Weiss Asset Management LP Purchases New Position in Teck Resources Ltd $TECK

Weiss Asset Management LP bought a new stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 25,888 shares of the basic materials company’s stock, valued at approximately $1,340,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Temasek Holdings Private Ltd grew its stake in shares of Teck Resources by 1.1% in the fourth quarter. Temasek Holdings Private Ltd now owns 5,307,384 shares of the basic materials company’s stock worth $254,171,000 after acquiring an additional 57,380 shares during the period. New York Life Investment Management LLC bought a new position in Teck Resources during the fourth quarter valued at approximately $11,014,000. Cardinal Point Capital Management ULC bought a new position in Teck Resources during the fourth quarter valued at approximately $379,000. ABN Amro Investment Solutions boosted its holdings in Teck Resources by 156.4% in the fourth quarter. ABN Amro Investment Solutions now owns 510,989 shares of the basic materials company’s stock worth $24,471,000 after purchasing an additional 311,694 shares during the last quarter. Finally, Perpetual Ltd purchased a new stake in Teck Resources in the fourth quarter worth approximately $26,838,000. Institutional investors own 78.06% of the company’s stock.

Teck Resources Trading Down 0.8%

TECK stock opened at $59.73 on Tuesday. The firm has a fifty day moving average price of $61.45 and a 200 day moving average price of $57.60. Teck Resources Ltd has a fifty-two week low of $30.98 and a fifty-two week high of $71.25. The firm has a market cap of $28.85 billion, a PE ratio of 16.19, a price-to-earnings-growth ratio of 1.78 and a beta of 0.92. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.16 and a current ratio of 2.83.

Teck Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a $0.125 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.50 dividend on an annualized basis and a yield of 0.8%. Teck Resources’s dividend payout ratio (DPR) is currently 9.49%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TECK. Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a research note on Monday, June 15th. TD Securities restated a “hold” rating on shares of Teck Resources in a research report on Friday, April 24th. Wall Street Zen cut shares of Teck Resources from a “strong-buy” rating to a “buy” rating in a report on Sunday. JPMorgan Chase & Co. decreased their price target on shares of Teck Resources from $48.00 to $46.00 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. Finally, Veritas cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, Teck Resources has an average rating of “Hold” and a consensus target price of $62.00.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.