Ulysses Management LLC Lowers Stake in Teck Resources Limited (NYSE:TECK)

Ulysses Management LLC trimmed its stake in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 70.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 15,000 shares of the basic materials company's stock after selling 35,000 shares during the quarter. Ulysses Management LLC's holdings in Teck Resources were worth $608,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Norges Bank bought a new position in Teck Resources in the fourth quarter valued at about $470,101,000. Swedbank AB acquired a new stake in Teck Resources during the fourth quarter worth approximately $103,878,000. Arrowstreet Capital Limited Partnership acquired a new stake in Teck Resources in the fourth quarter valued at approximately $65,197,000. AMF Tjanstepension AB grew its stake in Teck Resources by 32.2% in the fourth quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company's stock valued at $244,252,000 after acquiring an additional 1,467,516 shares during the period. Finally, FMR LLC grew its stake in Teck Resources by 29.7% in the fourth quarter. FMR LLC now owns 4,715,144 shares of the basic materials company's stock valued at $191,133,000 after acquiring an additional 1,080,714 shares during the period. 78.06% of the stock is currently owned by institutional investors.

Teck Resources Trading Up 3.2%

NYSE TECK traded up $1.15 during trading hours on Friday, hitting $36.62. 2,992,306 shares of the company were exchanged, compared to its average volume of 3,145,832. The stock has a 50-day moving average price of $35.54 and a 200 day moving average price of $40.37. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. Teck Resources Limited has a 52 week low of $28.32 and a 52 week high of $54.13. The stock has a market cap of $18.04 billion, a PE ratio of 66.58 and a beta of 0.79.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings data on Thursday, April 24th. The basic materials company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.18. The company had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $2.19 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The firm's revenue for the quarter was up 41.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.75 earnings per share. Analysts forecast that Teck Resources Limited will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a $0.0901 dividend. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date is Monday, June 16th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.98%. Teck Resources's payout ratio is presently 58.62%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TECK. Veritas upgraded Teck Resources to a "hold" rating in a report on Friday, April 11th. UBS Group restated a "neutral" rating on shares of Teck Resources in a report on Tuesday, April 15th. National Bankshares upgraded Teck Resources from a "sector perform" rating to an "outperform" rating in a report on Thursday, April 24th. JPMorgan Chase & Co. dropped their price target on Teck Resources from $50.00 to $41.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Finally, Bank of America lifted their price objective on Teck Resources from $62.00 to $64.00 and gave the stock a "buy" rating in a report on Monday, March 10th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy 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 $64.11.

About Teck Resources

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.