FORA Capital LLC Increases Stock Holdings in Teck Resources Limited (NYSE:TECK)

FORA Capital LLC increased its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 15.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,152 shares of the basic materials company’s stock after buying an additional 5,481 shares during the quarter. FORA Capital LLC’s holdings in Teck Resources were worth $2,098,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in TECK. Eastern Bank purchased a new stake in shares of Teck Resources during the 3rd quarter valued at $39,000. Headlands Technologies LLC acquired a new position in Teck Resources in the second quarter valued at $38,000. Bruce G. Allen Investments LLC grew its position in Teck Resources by 77.4% during the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after acquiring an additional 383 shares during the period. Massmutual Trust Co. FSB ADV increased its stake in Teck Resources by 69.7% during the third quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock worth $52,000 after acquiring an additional 409 shares during the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Teck Resources by 583.1% in the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after purchasing an additional 898 shares during the period. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Price Performance

Shares of NYSE TECK opened at $46.24 on Thursday. The business has a 50 day moving average price of $48.89 and a two-hundred day moving average price of $48.50. Teck Resources Limited has a fifty-two week low of $35.60 and a fifty-two week high of $55.13. The firm has a market cap of $23.26 billion, a PE ratio of 70.05 and a beta of 1.04. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping 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 business had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same quarter in the previous year, the firm earned $0.57 earnings per share. The business’s revenue was down 20.6% compared to the same quarter last year. Sell-side analysts expect that Teck Resources Limited will post 1.83 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently declared 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 of this dividend is Friday, December 13th. This represents a $0.36 annualized dividend and a dividend yield of 0.77%. Teck Resources’s payout ratio is 56.06%.

Wall Street Analyst Weigh In

TECK has been the subject of a number of research reports. Scotiabank boosted their target price on Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a 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 report on Friday, October 25th. UBS Group lowered shares of Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Citigroup upgraded Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Finally, StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Five research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $65.29.

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.