Twin Tree Management LP Trims Holdings in Teck Resources Ltd $TECK

Twin Tree Management LP cut its stake in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 50.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 44,006 shares of the basic materials company’s stock after selling 44,222 shares during the quarter. Twin Tree Management LP’s holdings in Teck Resources were worth $2,107,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC grew its position in Teck Resources by 11.1% during the first quarter. AQR Capital Management LLC now owns 34,705 shares of the basic materials company’s stock worth $1,264,000 after buying an additional 3,458 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in Teck Resources by 453.0% during the first quarter. Jones Financial Companies Lllp now owns 9,721 shares of the basic materials company’s stock worth $354,000 after purchasing an additional 7,963 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Teck Resources by 1.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 465,861 shares of the basic materials company’s stock worth $16,971,000 after purchasing an additional 8,146 shares during the last quarter. Marshall Wace LLP lifted its stake in Teck Resources by 189.3% during the second quarter. Marshall Wace LLP now owns 218,242 shares of the basic materials company’s stock worth $8,813,000 after purchasing an additional 142,816 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in Teck Resources by 4,602.9% during the second quarter. NewEdge Advisors LLC now owns 8,183 shares of the basic materials company’s stock worth $330,000 after purchasing an additional 8,009 shares during the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Trading Up 0.7%

TECK opened at $62.11 on Tuesday. The business has a 50 day simple moving average of $59.97 and a two-hundred day simple moving average of $53.80. The firm has a market capitalization of $29.95 billion, a price-to-earnings ratio of 22.75, a PEG ratio of 4.52 and a beta of 0.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.83 and a quick ratio of 2.16. Teck Resources Ltd has a one year low of $30.98 and a one year high of $71.25.

Teck Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.125 per share. The ex-dividend date is Monday, June 15th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.8%. Teck Resources’s dividend payout ratio is 13.55%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TECK. Veritas lowered Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 4th. Truist Financial set a $67.00 price target on Teck Resources in a research note on Monday, February 23rd. Zacks Research lowered Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 22nd. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Teck Resources in a research note on Friday, May 15th. Finally, Benchmark lifted their price target on Teck Resources from $48.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, February 23rd. Five equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $59.17.

Teck Resources 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.