Engineers Gate Manager LP Buys 326,996 Shares of Teck Resources Ltd $TECK

Engineers Gate Manager LP increased its stake in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 73.3% in the fourth quarter, HoldingsChannel reports. The fund owned 772,818 shares of the basic materials company’s stock after purchasing an additional 326,996 shares during the period. Engineers Gate Manager LP’s holdings in Teck Resources were worth $37,010,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of TECK. Norges Bank bought a new stake in shares of Teck Resources in the 4th quarter valued at about $404,880,000. Wellington Management Group LLP lifted its stake in shares of Teck Resources by 264.5% in the 3rd quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company’s stock valued at $253,695,000 after acquiring an additional 4,194,868 shares during the last quarter. Pentwater Capital Management LP lifted its stake in shares of Teck Resources by 124.1% in the 4th quarter. Pentwater Capital Management LP now owns 6,500,000 shares of the basic materials company’s stock valued at $311,285,000 after acquiring an additional 3,600,000 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Teck Resources in the 4th quarter valued at about $169,999,000. Finally, Hancock Prospecting Pty Ltd lifted its stake in shares of Teck Resources by 31.7% in the 4th quarter. Hancock Prospecting Pty Ltd now owns 10,298,293 shares of the basic materials company’s stock valued at $493,185,000 after acquiring an additional 2,477,344 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on TECK shares. Veritas lowered Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 4th. Benchmark boosted their target price on Teck Resources from $48.00 to $67.00 and gave the company a “buy” rating in a research note on Monday, February 23rd. Scotiabank reissued a “sector perform” rating on shares of Teck Resources in a research note on Monday. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Teck Resources in a research note on Friday, May 15th. Finally, Wall Street Zen raised Teck Resources to a “buy” rating in a research report on Saturday, May 16th. Five investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $59.17.

Teck Resources Trading Down 1.9%

TECK opened at $65.72 on Thursday. The business has a 50 day simple moving average of $61.75 and a two-hundred day simple moving average of $54.94. The firm has a market capitalization of $31.69 billion, a price-to-earnings ratio of 24.07, a PEG ratio of 4.06 and a beta of 0.89. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.83 and a quick ratio of 2.16. Teck Resources Ltd has a one year low of $30.98 and a one year high of $71.25.

Teck Resources Dividend Announcement

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. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.50 dividend on an annualized basis and a yield of 0.8%. Teck Resources’s dividend payout ratio is presently 13.19%.

About Teck Resources

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.