Governors Lane LP Invests $6.09 Million in Teck Resources Ltd $TECK

Governors Lane LP purchased a new stake in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 127,151 shares of the basic materials company’s stock, valued at approximately $6,089,000.

Other large investors have also made changes to their positions in the company. Regal Partners Ltd grew its position in shares of Teck Resources by 14.8% in the 3rd quarter. Regal Partners Ltd now owns 3,481,836 shares of the basic materials company’s stock valued at $152,818,000 after purchasing an additional 448,081 shares during the period. Union Bancaire Privee UBP SA lifted its stake in Teck Resources by 172.8% in the fourth quarter. Union Bancaire Privee UBP SA now owns 23,560 shares of the basic materials company’s stock valued at $1,128,000 after buying an additional 14,924 shares in the last quarter. 44 Wealth Management LLC boosted its holdings in shares of Teck Resources by 250.8% in the third quarter. 44 Wealth Management LLC now owns 31,077 shares of the basic materials company’s stock valued at $1,364,000 after buying an additional 22,219 shares during the period. Temasek Holdings Private Ltd boosted its holdings in shares of Teck Resources by 1.1% in the fourth quarter. Temasek Holdings Private Ltd now owns 5,307,384 shares of the basic materials company’s stock valued at $254,171,000 after buying an additional 57,380 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Teck Resources by 2.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,916,856 shares of the basic materials company’s stock worth $84,068,000 after acquiring an additional 37,419 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on TECK. JPMorgan Chase & Co. upped their target price on shares of Teck Resources from $45.00 to $48.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. Weiss Ratings upgraded Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, April 24th. Veritas downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 4th. Benchmark lifted their target price on Teck Resources from $48.00 to $67.00 and gave the company a “buy” rating in a research report on Monday, February 23rd. Finally, Truist Financial set a $67.00 target price on Teck Resources in a research note on Monday, February 23rd. Five research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $59.17.

Teck Resources Stock Performance

NYSE TECK opened at $65.72 on Thursday. The firm has a market capitalization of $31.69 billion, a P/E ratio of 24.07, a price-to-earnings-growth ratio of 4.06 and a beta of 0.89. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13. The firm’s fifty day moving average price is $61.75 and its two-hundred day moving average price is $54.94. Teck Resources Ltd has a 1 year low of $30.98 and a 1 year high of $71.25.

Teck Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Monday, June 15th. Teck Resources’s payout ratio is 13.19%.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.