Crestline Management LP Lowers Position in Teck Resources Limited (NYSE:TECK)

Crestline Management LP lessened its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 61.1% during the fourth quarter, HoldingsChannel reports. The fund owned 102,685 shares of the basic materials company’s stock after selling 161,300 shares during the period. Crestline Management LP’s holdings in Teck Resources were worth $4,162,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Teck Resources during the 4th quarter worth $470,101,000. Swedbank AB acquired a new position in Teck Resources during the fourth quarter worth $103,878,000. Arrowstreet Capital Limited Partnership purchased a new stake in Teck Resources during the fourth quarter worth $65,197,000. AMF Tjanstepension AB grew its holdings in Teck Resources by 32.2% in the fourth quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company’s stock valued at $244,252,000 after purchasing an additional 1,467,516 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Teck Resources by 21.7% in the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after buying an additional 1,326,241 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on TECK shares. Raymond James reduced their price target on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. Bank of America boosted their price target on Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, March 10th. National Bank Financial upgraded Teck Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 24th. Desjardins started coverage on Teck Resources in a research note on Friday, April 4th. They issued a “buy” rating for the company. Finally, JPMorgan Chase & Co. decreased their price target on Teck Resources from $50.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $64.11.

Teck Resources Stock Performance

Teck Resources stock opened at $35.09 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. Teck Resources Limited has a one year low of $28.32 and a one year high of $55.13. The stock’s 50 day moving average price is $36.64 and its 200 day moving average price is $41.45. The firm has a market capitalization of $17.29 billion, a PE ratio of 63.80 and a beta of 0.79.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.18. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The company had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the prior year, the company posted $0.75 EPS. The firm’s revenue for the quarter was up 41.4% on a year-over-year basis. As a group, sell-side analysts expect that Teck Resources Limited will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.0901 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.03%. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is presently 58.62%.

Teck Resources Company 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.