Lansdowne Partners UK LLP Makes New $31.69 Million Investment in Teck Resources Ltd $TECK

Lansdowne Partners UK LLP purchased a new position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 722,054 shares of the basic materials company’s stock, valued at approximately $31,691,000. Teck Resources makes up 2.1% of Lansdowne Partners UK LLP’s investment portfolio, making the stock its 12th largest position.

Several other institutional investors have also made changes to their positions in the company. Versant Capital Management Inc bought a new position in Teck Resources during the third quarter valued at approximately $26,000. Smartleaf Asset Management LLC lifted its stake in Teck Resources by 72.4% in the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 351 shares during the last quarter. SouthState Bank Corp bought a new stake in Teck Resources in the third quarter worth approximately $50,000. Mirae Asset Global Investments Co. Ltd. grew its position in Teck Resources by 43.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,741 shares of the basic materials company’s stock worth $76,000 after acquiring an additional 524 shares in the last quarter. Finally, Tobam increased its stake in shares of Teck Resources by 30.9% during the 3rd quarter. Tobam now owns 2,011 shares of the basic materials company’s stock worth $88,000 after purchasing an additional 475 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on TECK. National Bank Financial downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, December 5th. Truist Financial set a $67.00 price objective on shares of Teck Resources in a report on Monday, February 23rd. Benchmark increased their target price on shares of Teck Resources from $48.00 to $67.00 and gave the stock a “buy” rating in a research report on Monday, February 23rd. TD Securities restated a “hold” rating on shares of Teck Resources in a report on Monday, February 23rd. Finally, Scotiabank reaffirmed a “sector perform” rating on shares of Teck Resources in a research report on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $57.00.

Teck Resources Trading Up 1.1%

NYSE:TECK opened at $50.06 on Tuesday. Teck Resources Ltd has a 12 month low of $28.32 and a 12 month high of $62.41. The firm has a market cap of $24.10 billion, a price-to-earnings ratio of 24.78, a P/E/G ratio of 3.02 and a beta of 0.77. The company has a quick ratio of 1.91, a current ratio of 2.54 and a debt-to-equity ratio of 0.13. The company’s 50 day moving average is $54.81 and its 200-day moving average is $46.72.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, February 19th. The basic materials company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.39. The business had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.28 billion. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. Teck Resources’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 earnings per share. Equities analysts anticipate that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.50 dividend on an annualized basis and a yield of 1.0%. Teck Resources’s payout ratio is currently 18.32%.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.