Teck Resources Ltd $TECK Stock: Louisbourg Investments Inc. Reduces Position

Key Points

• Louisbourg Investments cut its Teck Resources position by 52.4% in the third quarter, selling 129,493 shares and retaining 117,642 shares valued at approximately $7.77 million.
• Despite the reduction, institutional investors and hedge funds own 78.06% of Teck Resources, with several major funds—including Principal Financial Group and HBK Investments—recently increasing their stakes.
• Teck reported quarterly earnings of $1.35 per share, exceeding the $0.95 analyst estimate, while revenue rose 78.2% year over year to $2.54 billion. Analysts collectively rate the stock “Hold,” with an average price target of $68.80.

Louisbourg Investments Inc. trimmed its holdings in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 52.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 117,642 shares of the basic materials company's stock after selling 129,493 shares during the quarter. Teck Resources accounts for about 1.3% of Louisbourg Investments Inc.'s portfolio, making the stock its 24th largest position. Louisbourg Investments Inc.'s holdings in Teck Resources were worth $7,769,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its holdings in Teck Resources by 17.1% in the first quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company's stock worth $1,139,051,000 after acquiring an additional 3,211,985 shares in the last quarter. HBK Investments L P grew its stake in shares of Teck Resources by 264.2% during the second quarter. HBK Investments L P now owns 5,773,121 shares of the basic materials company's stock worth $343,270,000 after acquiring an additional 4,188,029 shares during the last quarter. Temasek Holdings Private Ltd increased its holdings in shares of Teck Resources by 7.1% during the first quarter. Temasek Holdings Private Ltd now owns 5,685,453 shares of the basic materials company's stock valued at $294,015,000 after acquiring an additional 378,069 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Teck Resources by 48.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 5,270,386 shares of the basic materials company's stock valued at $272,955,000 after acquiring an additional 1,720,066 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Teck Resources by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 5,185,349 shares of the basic materials company's stock valued at $268,261,000 after acquiring an additional 28,531 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Price Performance

Shares of NYSE TECK opened at $64.39 on Wednesday. The business's 50 day moving average price is $66.82 and its 200 day moving average price is $62.94. The firm has a market cap of $31.11 billion, a P/E ratio of 15.37, a P/E/G ratio of 2.04 and a beta of 1.01. 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.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.40. The firm had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.38 billion. Teck Resources had a net margin of 17.85% and a return on equity of 10.42%. The business's quarterly revenue was up 78.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.38 earnings per share. On average, sell-side analysts expect that Teck Resources Ltd will post 4.28 earnings per share for the current year.

Teck Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th were paid a dividend of C$0.12 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.8%. Teck Resources's dividend payout ratio (DPR) is presently 9.76%.

Wall Street Analysts Forecast Growth

TECK has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Teck Resources from $46.00 to $47.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 28th. Weiss Ratings raised shares of Teck Resources from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 8th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Teck Resources from $64.00 to $68.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. Wall Street Zen lowered shares of Teck Resources from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 26th. Finally, Raymond James Financial raised shares of Teck Resources from a "market perform" rating to an "outperform" rating in a report on Thursday, July 23rd. Six research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, Teck Resources currently has an average rating of "Hold" and an average target price of $68.80.

Teck Resources Profile

Teck Resources Limited is a Canadian mining and mineral development company focused primarily on copper and zinc, commodities used in electrification, infrastructure, manufacturing and other industrial applications. The company explores for, develops and operates mines, mineral processing facilities and related infrastructure.

Teck's copper assets include Highland Valley Copper in British Columbia, Canada; Carmen de Andacollo in Chile; and Quebrada Blanca in northern Chile. Its zinc operations include the Red Dog mine in Alaska and the Trail Operations metallurgical complex in British Columbia, which produces refined metals, alloys and other related products.

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