Renaissance Technologies LLC Takes $10.24 Million Position in Teck Resources Ltd $TECK

Renaissance Technologies LLC bought a new stake in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 197,876 shares of the basic materials company’s stock, valued at approximately $10,240,000.

Several other hedge funds have also recently added to or reduced their stakes in TECK. Principal Financial Group Inc. lifted its stake in Teck Resources by 17.1% during the first quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company’s stock worth $1,139,051,000 after purchasing an additional 3,211,985 shares during the period. Vanguard Group Inc. raised its stake in shares of Teck Resources by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 20,185,694 shares of the basic materials company’s stock valued at $966,370,000 after acquiring an additional 278,481 shares during the last quarter. Davis Selected Advisers boosted its stake in Teck Resources by 9.0% in the fourth quarter. Davis Selected Advisers now owns 12,019,609 shares of the basic materials company’s stock worth $575,620,000 after purchasing an additional 995,947 shares in the last quarter. Hancock Prospecting Pty Ltd grew its holdings in Teck Resources by 31.7% during the 4th quarter. Hancock Prospecting Pty Ltd now owns 10,298,293 shares of the basic materials company’s stock worth $493,185,000 after acquiring an additional 2,477,344 shares during the last quarter. Finally, Norges Bank bought a new position in Teck Resources in the 4th quarter valued at $404,880,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

Analysts Set New Price Targets

TECK has been the topic of a number of recent analyst reports. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a report on Monday, June 15th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Teck Resources in a research report on Tuesday, July 21st. Veritas downgraded Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 4th. TD Securities restated a “hold” rating on shares of Teck Resources in a research note on Friday, April 24th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Teck Resources from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Five research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Teck Resources currently has an average rating of “Hold” and a consensus price target of $62.25.

Teck Resources Price Performance

Shares of TECK opened at $60.19 on Monday. The company has a current ratio of 3.12, a quick ratio of 2.33 and a debt-to-equity ratio of 0.12. The company’s fifty day simple moving average is $61.30 and its 200 day simple moving average is $57.88. Teck Resources Ltd has a 1-year low of $30.98 and a 1-year high of $71.25. The company has a market cap of $29.07 billion, a price-to-earnings ratio of 16.31, a PEG ratio of 1.77 and a beta of 0.92.

Teck Resources Dividend Announcement

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

Teck Resources Company Profile

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.