Barings LLC Buys 27,211 Shares of Teck Resources Limited (NYSE:TECK)

Barings LLC grew its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 22.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 149,300 shares of the basic materials company’s stock after acquiring an additional 27,211 shares during the period. Barings LLC’s holdings in Teck Resources were worth $6,051,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. US Bancorp DE boosted its stake in shares of Teck Resources by 27.9% during the third quarter. US Bancorp DE now owns 21,548 shares of the basic materials company’s stock valued at $1,126,000 after purchasing an additional 4,704 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Teck Resources by 21.7% during the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after purchasing an additional 1,326,241 shares in the last quarter. Verdence Capital Advisors LLC boosted its stake in shares of Teck Resources by 20.7% during the third quarter. Verdence Capital Advisors LLC now owns 9,866 shares of the basic materials company’s stock valued at $515,000 after purchasing an additional 1,691 shares in the last quarter. Assetmark Inc. bought a new position in shares of Teck Resources during the third quarter valued at approximately $954,000. Finally, Atria Investments Inc boosted its stake in shares of Teck Resources by 18.3% during the third quarter. Atria Investments Inc now owns 31,759 shares of the basic materials company’s stock valued at $1,659,000 after purchasing an additional 4,914 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TECK has been the topic of a number of recent research reports. National Bank Financial downgraded shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. UBS Group downgraded shares of Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. dropped their price objective on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. Finally, Raymond James decreased their target price on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, January 22nd. Six investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $65.38.

Teck Resources Trading Down 2.4 %

NYSE:TECK opened at $39.79 on Friday. The firm has a 50 day moving average of $41.80 and a 200 day moving average of $45.28. The stock has a market capitalization of $19.76 billion, a price-to-earnings ratio of 72.34 and a beta of 0.93. Teck Resources Limited has a 52 week low of $37.75 and a 52 week high of $55.13. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.07. The business had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $2.58 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. As a group, sell-side analysts anticipate that Teck Resources Limited will post 1.53 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.0879 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a dividend yield of 0.88%. Teck Resources’s dividend payout ratio is currently 61.82%.

About Teck Resources

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.