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

Concentric Capital Strategies LP lessened its holdings in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 25.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in TECK. CoreCommodity Management LLC raised its holdings in Teck Resources by 883.9% in the 4th quarter. CoreCommodity Management LLC now owns 120,631 shares of the basic materials company's stock valued at $4,889,000 after acquiring an additional 108,371 shares during the last quarter. Cetera Investment Advisers grew its stake in shares of Teck Resources by 20.6% during the 4th quarter. Cetera Investment Advisers now owns 57,793 shares of the basic materials company's stock valued at $2,342,000 after buying an additional 9,887 shares during the period. Balyasny Asset Management L.P. grew its stake in shares of Teck Resources by 21.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,046,803 shares of the basic materials company's stock valued at $42,427,000 after buying an additional 187,489 shares during the period. Bayesian Capital Management LP purchased a new stake in shares of Teck Resources during the 4th quarter valued at $3,216,000. Finally, BNP Paribas Financial Markets boosted its position in Teck Resources by 100.1% during the 4th quarter. BNP Paribas Financial Markets now owns 283,346 shares of the basic materials company's stock worth $11,484,000 after purchasing an additional 141,753 shares during the period. Hedge funds and other institutional investors own 78.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on TECK. JPMorgan Chase & Co. cut their price objective on shares of Teck Resources from $50.00 to $41.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. National Bankshares upgraded shares of Teck Resources from a "sector perform" rating to an "outperform" rating in a research note on Thursday, April 24th. Desjardins assumed coverage on shares of Teck Resources in a research note on Friday, April 4th. They set a "buy" rating on the stock. UBS Group reaffirmed a "neutral" rating on shares of Teck Resources in a research note on Tuesday, April 15th. Finally, Veritas raised shares of Teck Resources to a "hold" rating in a research note on Friday, April 11th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Teck Resources currently has a consensus rating of "Moderate Buy" and a consensus price target of $64.11.

Teck Resources Price Performance

Shares of Teck Resources stock traded up $2.43 during trading on Monday, hitting $38.16. 3,207,123 shares of the company's stock traded hands, compared to its average volume of 3,127,595. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The firm's fifty day moving average price is $36.36 and its 200 day moving average price is $41.10. Teck Resources Limited has a twelve month low of $28.32 and a twelve month high of $55.13. The company has a market cap of $18.80 billion, a PE ratio of 69.38 and a beta of 0.79.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $0.42 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.18. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $2.19 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The company's revenue for the quarter 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. Analysts forecast that Teck Resources Limited will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a $0.0901 dividend. The ex-dividend date of this dividend is Monday, June 16th. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.36 dividend on an annualized basis and a yield of 0.94%. Teck Resources's payout ratio is 58.62%.

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.