Goldman Sachs Group Inc. Grows Position in Teck Resources Ltd $TECK

Goldman Sachs Group Inc. grew its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 11.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 7,939,413 shares of the basic materials company’s stock after purchasing an additional 836,879 shares during the period. Goldman Sachs Group Inc.’s holdings in Teck Resources were worth $380,218,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Teck Resources during the 4th quarter valued at about $404,880,000. Wellington Management Group LLP boosted its stake in Teck Resources by 264.5% in the third quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company’s stock worth $253,695,000 after buying an additional 4,194,868 shares in the last quarter. Pentwater Capital Management LP grew its position in Teck Resources by 7,150.0% during the third quarter. Pentwater Capital Management LP now owns 2,900,000 shares of the basic materials company’s stock valued at $127,281,000 after acquiring an additional 2,860,000 shares during the last quarter. Carrhae Capital LLP bought a new position in Teck Resources during the fourth quarter valued at approximately $98,841,000. Finally, Maple Rock Capital Partners Inc. purchased a new position in shares of Teck Resources during the third quarter worth approximately $88,601,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on TECK shares. TD Securities restated a “hold” rating on shares of Teck Resources in a report on Friday, April 24th. Truist Financial set a $67.00 target price on shares of Teck Resources in a report on Monday, February 23rd. Zacks Research downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 22nd. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Teck Resources in a research report on Friday, May 15th. Finally, Weiss Ratings raised Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat.com, Teck Resources presently has a consensus rating of “Hold” and a consensus price target of $59.17.

Teck Resources Stock Performance

NYSE:TECK opened at $67.26 on Friday. The firm has a market cap of $32.43 billion, a PE ratio of 24.64, a price-to-earnings-growth ratio of 4.93 and a beta of 0.89. Teck Resources Ltd has a fifty-two week low of $30.98 and a fifty-two week high of $71.25. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.16 and a current ratio of 2.83. The business has a 50 day moving average price of $59.48 and a 200-day moving average price of $53.49.

Teck Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Monday, June 15th. Teck Resources’s dividend payout ratio is currently 13.55%.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.