Carrhae Capital LLP Purchases New Position in Teck Resources Ltd $TECK

Carrhae Capital LLP acquired a new position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 2,063,912 shares of the basic materials company’s stock, valued at approximately $98,841,000. Teck Resources comprises about 3.7% of Carrhae Capital LLP’s portfolio, making the stock its 7th biggest holding.

A number of other institutional investors have also recently bought and sold shares of TECK. Principal Financial Group Inc. raised its holdings in Teck Resources by 36.1% in the third quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company’s stock worth $740,604,000 after purchasing an additional 4,474,637 shares during the period. Alps Advisors Inc. grew its holdings in shares of Teck Resources by 37.3% in the 3rd quarter. Alps Advisors Inc. now owns 166,334 shares of the basic materials company’s stock valued at $7,300,000 after buying an additional 45,194 shares during the period. Regal Partners Ltd increased its position in shares of Teck Resources by 14.8% in the 3rd quarter. Regal Partners Ltd now owns 3,481,836 shares of the basic materials company’s stock valued at $152,818,000 after buying an additional 448,081 shares in the last quarter. 44 Wealth Management LLC increased its position in shares of Teck Resources by 250.8% in the 3rd quarter. 44 Wealth Management LLC now owns 31,077 shares of the basic materials company’s stock valued at $1,364,000 after buying an additional 22,219 shares in the last quarter. Finally, Union Bancaire Privee UBP SA raised its stake in Teck Resources by 172.8% during the 4th quarter. Union Bancaire Privee UBP SA now owns 23,560 shares of the basic materials company’s stock worth $1,128,000 after buying an additional 14,924 shares during the period. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Stock Down 0.6%

TECK stock opened at $62.59 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.83 and a quick ratio of 2.16. The stock has a market capitalization of $30.17 billion, a P/E ratio of 22.93, a P/E/G ratio of 4.62 and a beta of 0.86. The business has a 50-day moving average of $56.30 and a 200-day moving average of $51.87. Teck Resources Ltd has a fifty-two week low of $30.98 and a fifty-two week high of $67.67.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, February 19th. The basic materials company reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.39. Teck Resources had a return on equity of 7.94% and a net margin of 14.91%.The business had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same period last year, the company earned $0.45 earnings per share. Teck Resources’s quarterly revenue was up 9.8% on a year-over-year basis. On average, sell-side analysts anticipate that Teck Resources Ltd will post 2.68 earnings per share for the current fiscal year.

Teck Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.125 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.50 dividend on an annualized basis and a yield of 0.8%. Teck Resources’s dividend payout ratio is 13.55%.

Analysts Set New Price Targets

Several research firms have weighed in on TECK. Wall Street Zen upgraded Teck Resources to a “buy” rating in a report on Saturday, May 16th. Citigroup upgraded Teck Resources from a “neutral” rating to a “buy” rating in a report on Monday, February 2nd. JPMorgan Chase & Co. raised their price target on Teck Resources from $45.00 to $48.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Weiss Ratings upgraded Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, April 24th. Finally, Truist Financial set a $67.00 price objective on Teck Resources in a research report on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and thirteen have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $59.17.

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.