Levin Capital Strategies L.P. Increases Stock Holdings in Teck Resources Ltd $TECK

Levin Capital Strategies L.P. lifted its position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 71.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 494,870 shares of the basic materials company’s stock after purchasing an additional 206,202 shares during the quarter. Teck Resources comprises about 1.9% of Levin Capital Strategies L.P.’s holdings, making the stock its 16th biggest holding. Levin Capital Strategies L.P. owned approximately 0.10% of Teck Resources worth $19,983,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Teck Resources by 1.1% in the first quarter. Vanguard Group Inc. now owns 19,531,542 shares of the basic materials company’s stock valued at $711,475,000 after purchasing an additional 215,410 shares during the period. Boston Partners grew its holdings in shares of Teck Resources by 1.9% in the first quarter. Boston Partners now owns 9,251,775 shares of the basic materials company’s stock valued at $337,042,000 after purchasing an additional 173,203 shares during the period. TD Asset Management Inc grew its holdings in shares of Teck Resources by 0.4% in the second quarter. TD Asset Management Inc now owns 6,032,354 shares of the basic materials company’s stock valued at $243,460,000 after purchasing an additional 25,489 shares during the period. Mackenzie Financial Corp grew its holdings in shares of Teck Resources by 2.3% in the first quarter. Mackenzie Financial Corp now owns 6,020,429 shares of the basic materials company’s stock valued at $219,297,000 after purchasing an additional 137,886 shares during the period. Finally, Alliancebernstein L.P. grew its holdings in shares of Teck Resources by 19.5% in the first quarter. Alliancebernstein L.P. now owns 4,189,902 shares of the basic materials company’s stock valued at $152,638,000 after purchasing an additional 683,836 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Analyst Upgrades and Downgrades

TECK has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft raised shares of Teck Resources from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a report on Monday, September 8th. Citigroup reaffirmed a “neutral” rating on shares of Teck Resources in a research note on Wednesday, October 8th. Benchmark reaffirmed a “buy” rating on shares of Teck Resources in a research note on Thursday, October 23rd. B. Riley lowered shares of Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, July 28th. Finally, Wall Street Zen raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $54.00.

Teck Resources Stock Down 0.4%

Shares of TECK opened at $42.74 on Tuesday. The stock has a market capitalization of $20.54 billion, a PE ratio of 24.01, a P/E/G ratio of 0.74 and a beta of 0.92. Teck Resources Ltd has a 1 year low of $28.32 and a 1 year high of $51.34. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.08 and a current ratio of 2.78. The company’s 50-day simple moving average is $40.49 and its 200-day simple moving average is $37.71.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.16. The business had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.93 billion. Teck Resources had a net margin of 11.93% and a return on equity of 4.14%. The business’s quarterly revenue was up 18.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 earnings per share. Analysts forecast that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be given a dividend of $0.125 per share. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.50 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, December 15th. Teck Resources’s dividend payout ratio is currently 20.22%.

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.