Renaissance Technologies LLC Buys 346,000 Shares of Teck Resources Limited (NYSE:TECK)

Renaissance Technologies LLC boosted its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 167.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 552,176 shares of the basic materials company’s stock after buying an additional 346,000 shares during the quarter. Renaissance Technologies LLC’s holdings in Teck Resources were worth $22,380,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Stonebridge Financial Group LLC bought a new stake in shares of Teck Resources during the 4th quarter worth approximately $25,000. Global Trust Asset Management LLC purchased a new stake in Teck Resources in the fourth quarter worth $27,000. FPC Investment Advisory Inc. bought a new stake in shares of Teck Resources during the fourth quarter worth $27,000. Community Bank N.A. bought a new stake in shares of Teck Resources during the fourth quarter worth $33,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Teck Resources during the third quarter valued at $40,000. Institutional investors own 78.06% of the company’s stock.

Teck Resources Trading Up 6.0 %

Shares of NYSE TECK opened at $33.66 on Friday. Teck Resources Limited has a 1-year low of $28.32 and a 1-year high of $55.13. The business has a fifty day moving average price of $39.35 and a 200 day moving average price of $43.42. The stock has a market capitalization of $16.66 billion, a P/E ratio of 61.20 and a beta of 0.81. 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 results on Thursday, February 20th. The basic materials company reported $0.33 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $2.58 billion. Equities research analysts expect 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. Shareholders of record on Friday, March 14th were paid a $0.0879 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.35 annualized dividend and a yield of 1.04%. Teck Resources’s dividend payout ratio (DPR) is 61.82%.

Analyst Ratings Changes

TECK has been the topic of several recent analyst reports. JPMorgan Chase & Co. reduced their price target 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. National Bankshares reaffirmed a “sector perform” rating on shares of Teck Resources in a research note on Wednesday, April 2nd. Raymond James dropped their price objective on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. Desjardins began coverage on Teck Resources in a report on Friday, April 4th. They set a “buy” rating on the stock. Finally, Bank of America upped their target price on Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.11.

Teck Resources 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.