65,686 Shares in Teck Resources Limited (NYSE:TECK) Acquired by Cinctive Capital Management LP

Cinctive Capital Management LP purchased a new stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 65,686 shares of the basic materials company’s stock, valued at approximately $2,662,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TECK. Norges Bank bought a new position in shares of Teck Resources in the fourth quarter valued at about $470,101,000. Swedbank AB acquired a new position in Teck Resources in the 4th quarter valued at about $103,878,000. Arrowstreet Capital Limited Partnership bought a new position in Teck Resources in the 4th quarter valued at about $65,197,000. AMF Tjanstepension AB lifted its position in Teck Resources by 32.2% during the fourth quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company’s stock worth $244,252,000 after acquiring an additional 1,467,516 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in Teck Resources during the third quarter worth approximately $70,549,000. 78.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on TECK shares. Bank of America increased their target price on Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. JPMorgan Chase & Co. lowered their price objective on Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. National Bank Financial downgraded Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Finally, Raymond James decreased their price target on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $65.22.

Teck Resources Price Performance

TECK stock opened at $37.67 on Thursday. The company’s 50-day moving average price is $41.17 and its two-hundred day moving average price is $44.46. The firm has a market cap of $18.64 billion, a P/E ratio of 68.49 and a beta of 0.93. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. Teck Resources Limited has a 12 month low of $35.14 and a 12 month high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, February 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.07. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The business had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $2.58 billion. On average, analysts anticipate that Teck Resources Limited will post 1.53 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $0.0879 per share. The ex-dividend date was Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a dividend yield of 0.93%. Teck Resources’s dividend payout ratio (DPR) is currently 61.82%.

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.