OLD Mutual Customised Solutions Proprietary Ltd. lessened its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 10.8% in the second quarter, HoldingsChannel.com reports. The fund owned 36,300 shares of the basic materials company’s stock after selling 4,400 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd.’s holdings in Teck Resources were worth $924,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in the business. Van ECK Associates Corp raised its position in shares of Teck Resources by 2.1% during the second quarter. Van ECK Associates Corp now owns 7,948,385 shares of the basic materials company’s stock worth $202,286,000 after purchasing an additional 159,699 shares during the period. Janus Henderson Group PLC raised its position in Teck Resources by 452.2% during the second quarter. Janus Henderson Group PLC now owns 7,561,492 shares of the basic materials company’s stock valued at $192,508,000 after buying an additional 6,192,051 shares during the period. Iridian Asset Management LLC CT acquired a new position in Teck Resources during the first quarter valued at $185,992,000. CIBC World Markets Inc. raised its position in Teck Resources by 14.7% during the first quarter. CIBC World Markets Inc. now owns 7,193,521 shares of the basic materials company’s stock valued at $185,305,000 after buying an additional 920,051 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Teck Resources by 5.5% during the second quarter. Dimensional Fund Advisors LP now owns 5,910,205 shares of the basic materials company’s stock valued at $150,415,000 after buying an additional 309,739 shares during the period. Institutional investors own 54.82% of the company’s stock.
Shares of NYSE TECK opened at $23.45 on Friday. The company has a current ratio of 2.38, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. Teck Resources Ltd has a one year low of $20.06 and a one year high of $30.80. The stock has a market capitalization of $13.00 billion, a price-to-earnings ratio of 6.20, a PEG ratio of 0.63 and a beta of 1.44.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be paid a $0.038 dividend. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $0.15 dividend on an annualized basis and a yield of 0.65%. Teck Resources’s dividend payout ratio (DPR) is currently 4.37%.
Several research analysts recently weighed in on TECK shares. Zacks Investment Research lowered Teck Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, July 18th. ValuEngine lowered Teck Resources from a “sell” rating to a “strong sell” rating in a research report on Monday, August 20th. Morgan Stanley dropped their price target on Teck Resources from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 1st. MKM Partners set a $35.00 price target on Teck Resources and gave the company a “buy” rating in a research report on Wednesday, June 6th. Finally, Clarkson Capital raised Teck Resources from a “neutral” rating to a “buy” rating in a research report on Tuesday, September 11th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Teck Resources presently has an average rating of “Buy” and a consensus price target of $30.39.
Teck Resources Company Profile
Teck Resources Limited researches, explores for, develops, and produces natural resources in the Americas, the Asia Pacific, and Europe. It operates through five segments: Steelmaking Coal, Copper, Zinc, Energy, and Corporate. The company's principal products comprise steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates.
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