Quantbot Technologies LP Makes New Investment in Teck Resources Limited (NYSE:TECK)

Quantbot Technologies LP bought a new position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 54,971 shares of the basic materials company’s stock, valued at approximately $2,228,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Amundi increased its stake in Teck Resources by 5.6% in the 4th quarter. Amundi now owns 14,949,233 shares of the basic materials company’s stock worth $619,765,000 after acquiring an additional 791,725 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Teck Resources by 21.7% in the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock worth $388,507,000 after purchasing an additional 1,326,241 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Teck Resources by 2.0% in the 4th quarter. CIBC Asset Management Inc now owns 6,623,228 shares of the basic materials company’s stock worth $269,956,000 after purchasing an additional 127,348 shares in the last quarter. AMF Tjanstepension AB boosted its holdings in shares of Teck Resources by 32.2% in the 4th quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company’s stock worth $244,252,000 after purchasing an additional 1,467,516 shares in the last quarter. Finally, FMR LLC boosted its holdings in shares of Teck Resources by 72.8% in the 3rd quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock worth $189,848,000 after purchasing an additional 1,531,563 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on TECK shares. National Bank Financial cut Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. JPMorgan Chase & Co. cut their price objective on Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. Raymond James dropped their target price on Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, January 22nd. Finally, Bank of America increased their target price on Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, March 10th. Six equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Teck Resources has a consensus rating of “Moderate Buy” and an average price target of $65.22.

Teck Resources Trading Down 2.2 %

NYSE TECK opened at $41.53 on Monday. Teck Resources Limited has a fifty-two week low of $36.54 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 stock has a 50 day simple moving average of $41.79 and a two-hundred day simple moving average of $44.78. The stock has a market cap of $20.90 billion, a P/E ratio of 75.50 and a beta of 0.93.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.07. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The business had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $2.58 billion. On average, analysts forecast that Teck Resources Limited will post 1.53 earnings per share for the current year.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.0879 dividend. This represents a $0.35 annualized dividend and a dividend yield of 0.85%. The ex-dividend date is Friday, March 14th. Teck Resources’s dividend payout ratio is currently 61.82%.

Teck Resources 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.