Engineers Gate Manager LP Buys 326,996 Shares of Teck Resources Ltd $TECK

Engineers Gate Manager LP lifted its stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 73.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 772,818 shares of the basic materials company’s stock after purchasing an additional 326,996 shares during the quarter. Engineers Gate Manager LP owned 0.16% of Teck Resources worth $37,010,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TECK. Brown Brothers Harriman & Co. purchased a new position in Teck Resources during the fourth quarter worth about $25,000. Smartleaf Asset Management LLC grew its position in Teck Resources by 72.4% during the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after buying an additional 351 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in Teck Resources by 82.8% during the third quarter. EverSource Wealth Advisors LLC now owns 2,217 shares of the basic materials company’s stock worth $97,000 after buying an additional 1,004 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new position in Teck Resources during the fourth quarter worth about $103,000. Finally, Banque Cantonale Vaudoise grew its position in Teck Resources by 5,102.0% during the third quarter. Banque Cantonale Vaudoise now owns 2,549 shares of the basic materials company’s stock worth $112,000 after buying an additional 2,500 shares in the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Price Performance

TECK opened at $65.72 on Thursday. The stock has a 50-day moving average price of $61.75 and a 200-day moving average price of $54.94. Teck Resources Ltd has a 12-month low of $30.98 and a 12-month high of $71.25. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $31.69 billion, a P/E ratio of 24.07, a PEG ratio of 4.06 and a beta of 0.89.

Teck Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Monday, June 15th. Teck Resources’s dividend payout ratio is presently 13.19%.

Analysts Set New Price Targets

TECK has been the subject of several recent analyst reports. Veritas cut Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 4th. Benchmark boosted their target price on Teck Resources from $48.00 to $67.00 and gave the stock a “buy” rating in a research report on Monday, February 23rd. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a research report on Monday. Truist Financial set a $67.00 target price on Teck Resources in a research report on Monday, February 23rd. Finally, TD Securities restated a “hold” rating on shares of Teck Resources in a research report on Friday, April 24th. Five analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Teck Resources currently has a consensus rating of “Hold” and a consensus price target of $59.17.

Teck Resources Profile

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.