Teck Resources Limited (NYSE:TECK) Holdings Lifted by Baldwin Investment Management LLC

Baldwin Investment Management LLC boosted its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 76.3% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 11,035 shares of the basic materials company’s stock after buying an additional 4,775 shares during the period. Baldwin Investment Management LLC’s holdings in Teck Resources were worth $576,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Country Club Bank acquired a new stake in shares of Teck Resources during the 2nd quarter valued at $1,747,000. Atria Investments Inc acquired a new stake in Teck Resources during the first quarter valued at $1,141,000. Klein Pavlis & Peasley Financial Inc. grew its stake in Teck Resources by 233.3% in the second quarter. Klein Pavlis & Peasley Financial Inc. now owns 28,000 shares of the basic materials company’s stock valued at $1,341,000 after purchasing an additional 19,600 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in Teck Resources by 414.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 621,556 shares of the basic materials company’s stock worth $27,118,000 after purchasing an additional 500,715 shares during the last quarter. Finally, CIBC Asset Management Inc raised its stake in shares of Teck Resources by 2.6% during the 3rd quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock worth $341,337,000 after purchasing an additional 165,759 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Stock Performance

TECK opened at $46.24 on Thursday. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The stock’s 50 day moving average price is $48.89 and its two-hundred day moving average price is $48.50. The firm has a market capitalization of $23.26 billion, a P/E ratio of 70.05 and a beta of 1.04. Teck Resources Limited has a 12-month low of $35.60 and a 12-month high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.24. The business 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% on a year-over-year basis. During the same quarter last year, the company posted $0.57 earnings per share. On average, equities analysts forecast that Teck Resources Limited will post 1.83 earnings per share for the current year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.0895 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.36 annualized dividend and a dividend yield of 0.77%. Teck Resources’s payout ratio is 56.06%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Citigroup upgraded Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. 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 report on Friday, October 25th. Deutsche Bank Aktiengesellschaft cut shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a report on Friday, October 25th. Scotiabank boosted their price target on Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, October 8th. Finally, UBS Group downgraded Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Five equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Teck Resources presently has a consensus rating of “Moderate Buy” and an average target price of $65.29.

Teck Resources 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.