Anson Funds Management LP Reduces Stock Position in Teck Resources Limited (NYSE:TECK)

Anson Funds Management LP trimmed its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 24.4% in the 3rd quarter, Holdings Channel reports. The firm owned 31,049 shares of the basic materials company’s stock after selling 10,000 shares during the period. Anson Funds Management LP’s holdings in Teck Resources were worth $1,622,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TECK. XTX Topco Ltd bought a new position in Teck Resources in the third quarter valued at about $1,039,000. Zurich Insurance Group Ltd FI purchased a new stake in Teck Resources during the third quarter valued at approximately $70,549,000. Wellington Management Group LLP increased its stake in shares of Teck Resources by 70.1% in the 3rd quarter. Wellington Management Group LLP now owns 104,301 shares of the basic materials company’s stock worth $5,452,000 after purchasing an additional 42,982 shares in the last quarter. Temasek Holdings Private Ltd raised its holdings in Teck Resources by 77.3% in the 3rd quarter. Temasek Holdings Private Ltd now owns 954,788 shares of the basic materials company’s stock worth $49,878,000 after purchasing an additional 416,201 shares during the period. Finally, Soros Fund Management LLC lifted its position in Teck Resources by 42.6% during the third quarter. Soros Fund Management LLC now owns 321,503 shares of the basic materials company’s stock valued at $16,795,000 after purchasing an additional 96,003 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft cut shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a research note on Friday, October 25th. Scotiabank upped their price target on shares of Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, October 8th. UBS Group downgraded shares of Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Five analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $65.29.

Teck Resources Stock Performance

TECK opened at $44.96 on Friday. The stock has a market capitalization of $23.03 billion, a price-to-earnings ratio of 68.12 and a beta of 1.03. Teck Resources Limited has a fifty-two week low of $36.50 and a fifty-two week high of $55.13. 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 $48.21 and a 200 day moving average of $48.14.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The firm had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.09 billion. During the same period in the previous year, the firm posted $0.57 earnings per share. The business’s revenue was down 20.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Teck Resources Limited will post 1.82 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.0895 per share. The ex-dividend date is Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.80%. Teck Resources’s dividend payout ratio is currently 56.06%.

About Teck Resources

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.