Short Interest in Teck Resources Ltd (NYSE:TECK) Declines By 42.7%

Teck Resources Ltd (NYSE:TECK) (TSE:TECK) saw a significant drop in short interest in the month of August. As of August 31st, there was short interest totaling 7,530,763 shares, a drop of 42.7% from the August 15th total of 13,136,384 shares. Approximately 1.6% of the company’s stock are short sold. Based on an average daily trading volume, of 3,108,390 shares, the days-to-cover ratio is presently 2.4 days.

Wall Street Analysts Forecast Growth

TECK has been the subject of a number of recent research reports. Veritas downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 4th. Weiss Ratings raised Teck Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 4th. Deutsche Bank Aktiengesellschaft lifted their price target on Teck Resources from $64.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Scotiabank reissued a “sector perform” rating on shares of Teck Resources in a research report on Monday, June 15th. Finally, Wall Street Zen cut Teck Resources from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 26th. Six equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $62.25.

Teck Resources Stock Up 1.6%

Shares of Teck Resources stock traded up $1.01 on Thursday, reaching $65.26. The stock had a trading volume of 1,588,328 shares, compared to its average volume of 3,647,120. The company has a 50 day moving average price of $64.12 and a 200 day moving average price of $60.42. The company has a quick ratio of 2.33, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. Teck Resources has a 1 year low of $38.00 and a 1 year high of $72.56. The stock has a market capitalization of $31.52 billion, a P/E ratio of 17.69, a P/E/G ratio of 2.01 and a beta of 0.94.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $1.35 EPS for the quarter, topping the consensus estimate of $0.95 by $0.40. The firm had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.38 billion. Teck Resources had a net margin of 17.85% and a return on equity of 10.42%. Teck Resources’s revenue was up 78.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.38 EPS. As a group, equities research analysts forecast that Teck Resources will post 4.03 EPS for the current year.

Teck Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.8%. Teck Resources’s dividend payout ratio (DPR) is presently 9.76%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Blue Trust Inc. raised its stake in Teck Resources by 411.8% in the first quarter. Blue Trust Inc. now owns 563 shares of the basic materials company’s stock valued at $29,000 after buying an additional 453 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in shares of Teck Resources by 117.4% during the first quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 303 shares during the last quarter. Oslo Pensjonsforsikring AS acquired a new position in Teck Resources during the 1st quarter valued at approximately $83,000. Versant Capital Management Inc increased its position in shares of Teck Resources by 86.5% in the 2nd quarter. Versant Capital Management Inc now owns 1,587 shares of the basic materials company’s stock valued at $94,000 after acquiring an additional 736 shares during the period. Finally, Dixon Mitchell Investment Counsel Inc. purchased a new position in shares of Teck Resources in the fourth quarter worth about $151,000. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

About Teck Resources

Teck Resources Limited is a Canadian mining and metals company focused primarily on the exploration, development and production of base metals. Its principal products include copper, zinc and lead, along with associated by-products such as molybdenum, silver and germanium. Copper is an increasingly important part of Teck’s business as the metal is used in electrical infrastructure, renewable energy systems, transportation and industrial applications.

Teck operates and develops mining assets in Canada, Chile and Peru.