Gemsstock Ltd. Reduces Position in Teck Resources Ltd $TECK

Gemsstock Ltd. trimmed its holdings in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 18.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 284,870 shares of the basic materials company’s stock after selling 64,100 shares during the period. Teck Resources accounts for about 3.3% of Gemsstock Ltd.’s holdings, making the stock its 13th biggest holding. Gemsstock Ltd. owned 0.06% of Teck Resources worth $12,503,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of TECK. Versant Capital Management Inc purchased a new stake in Teck Resources during the 3rd quarter valued at about $26,000. Smartleaf Asset Management LLC boosted its holdings in shares of Teck Resources by 72.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 351 shares during the last quarter. SouthState Bank Corp purchased a new stake in shares of Teck Resources in the third quarter valued at approximately $50,000. Tobam purchased a new stake in shares of Teck Resources in the second quarter valued at approximately $62,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Teck Resources by 43.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,741 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 524 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Stock Performance

Shares of Teck Resources stock opened at $60.96 on Friday. The firm has a market cap of $29.35 billion, a PE ratio of 30.18, a price-to-earnings-growth ratio of 0.57 and a beta of 0.80. The company has a quick ratio of 1.91, a current ratio of 2.54 and a debt-to-equity ratio of 0.13. Teck Resources Ltd has a 52 week low of $28.32 and a 52 week high of $62.41. The business’s fifty day simple moving average is $53.36 and its 200-day simple moving average is $44.80.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, February 19th. The basic materials company reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.39. Teck Resources had a return on equity of 5.90% and a net margin of 12.98%.The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same period last year, the company earned $0.45 EPS. The company’s quarterly revenue was up 9.8% on a year-over-year basis. Equities analysts forecast that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, March 13th. Teck Resources’s payout ratio is 17.82%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Raymond James Financial lowered Teck Resources from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 14th. Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a report on Tuesday. JPMorgan Chase & Co. boosted their price target on shares of Teck Resources from $43.00 to $51.00 and gave the company a “neutral” rating in a research report on Friday, December 5th. Truist Financial set a $67.00 price objective on shares of Teck Resources in a report on Monday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Teck Resources in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Teck Resources has a consensus rating of “Hold” and an average price target of $58.00.

Teck Resources 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.