Qube Research & Technologies Ltd Invests $16.49 Million in Teck Resources Limited (NYSE:TECK)

Qube Research & Technologies Ltd bought a new position in shares of Teck Resources Limited (NYSE:TECKGet Rating) (TSE:TECK) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 408,198 shares of the basic materials company’s stock, valued at approximately $16,487,000. Qube Research & Technologies Ltd owned approximately 0.08% of Teck Resources at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in TECK. Optimum Investment Advisors bought a new stake in shares of Teck Resources during the first quarter worth about $40,000. DeDora Capital Inc. purchased a new position in Teck Resources during the first quarter worth about $45,000. Cornerstone Advisory LLC purchased a new position in Teck Resources during the fourth quarter worth about $46,000. Financial Management Professionals Inc. boosted its stake in Teck Resources by 79.7% in the first quarter. Financial Management Professionals Inc. now owns 1,258 shares of the basic materials company’s stock valued at $51,000 after acquiring an additional 558 shares during the last quarter. Finally, Koshinski Asset Management Inc. purchased a new position in Teck Resources in the first quarter valued at about $70,000. 55.81% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Canaccord Genuity Group upgraded shares of Teck Resources from a “hold” rating to a “buy” rating and boosted their target price for the company from C$42.00 to C$46.00 in a research note on Thursday, July 28th. Stifel Nicolaus dropped their target price on shares of Teck Resources from C$68.00 to C$62.00 in a research note on Tuesday, July 19th. B. Riley upped their price target on shares of Teck Resources from C$57.00 to C$58.00 in a research note on Thursday, April 28th. Morgan Stanley restated an “equal weight” rating on shares of Teck Resources in a research note on Thursday, June 23rd. Finally, National Bank Financial dropped their price target on shares of Teck Resources from C$55.00 to C$52.50 in a research note on Thursday, July 28th. Three equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $50.13.

Teck Resources Price Performance

Shares of NYSE:TECK opened at $30.12 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.82 and a quick ratio of 1.25. Teck Resources Limited has a one year low of $19.32 and a one year high of $45.90. The company’s fifty day moving average price is $32.96 and its 200-day moving average price is $36.34. The firm has a market capitalization of $15.71 billion, a price-to-earnings ratio of 3.74, a PEG ratio of 1.97 and a beta of 1.15.

Teck Resources (NYSE:TECKGet Rating) (TSE:TECK) last released its earnings results on Wednesday, July 27th. The basic materials company reported $3.25 EPS for the quarter, beating the consensus estimate of $2.01 by $1.24. Teck Resources had a net margin of 28.90% and a return on equity of 23.73%. The company had revenue of $5.79 billion for the quarter, compared to analyst estimates of $5.59 billion. During the same quarter last year, the firm earned $0.51 EPS. The firm’s quarterly revenue was up 126.2% compared to the same quarter last year. On average, equities research analysts anticipate that Teck Resources Limited will post 6.94 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th will be given a dividend of $0.097 per share. The ex-dividend date is Wednesday, September 14th. This represents a $0.39 annualized dividend and a yield of 1.29%. Teck Resources’s payout ratio is currently 4.97%.

Teck Resources Profile

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Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, Energy, and Corporate segments. The company's principal products include steelmaking coal; copper, gold, blended bitumen, lead, silver, molybdenum, zinc, and zinc concentrates; chemicals, fertilizers, and other metals.

See Also

Institutional Ownership by Quarter for Teck Resources (NYSE:TECK)

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