Concentric Capital Strategies LP Sells 37,831 Shares of Teck Resources Limited (NYSE:TECK)

Concentric Capital Strategies LP reduced its position in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 25.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 111,896 shares of the basic materials company's stock after selling 37,831 shares during the quarter. Concentric Capital Strategies LP's holdings in Teck Resources were worth $4,535,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Norges Bank purchased a new position in Teck Resources in the fourth quarter worth $470,101,000. Swedbank AB purchased a new position in shares of Teck Resources in the 4th quarter worth about $103,878,000. Arrowstreet Capital Limited Partnership bought a new position in shares of Teck Resources during the 4th quarter valued at about $65,197,000. AMF Tjanstepension AB raised its holdings in shares of Teck Resources by 32.2% during the 4th quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company's stock valued at $244,252,000 after buying an additional 1,467,516 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in Teck Resources by 21.7% in the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company's stock worth $388,507,000 after buying an additional 1,326,241 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company's stock.

Analyst Upgrades and Downgrades

TECK has been the subject of a number of recent research reports. Desjardins assumed coverage on shares of Teck Resources in a report on Friday, April 4th. They issued a "buy" rating for the company. BMO Capital Markets initiated coverage on Teck Resources in a report on Wednesday, April 16th. They issued an "outperform" rating on the stock. JPMorgan Chase & Co. dropped their target price on Teck Resources from $50.00 to $41.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. National Bank Financial raised Teck Resources from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 24th. Finally, National Bankshares raised Teck Resources from a "sector perform" rating to an "outperform" rating in a research note on Thursday, April 24th. Six research 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 stock. According to MarketBeat, Teck Resources currently has a consensus rating of "Moderate Buy" and an average price target of $64.11.

Teck Resources Stock Up 3.2 %

TECK stock traded up $1.10 on Friday, reaching $35.81. 3,074,075 shares of the company traded hands, compared to its average volume of 3,126,294. Teck Resources Limited has a one year low of $28.32 and a one year high of $55.13. The company has a market cap of $17.64 billion, a P/E ratio of 65.11 and a beta of 0.79. The firm has a fifty day simple moving average of $36.36 and a 200-day simple moving average of $41.19. 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 (NYSE:TECK - Get Free Report) TSE: TECK last issued its earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.18. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The business had revenue of $1.60 billion during the quarter, compared to analysts' expectations of $2.19 billion. During the same period in the previous year, the company earned $0.75 earnings per share. The business's revenue for the quarter was up 41.4% compared to the same quarter last year. Research analysts anticipate that Teck Resources Limited will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a dividend of $0.0901 per share. This represents a $0.36 annualized dividend and a yield of 1.01%. 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 dividend payout ratio (DPR) is currently 58.62%.

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.