Bayesian Capital Management LP Takes Position in Teck Resources Limited (NYSE:TECK)

Bayesian Capital Management LP purchased a new position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 79,342 shares of the basic materials company’s stock, valued at approximately $3,216,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Teck Resources in the fourth quarter worth about $470,101,000. Swedbank AB bought a new position in Teck Resources in the 4th quarter worth approximately $103,878,000. Arrowstreet Capital Limited Partnership acquired a new position in Teck Resources during the 4th quarter worth $65,197,000. AMF Tjanstepension AB boosted its position in Teck Resources by 32.2% in the 4th quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company’s stock valued at $244,252,000 after buying an additional 1,467,516 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in shares of Teck Resources by 21.7% in the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after buying an additional 1,326,241 shares during the period. Institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Performance

Shares of TECK stock opened at $35.51 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. Teck Resources Limited has a 52 week low of $28.32 and a 52 week high of $55.13. The company’s 50 day moving average price is $36.88 and its two-hundred day moving average price is $41.67. The company has a market capitalization of $17.50 billion, a P/E ratio of 64.56 and a beta of 0.81.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, April 24th. The basic materials company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.18. The business 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 firm’s quarterly revenue was up 41.4% on a year-over-year basis. During the same period last year, the business posted $0.75 earnings per share. On average, analysts expect that Teck Resources Limited will post 1.53 earnings per share for the current fiscal 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 dividend of $0.0901 per share. The ex-dividend date is Monday, June 16th. This represents a $0.36 dividend on an annualized basis and a yield of 1.01%. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio is 58.62%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on TECK shares. BMO Capital Markets started coverage on Teck Resources in a research note on Wednesday, April 16th. They set an “outperform” rating on the stock. National Bank Financial upgraded shares of Teck Resources from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 24th. UBS Group reiterated a “neutral” rating on shares of Teck Resources in a research report on Tuesday, April 15th. Raymond James cut their price objective on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. lowered their target price on shares of Teck Resources from $50.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Six investment 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $64.11.

Teck Resources Profile

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.