Slate Path Capital LP Raises Stock Position in Teck Resources Limited (NYSE:TECK)

Slate Path Capital LP grew its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 0.1% during the fourth quarter, HoldingsChannel reports. The firm owned 3,492,533 shares of the basic materials company’s stock after purchasing an additional 4,680 shares during the quarter. Teck Resources accounts for approximately 2.6% of Slate Path Capital LP’s holdings, making the stock its 13th biggest position. Slate Path Capital LP’s holdings in Teck Resources were worth $141,552,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Synergy Asset Management LLC lifted its position in Teck Resources by 77.7% during the 4th quarter. Synergy Asset Management LLC now owns 16,892 shares of the basic materials company’s stock valued at $685,000 after acquiring an additional 7,387 shares during the period. FNY Investment Advisers LLC boosted its position in shares of Teck Resources by 709.5% in the 4th quarter. FNY Investment Advisers LLC now owns 17,000 shares of the basic materials company’s stock worth $689,000 after purchasing an additional 14,900 shares in the last quarter. Douglas Lane & Associates LLC increased its position in Teck Resources by 10.6% during the 4th quarter. Douglas Lane & Associates LLC now owns 950,612 shares of the basic materials company’s stock valued at $38,528,000 after buying an additional 91,370 shares in the last quarter. State Street Corp purchased a new position in Teck Resources during the third quarter valued at $2,500,000. Finally, Franklin Resources Inc. boosted its holdings in Teck Resources by 11.4% in the third quarter. Franklin Resources Inc. now owns 324,870 shares of the basic materials company’s stock worth $16,724,000 after acquiring an additional 33,235 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on TECK. Veritas raised Teck Resources to a “hold” rating in a research report on Friday, April 11th. Bank of America increased their price target on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, March 10th. JPMorgan Chase & Co. lowered their price objective on Teck Resources from $50.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Desjardins initiated coverage on Teck Resources in a research note on Friday, April 4th. They issued a “buy” rating for the company. Finally, Raymond James dropped their price objective on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Teck Resources has an average rating of “Moderate Buy” and an average target price of $64.11.

Teck Resources Trading Down 0.6 %

Shares of Teck Resources stock opened at $32.72 on Tuesday. 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 fifty day moving average of $38.21 and a 200 day moving average of $42.56. The company has a market capitalization of $16.19 billion, a P/E ratio of 59.49 and a beta of 0.81. Teck Resources Limited has a fifty-two week low of $28.32 and a fifty-two week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last released 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 firm had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2.58 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. On average, 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 firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.0879 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a dividend yield of 1.07%. Teck Resources’s dividend payout ratio (DPR) is presently 61.82%.

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.