Twinbeech Capital LP Invests $283,000 in Teck Resources Limited (NYSE:TECK)

Twinbeech Capital LP purchased a new position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,979 shares of the basic materials company’s stock, valued at approximately $283,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Synergy Asset Management LLC lifted its stake in Teck Resources by 77.7% in the fourth quarter. Synergy Asset Management LLC now owns 16,892 shares of the basic materials company’s stock worth $685,000 after acquiring an additional 7,387 shares during the period. Blue Trust Inc. grew its holdings in Teck Resources by 31.5% during the 4th quarter. Blue Trust Inc. now owns 3,848 shares of the basic materials company’s stock worth $156,000 after acquiring an additional 921 shares in the last quarter. Pictet Asset Management Holding SA grew its holdings in Teck Resources by 102.6% during the 4th quarter. Pictet Asset Management Holding SA now owns 309,987 shares of the basic materials company’s stock worth $12,563,000 after acquiring an additional 156,980 shares in the last quarter. Exchange Traded Concepts LLC grew its holdings in Teck Resources by 7.2% during the 4th quarter. Exchange Traded Concepts LLC now owns 4,897 shares of the basic materials company’s stock worth $198,000 after acquiring an additional 327 shares in the last quarter. Finally, Cetera Investment Advisers grew its holdings in Teck Resources by 20.6% during the 4th quarter. Cetera Investment Advisers now owns 57,793 shares of the basic materials company’s stock worth $2,342,000 after acquiring an additional 9,887 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TECK has been the topic of several recent research reports. Desjardins initiated coverage on shares of Teck Resources in a report on Friday, April 4th. They set a “buy” rating on the stock. National Bankshares upgraded shares of Teck Resources from a “sector perform” rating to an “outperform” rating in a report on Thursday, April 24th. JPMorgan Chase & Co. dropped their target price 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. Bank of America raised their price target on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, March 10th. Finally, National Bank Financial upgraded shares of Teck Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 24th. 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $64.11.

Teck Resources Stock Up 3.2%

NYSE:TECK opened at $36.62 on Friday. The company has a market cap of $18.04 billion, a PE ratio of 66.58 and a beta of 0.79. Teck Resources Limited has a twelve month low of $28.32 and a twelve month high of $54.13. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The company’s 50 day moving average is $35.54 and its two-hundred day moving average is $40.43.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.18. The company had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $2.19 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. Teck Resources’s revenue was up 41.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.75 EPS. Analysts anticipate that Teck Resources Limited will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $0.0901 per share. This represents a $0.36 annualized dividend and a yield of 0.98%. The ex-dividend date of this dividend is Monday, June 16th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is currently 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.