Pilgrim Partners Asia Pte Ltd Invests $55,000 in Teck Resources Limited (NYSE:TECK)

Pilgrim Partners Asia Pte Ltd acquired a new stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,350 shares of the basic materials company’s stock, valued at approximately $55,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Synergy Asset Management LLC boosted its stake in shares of Teck Resources by 77.7% during the fourth quarter. Synergy Asset Management LLC now owns 16,892 shares of the basic materials company’s stock valued at $685,000 after purchasing an additional 7,387 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Teck Resources during the third quarter worth $1,937,000. FNY Investment Advisers LLC boosted its position in Teck Resources by 709.5% during the 4th quarter. FNY Investment Advisers LLC now owns 17,000 shares of the basic materials company’s stock valued at $689,000 after acquiring an additional 14,900 shares in the last quarter. Groupama Asset Managment increased its holdings in shares of Teck Resources by 6.7% in the 3rd quarter. Groupama Asset Managment now owns 2,319,624 shares of the basic materials company’s stock valued at $121,177,000 after acquiring an additional 144,889 shares during the period. Finally, Toronto Dominion Bank raised its position in shares of Teck Resources by 40.1% in the 3rd quarter. Toronto Dominion Bank now owns 903,132 shares of the basic materials company’s stock worth $47,180,000 after acquiring an additional 258,455 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TECK. JPMorgan Chase & Co. cut their target price on Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. Desjardins started coverage on shares of Teck Resources in a research report on Friday. They issued a “buy” rating on the stock. National Bank Financial cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Bank of America upped their price target on Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Finally, Raymond James lowered their price objective on Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, January 22nd. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $65.22.

Teck Resources Price Performance

NYSE:TECK opened at $29.97 on Friday. 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 company has a 50 day moving average price of $40.72 and a 200-day moving average price of $44.26. Teck Resources Limited has a 1-year low of $29.26 and a 1-year high of $55.13. The firm has a market cap of $14.83 billion, a price-to-earnings ratio of 54.48 and a beta of 0.81.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.07. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.58 billion. Equities research analysts forecast that Teck Resources Limited will post 1.53 EPS for the current year.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a dividend of $0.0879 per share. This represents a $0.35 annualized dividend and a dividend yield of 1.17%. The ex-dividend date 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.