Teck Resources Limited (NYSE:TECK) Shares Sold by Diametric Capital LP

Diametric Capital LP cut its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 50.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,476 shares of the basic materials company’s stock after selling 9,624 shares during the quarter. Diametric Capital LP’s holdings in Teck Resources were worth $384,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in TECK. Principal Financial Group Inc. grew its position in shares of Teck Resources by 21.7% during the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock worth $388,507,000 after acquiring an additional 1,326,241 shares during the last quarter. FMR LLC raised its stake in shares of Teck Resources by 72.8% during the third quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock worth $189,848,000 after purchasing an additional 1,531,563 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Teck Resources by 194.2% during the third quarter. BNP Paribas Financial Markets now owns 141,593 shares of the basic materials company’s stock worth $7,397,000 after purchasing an additional 93,459 shares during the period. Polar Asset Management Partners Inc. acquired a new position in Teck Resources in the 3rd quarter valued at $825,000. Finally, Point72 Italy S.r.l. purchased a new position in Teck Resources during the 3rd quarter worth $2,419,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Wall Street Analyst Weigh In

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

Teck Resources Stock Up 0.8 %

Shares of NYSE TECK opened at $36.73 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The firm’s 50-day moving average is $41.28 and its two-hundred day moving average is $44.50. Teck Resources Limited has a 12-month low of $35.14 and a 12-month high of $55.13. The company has a market capitalization of $18.18 billion, a PE ratio of 66.79 and a beta of 0.93.

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

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.0879 dividend. This represents a $0.35 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend was Friday, March 14th. Teck Resources’s payout ratio is 61.82%.

About Teck Resources

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.