Point72 Asia Singapore Pte. Ltd. Acquires Shares of 10,916 Teck Resources Limited (NYSE:TECK)

Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 10,916 shares of the basic materials company’s stock, valued at approximately $442,000.

A number of other large investors also recently modified their holdings of TECK. Synergy Asset Management LLC lifted its stake in shares of Teck Resources by 77.7% during the fourth quarter. Synergy Asset Management LLC now owns 16,892 shares of the basic materials company’s stock valued at $685,000 after acquiring an additional 7,387 shares during the period. Blue Trust Inc. raised 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 purchasing an additional 921 shares during the last quarter. Pictet Asset Management Holding SA lifted its position 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 valued at $12,563,000 after purchasing an additional 156,980 shares during the period. Exchange Traded Concepts LLC boosted its stake in shares of Teck Resources by 7.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 4,897 shares of the basic materials company’s stock valued at $198,000 after purchasing an additional 327 shares during the last quarter. Finally, Principal Securities Inc. grew its position in shares of Teck Resources by 49.9% during the 4th quarter. Principal Securities Inc. now owns 2,858 shares of the basic materials company’s stock worth $116,000 after buying an additional 952 shares during the period. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on TECK. Veritas upgraded shares of Teck Resources to a “hold” rating in a research report on Friday, April 11th. Desjardins initiated coverage on Teck Resources in a research note on Friday, April 4th. They set a “buy” rating for the company. JPMorgan Chase & Co. cut their target price on Teck Resources from $50.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. UBS Group restated a “neutral” rating on shares of Teck Resources in a research report on Tuesday, April 15th. Finally, Bank of America increased their price target on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Teck Resources currently has an average rating of “Moderate Buy” and an average target price of $64.11.

Teck Resources Stock Performance

TECK opened at $36.47 on Friday. The company has a market capitalization of $17.97 billion, a price-to-earnings ratio of 66.31 and a beta of 0.79. The business’s 50-day moving average price is $36.16 and its two-hundred day moving average price is $40.90. Teck Resources Limited has a 1 year low of $28.32 and a 1 year high of $55.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, beating 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 return on equity of 4.59% and a net margin of 2.96%. Teck Resources’s revenue for the quarter was up 41.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.75 EPS. Equities analysts expect that Teck Resources Limited will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The firm 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 $0.0901 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date is Monday, June 16th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is currently 58.62%.

Teck Resources Company 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.