PointState Capital LP Trims Stock Position in Teck Resources Limited (NYSE:TECK)

PointState Capital LP lessened its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 71.6% during the 3rd quarter, Holdings Channel reports. The firm owned 401,347 shares of the basic materials company’s stock after selling 1,014,053 shares during the quarter. PointState Capital LP’s holdings in Teck Resources were worth $20,966,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of TECK. Headlands Technologies LLC purchased a new stake in shares of Teck Resources in the second quarter valued at about $38,000. Eastern Bank purchased a new position in shares of Teck Resources during the third quarter valued at approximately $39,000. Bruce G. Allen Investments LLC lifted its stake in shares of Teck Resources by 77.4% during the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after buying an additional 383 shares during the period. Blue Trust Inc. lifted its stake in shares of Teck Resources by 583.1% during the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after buying an additional 898 shares during the period. Finally, Massmutual Trust Co. FSB ADV lifted its stake in shares of Teck Resources by 69.7% during the third quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock valued at $52,000 after buying an additional 409 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Trading Down 0.0 %

Teck Resources stock opened at $46.12 on Wednesday. The firm’s 50-day moving average is $48.62 and its 200-day moving average is $48.28. 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 1 year low of $36.50 and a 1 year high of $55.13. The company has a market cap of $23.62 billion, a P/E ratio of 69.87 and a beta of 1.03.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.24. The firm had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.09 billion. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. Teck Resources’s quarterly revenue was down 20.6% compared to the same quarter last year. During the same period last year, the firm posted $0.57 EPS. On average, equities analysts expect that Teck Resources Limited will post 1.82 earnings per share for the current year.

Teck Resources Cuts Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TECK. JPMorgan Chase & Co. cut their price target 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. Citigroup raised shares of Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Deutsche Bank Aktiengesellschaft lowered shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research report on Friday, October 25th. Finally, Scotiabank increased their price objective on shares of Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, October 8th. Five equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $65.29.

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.