Merewether Investment Management LP Boosts Stake in Teck Resources Limited (NYSE:TECK)

Merewether Investment Management LP increased its position in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 78.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 488,476 shares of the basic materials company's stock after purchasing an additional 214,145 shares during the period. Merewether Investment Management LP owned 0.10% of Teck Resources worth $19,798,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Synergy Asset Management LLC lifted its holdings in shares of Teck Resources by 77.7% in the 4th quarter. Synergy Asset Management LLC now owns 16,892 shares of the basic materials company's stock valued at $685,000 after purchasing an additional 7,387 shares during the last quarter. FNY Investment Advisers LLC lifted its holdings in shares of Teck Resources by 709.5% in the 4th quarter. FNY Investment Advisers LLC now owns 17,000 shares of the basic materials company's stock valued at $689,000 after purchasing an additional 14,900 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of Teck Resources by 31.5% in the 4th quarter. Blue Trust Inc. now owns 3,848 shares of the basic materials company's stock valued at $156,000 after purchasing an additional 921 shares during the last quarter. Pictet Asset Management Holding SA lifted its holdings in shares of Teck Resources by 102.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 309,987 shares of the basic materials company's stock valued at $12,563,000 after purchasing an additional 156,980 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Teck Resources by 7.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 4,897 shares of the basic materials company's stock valued at $198,000 after purchasing an additional 327 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Stock Up 5.7%

Teck Resources stock opened at $37.76 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. Teck Resources Limited has a 1-year low of $28.32 and a 1-year high of $55.13. The company has a market cap of $18.60 billion, a PE ratio of 68.65 and a beta of 0.79. The stock's 50 day moving average price is $36.28 and its 200 day moving average price is $41.03.

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

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $0.0901 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.95%. This is an increase from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date is Monday, June 16th. Teck Resources's payout ratio is presently 58.62%.

Analyst Ratings Changes

Several analysts have recently weighed in on TECK shares. National Bank Financial raised Teck Resources from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 24th. UBS Group restated a "neutral" rating on shares of Teck Resources in a research report on Tuesday, April 15th. BMO Capital Markets began coverage on Teck Resources in a research report on Wednesday, April 16th. They issued an "outperform" rating on the stock. 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 research report on Thursday, April 10th. Finally, Desjardins began coverage on Teck Resources in a research report on Friday, April 4th. They issued a "buy" rating on the stock. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $64.11.

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.

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