Pinnbrook Capital Management LP Buys New Shares in Teck Resources Limited (NYSE:TECK)

Pinnbrook Capital Management LP bought a new stake in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 104,069 shares of the basic materials company's stock, valued at approximately $4,399,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Teck Resources in the 4th quarter valued at approximately $291,283,000. Alliancebernstein L.P. lifted its position in shares of Teck Resources by 1,833.3% in the 2nd quarter. Alliancebernstein L.P. now owns 3,234,380 shares of the basic materials company's stock valued at $136,167,000 after acquiring an additional 3,067,080 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Teck Resources by 16,855.2% in the 4th quarter. Principal Financial Group Inc. now owns 2,640,100 shares of the basic materials company's stock valued at $112,143,000 after acquiring an additional 2,624,529 shares in the last quarter. Boston Partners lifted its position in shares of Teck Resources by 28.8% in the 4th quarter. Boston Partners now owns 10,881,781 shares of the basic materials company's stock valued at $484,995,000 after acquiring an additional 2,432,378 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its position in shares of Teck Resources by 45.7% in the 4th quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company's stock valued at $280,491,000 after acquiring an additional 2,080,295 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Stock Up 0.5 %

Shares of TECK traded up $0.23 during mid-day trading on Monday, hitting $46.96. 3,213,820 shares of the company's stock were exchanged, compared to its average volume of 3,875,651. The firm has a fifty day moving average of $41.38 and a two-hundred day moving average of $39.72. Teck Resources Limited has a twelve month low of $34.38 and a twelve month high of $49.34. The stock has a market cap of $23.97 billion, a price-to-earnings ratio of 13.69, a P/E/G ratio of 5.75 and a beta of 1.15. The company has a quick ratio of 0.60, a current ratio of 1.10 and a debt-to-equity ratio of 0.21.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.01. The business had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $3.11 billion. Teck Resources had a net margin of 16.21% and a return on equity of 9.67%. On average, sell-side analysts forecast that Teck Resources Limited will post 3.93 earnings per share for the current year.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.0925 per share. This represents a $0.37 annualized dividend and a dividend yield of 0.79%. The ex-dividend date was Thursday, March 14th. Teck Resources's dividend payout ratio is currently 10.79%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on TECK shares. UBS Group initiated coverage on shares of Teck Resources in a research report on Tuesday, January 16th. They issued a "buy" rating for the company. Morgan Stanley dropped their price objective on shares of Teck Resources from $45.00 to $44.00 and set an "overweight" rating on the stock in a research note on Monday, February 26th. Benchmark upped their price objective on shares of Teck Resources from $50.00 to $52.00 and gave the company a "buy" rating in a research note on Monday. Finally, StockNews.com initiated coverage on shares of Teck Resources in a research note on Monday, December 11th. They issued a "hold" rating on the stock. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $64.29.

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.

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