Merewether Investment Management LP Decreases Stake in Teck Resources Limited (NYSE:TECK)

Merewether Investment Management LP decreased its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 2.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 274,331 shares of the basic materials company’s stock after selling 7,500 shares during the period. Merewether Investment Management LP owned approximately 0.05% of Teck Resources worth $14,331,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Headlands Technologies LLC acquired a new position in Teck Resources in the 2nd quarter worth $38,000. Eastern Bank acquired a new position in shares of Teck Resources in the third quarter worth about $39,000. Bruce G. Allen Investments LLC lifted its stake in shares of Teck Resources by 77.4% in the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after acquiring an additional 383 shares in the last quarter. Blue Trust Inc. boosted its holdings in Teck Resources by 583.1% in the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after purchasing an additional 898 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its stake in Teck Resources by 69.7% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock valued at $52,000 after purchasing an additional 409 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on TECK. UBS Group lowered Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. dropped their price objective on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Scotiabank lifted their target price on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Finally, Citigroup raised Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Five equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Teck Resources presently has a consensus rating of “Moderate Buy” and an average target price of $65.29.

Teck Resources Trading Down 0.0 %

Shares of TECK stock opened at $46.12 on Wednesday. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. Teck Resources Limited has a 1 year low of $36.50 and a 1 year high of $55.13. The firm’s fifty day simple moving average is $48.62 and its 200 day simple moving average is $48.28. The firm has a market capitalization of $23.62 billion, a P/E ratio of 69.87 and a beta of 1.03.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The firm had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same quarter in the prior year, the firm posted $0.57 EPS. The company’s revenue for the quarter was down 20.6% on a year-over-year basis. As a group, sell-side analysts predict that Teck Resources Limited will post 1.82 EPS for the current year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.0895 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date of this dividend is Friday, December 13th. Teck Resources’s payout ratio is 56.06%.

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.