Candelo Capital Management LP Invests $5.04 Million in Teck Resources Limited (NYSE:TECK)

Candelo Capital Management LP purchased a new stake in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 119,181 shares of the basic materials company's stock, valued at approximately $5,038,000. Teck Resources makes up approximately 3.9% of Candelo Capital Management LP's investment portfolio, making the stock its 12th biggest position.

Several other hedge funds also recently made changes to their positions in TECK. JFS Wealth Advisors LLC boosted its position in shares of Teck Resources by 249.0% in the 3rd quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company's stock worth $36,000 after purchasing an additional 600 shares in the last quarter. Optiver Holding B.V. grew its position in Teck Resources by 81.9% during the 4th quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company's stock valued at $41,000 after purchasing an additional 438 shares during the last quarter. First Horizon Advisors Inc. increased its stake in Teck Resources by 69.4% during the 4th quarter. First Horizon Advisors Inc. now owns 1,162 shares of the basic materials company's stock valued at $49,000 after purchasing an additional 476 shares in the last quarter. Blue Trust Inc. increased its stake in Teck Resources by 187.3% during the 4th quarter. Blue Trust Inc. now owns 1,494 shares of the basic materials company's stock valued at $64,000 after purchasing an additional 974 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in Teck Resources by 17.9% in the third quarter. Allworth Financial LP now owns 2,558 shares of the basic materials company's stock worth $110,000 after buying an additional 388 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TECK has been the topic of a number of recent analyst reports. Morgan Stanley reiterated an "overweight" rating and set a $55.00 price target on shares of Teck Resources in a report on Thursday, April 11th. Benchmark lifted their target price on Teck Resources from $50.00 to $52.00 and gave the stock a "buy" rating in a report on Monday, April 8th. Finally, JPMorgan Chase & Co. upped their price target on Teck Resources from $44.00 to $50.00 and gave the company an "overweight" rating in a report on Wednesday, April 17th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $57.86.

Teck Resources Stock Performance

Shares of Teck Resources stock traded down $1.38 during trading hours on Tuesday, reaching $53.39. 3,057,604 shares of the stock traded hands, compared to its average volume of 3,923,184. The company has a 50 day moving average price of $47.95 and a 200 day moving average price of $42.00. Teck Resources Limited has a one year low of $34.38 and a one year high of $55.13. The company has a quick ratio of 0.86, a current ratio of 1.49 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $27.31 billion, a price-to-earnings ratio of 23.62, a P/E/G ratio of 11.92 and a beta of 1.12.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.56 earnings per share for the quarter, missing analysts' consensus estimates of $0.87 by ($0.31). The company had revenue of $2.96 billion for the quarter, compared to analysts' expectations of $2.99 billion. Teck Resources had a net margin of 10.59% and a return on equity of 7.52%. On average, equities research analysts expect that Teck Resources Limited will post 2.18 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Monday, June 17th will be paid a $0.0911 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.68%. Teck Resources's dividend payout ratio (DPR) is presently 16.37%.

Teck Resources 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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