High Ground Investment Management LLP Has $5.47 Million Stock Position in Teck Resources Limited (NYSE:TECK)

High Ground Investment Management LLP reduced its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 53.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 119,443 shares of the basic materials company’s stock after selling 136,676 shares during the quarter. Teck Resources accounts for approximately 2.6% of High Ground Investment Management LLP’s holdings, making the stock its 8th biggest holding. High Ground Investment Management LLP’s holdings in Teck Resources were worth $5,468,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TECK. FIL Ltd raised its position in Teck Resources by 98.8% in the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock worth $504,588,000 after purchasing an additional 5,933,226 shares during the period. Norges Bank purchased a new position in shares of Teck Resources during the fourth quarter worth approximately $172,740,000. Principal Financial Group Inc. increased its position in shares of Teck Resources by 115.4% during the first quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company’s stock worth $260,584,000 after acquiring an additional 3,047,570 shares during the period. Boston Partners increased its position in shares of Teck Resources by 28.8% during the fourth quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock worth $484,995,000 after acquiring an additional 2,432,378 shares during the period. Finally, Mackenzie Financial Corp increased its position in shares of Teck Resources by 45.7% during the fourth quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock worth $280,491,000 after acquiring an additional 2,080,295 shares during the period. 78.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TECK has been the topic of a number of research reports. JPMorgan Chase & Co. raised their target price on shares of Teck Resources from $44.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 17th. CIBC raised their target price on shares of Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research report on Friday, July 12th. Eight Capital lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. Benchmark increased their price objective on shares of Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Finally, BMO Capital Markets assumed coverage on shares of Teck Resources in a research note on Monday. They set an “outperform” rating on the stock. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $62.33.

Teck Resources Stock Down 5.1 %

Shares of NYSE TECK traded down $2.45 during midday trading on Thursday, reaching $45.96. 5,118,443 shares of the company’s stock traded hands, compared to its average volume of 3,610,323. The company has a market cap of $23.48 billion, a price-to-earnings ratio of 20.34, a P/E/G ratio of 12.28 and a beta of 1.05. Teck Resources Limited has a one year low of $34.38 and a one year high of $55.13. The company has a quick ratio of 0.86, a current ratio of 1.49 and a debt-to-equity ratio of 0.20. The stock’s 50 day simple moving average is $49.80 and its 200-day simple moving average is $45.15.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, April 25th. The basic materials company reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.31). The firm had revenue of $2.96 billion during the quarter, compared to analyst estimates of $2.99 billion. Teck Resources had a net margin of 10.59% and a return on equity of 7.52%. On average, analysts predict that Teck Resources Limited will post 1.96 EPS for the current fiscal year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 5.44%. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date is Friday, September 13th. Teck Resources’s dividend payout ratio (DPR) is 16.37%.

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.