and set an "outperform" rating for the company in a research report on Friday, July 25th. Finally, CIBC downgraded shares of Teck Resources from a "sector outperform" rating to a "neutral" rating in a research note on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $60.11.

Teck Resources Company 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.