Polymer Capital Management US LLC Makes New Investment in Teck Resources Limited (NYSE:TECK)

Polymer Capital Management US LLC bought a new stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the fourth quarter, HoldingsChannel.com reports. The fund bought 15,600 shares of the basic materials company’s stock, valued at approximately $632,000.

A number of other hedge funds have also made changes to their positions in TECK. Vanguard Group Inc. increased its holdings in Teck Resources by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 19,316,132 shares of the basic materials company’s stock valued at $783,153,000 after purchasing an additional 58,985 shares in the last quarter. Amundi boosted its position in shares of Teck Resources by 5.6% in the fourth quarter. Amundi now owns 14,949,233 shares of the basic materials company’s stock worth $619,765,000 after buying an additional 791,725 shares during the period. Norges Bank acquired a new stake in shares of Teck Resources in the fourth quarter valued at about $470,101,000. Principal Financial Group Inc. grew its stake in shares of Teck Resources by 21.7% in 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 buying an additional 1,326,241 shares in the last quarter. Finally, CIBC Asset Management Inc raised its holdings in shares of Teck Resources by 2.0% during the 4th quarter. CIBC Asset Management Inc now owns 6,623,228 shares of the basic materials company’s stock valued at $269,956,000 after buying an additional 127,348 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Down 12.1 %

NYSE:TECK opened at $29.97 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The company has a market capitalization of $14.83 billion, a price-to-earnings ratio of 54.48 and a beta of 0.81. Teck Resources Limited has a one year low of $29.26 and a one year high of $55.13. The stock has a 50-day simple moving average of $40.72 and a 200 day simple moving average of $44.23.

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

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a dividend of $0.0879 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.35 annualized dividend and a yield of 1.17%. Teck Resources’s payout ratio is 61.82%.

Analyst Ratings Changes

Several equities analysts recently commented on TECK shares. Desjardins assumed coverage on Teck Resources in a research report on Friday. They set a “buy” rating on the stock. JPMorgan Chase & Co. reduced their target price on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. Raymond James lowered their price target on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, January 22nd. 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. Finally, Bank of America upped their price objective on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.22.

Teck Resources Company Profile

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.