Crestline Management LP Has $4.16 Million Stock Position in Teck Resources Limited (NYSE:TECK)

Crestline Management LP cut its stake in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 61.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 102,685 shares of the basic materials company's stock after selling 161,300 shares during the quarter. Crestline Management LP's holdings in Teck Resources were worth $4,162,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Teck Resources by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 19,316,132 shares of the basic materials company's stock worth $783,153,000 after purchasing an additional 58,985 shares during the period. Amundi increased its holdings in shares of Teck Resources by 5.6% in the fourth quarter. Amundi now owns 14,949,233 shares of the basic materials company's stock valued at $619,765,000 after purchasing an additional 791,725 shares in the last quarter. Norges Bank acquired a new stake in shares of Teck Resources in the fourth quarter valued at approximately $470,101,000. Invesco Ltd. increased its holdings in shares of Teck Resources by 4.7% in the fourth quarter. Invesco Ltd. now owns 7,711,727 shares of the basic materials company's stock valued at $312,556,000 after purchasing an additional 347,235 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Teck Resources by 21.7% during 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 acquiring an additional 1,326,241 shares during the period. 78.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on TECK shares. JPMorgan Chase & Co. reduced their price target on shares of Teck Resources from $50.00 to $41.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. National Bank Financial upgraded shares of Teck Resources from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 24th. Veritas upgraded shares of Teck Resources to a "hold" rating in a research note on Friday, April 11th. UBS Group restated a "neutral" rating on shares of Teck Resources in a research note on Tuesday, April 15th. Finally, BMO Capital Markets initiated coverage on shares of Teck Resources in a research note on Wednesday, April 16th. They issued an "outperform" rating on the stock. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $64.11.

Teck Resources Trading Up 6.3%

NYSE TECK traded up $2.26 on Monday, hitting $37.99. The company's stock had a trading volume of 3,039,310 shares, compared to its average volume of 3,598,844. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. Teck Resources Limited has a 1-year low of $28.32 and a 1-year high of $55.13. The company's 50-day moving average is $36.36 and its 200 day moving average is $41.10. The firm has a market cap of $18.72 billion, a PE ratio of 69.05 and a beta of 0.79.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.60 billion during the quarter, compared to analysts' expectations of $2.19 billion. During the same period in the prior year, the company posted $0.75 EPS. The company's revenue was up 41.4% on a year-over-year basis. As a group, analysts predict that Teck Resources Limited will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.0901 per share. The ex-dividend date of this dividend is Monday, June 16th. This is a boost from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.36 annualized dividend and a dividend yield of 0.95%. Teck Resources's dividend 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.