Beaconlight Capital LLC Raises Holdings in Teck Resources Limited (NYSE:TECK)

Beaconlight Capital LLC grew its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 55.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 192,523 shares of the basic materials company’s stock after purchasing an additional 68,357 shares during the quarter. Teck Resources makes up 4.1% of Beaconlight Capital LLC’s portfolio, making the stock its 10th largest holding. Beaconlight Capital LLC’s holdings in Teck Resources were worth $10,057,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Country Club Bank acquired a new stake in shares of Teck Resources in the 2nd quarter worth about $1,747,000. Atria Investments Inc acquired a new stake in shares of Teck Resources in the first quarter valued at approximately $1,141,000. Klein Pavlis & Peasley Financial Inc. raised its holdings in shares of Teck Resources by 233.3% during the second quarter. Klein Pavlis & Peasley Financial Inc. now owns 28,000 shares of the basic materials company’s stock valued at $1,341,000 after buying an additional 19,600 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in shares of Teck Resources by 414.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 621,556 shares of the basic materials company’s stock worth $27,118,000 after buying an additional 500,715 shares during the period. Finally, CIBC Asset Management Inc boosted its position in shares of Teck Resources by 2.6% during the third quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock worth $341,337,000 after buying an additional 165,759 shares during the period. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. UBS Group downgraded Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Scotiabank boosted 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. Deutsche Bank Aktiengesellschaft lowered shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research note on Friday, October 25th. JPMorgan Chase & Co. lowered their price target on Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Finally, StockNews.com upgraded shares of Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Five equities research 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 company has a consensus rating of “Moderate Buy” and an average target price of $65.29.

Teck Resources Stock Performance

Shares of NYSE:TECK traded up $0.68 on Wednesday, hitting $46.98. The company had a trading volume of 122,575 shares, compared to its average volume of 3,360,356. The stock has a market cap of $23.64 billion, a price-to-earnings ratio of 70.14 and a beta of 1.04. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. Teck Resources Limited has a 1-year low of $35.60 and a 1-year high of $55.13. The stock has a 50 day moving average price of $48.89 and a 200 day moving average price of $48.50.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The company had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same period in the previous year, the business earned $0.57 earnings per share. The firm’s quarterly revenue was down 20.6% on a year-over-year basis. Analysts expect that Teck Resources Limited will post 1.83 EPS for the current year.

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.0895 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.76%. The ex-dividend date of this dividend is Friday, December 13th. Teck Resources’s dividend payout ratio (DPR) is currently 56.06%.

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.