Progeny 3 Inc. Has $19.91 Million Holdings in Teck Resources Limited (NYSE:TECK)

Progeny 3 Inc. raised its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 0.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 491,327 shares of the basic materials company’s stock after acquiring an additional 3,520 shares during the quarter. Teck Resources comprises approximately 1.6% of Progeny 3 Inc.’s investment portfolio, making the stock its 22nd biggest holding. Progeny 3 Inc. owned approximately 0.10% of Teck Resources worth $19,913,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TECK. Park Avenue Securities LLC increased its position in Teck Resources by 5.7% in the 4th quarter. Park Avenue Securities LLC now owns 8,960 shares of the basic materials company’s stock valued at $363,000 after acquiring an additional 486 shares in the last quarter. Atomi Financial Group Inc. acquired a new stake in shares of Teck Resources during the 4th quarter worth approximately $1,350,000. Bourgeon Capital Management LLC grew its position in shares of Teck Resources by 7.7% during the 4th quarter. Bourgeon Capital Management LLC now owns 7,000 shares of the basic materials company’s stock worth $284,000 after buying an additional 500 shares during the period. Global Trust Asset Management LLC bought a new position in Teck Resources during the 4th quarter worth approximately $27,000. Finally, Exchange Traded Concepts LLC boosted its stake in Teck Resources by 7.2% during the 4th quarter. Exchange Traded Concepts LLC now owns 4,897 shares of the basic materials company’s stock worth $198,000 after acquiring an additional 327 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Analysts Set New Price Targets

TECK has been the topic of several recent analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Teck Resources from $50.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Raymond James cut their price target on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. BMO Capital Markets began coverage on shares of Teck Resources in a research note on Wednesday, April 16th. They issued an “outperform” rating on the stock. National Bank Financial raised shares of Teck Resources from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 24th. Finally, UBS Group reaffirmed a “neutral” rating on shares of Teck Resources in a research note on Tuesday, April 15th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.11.

Teck Resources Stock Down 2.4%

Teck Resources stock opened at $37.05 on Thursday. The firm has a market capitalization of $18.26 billion, a PE ratio of 67.36 and a beta of 0.79. The company’s 50-day moving average is $36.17 and its 200-day moving average is $40.98. Teck Resources Limited has a fifty-two week low of $28.32 and a fifty-two week high of $55.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Thursday, April 24th. The basic materials company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.18. The company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $2.19 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. Teck Resources’s revenue for the quarter was up 41.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.75 EPS. Sell-side analysts anticipate that Teck Resources Limited will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a dividend of $0.0901 per share. The ex-dividend date of this dividend is Monday, June 16th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.36 annualized dividend and a dividend yield of 0.97%. Teck Resources’s payout ratio is currently 58.62%.

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.