Choreo LLC Takes Position in Teck Resources Limited (NYSE:TECK)

Choreo LLC purchased a new stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 38,172 shares of the basic materials company’s stock, valued at approximately $1,838,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Hexagon Capital Partners LLC boosted its position in Teck Resources by 143.0% during the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 386 shares during the last quarter. Creekmur Asset Management LLC acquired a new stake in Teck Resources during the fourth quarter valued at $35,000. Optiver Holding B.V. boosted its position in Teck Resources by 81.9% during the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock valued at $41,000 after purchasing an additional 438 shares during the last quarter. Blue Trust Inc. boosted its position in Teck Resources by 583.1% during the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after purchasing an additional 898 shares during the last quarter. Finally, Pathway Financial Advisers LLC acquired a new stake in Teck Resources during the first quarter valued at $74,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Trading Up 1.2 %

Teck Resources stock opened at $44.78 on Thursday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48. The business’s 50-day simple moving average is $47.28 and its 200-day simple moving average is $47.28. The firm has a market capitalization of $22.91 billion, a PE ratio of 19.81 and a beta of 1.01. Teck Resources Limited has a 52 week low of $34.38 and a 52 week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. The business had revenue of $3.87 billion for the quarter, compared to analyst estimates of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.91 earnings per share. Equities research analysts forecast that Teck Resources Limited will post 2.01 earnings per share for the current year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a yield of 5.58%. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date is Friday, September 13th. Teck Resources’s payout ratio is currently 16.37%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on TECK shares. CIBC lifted their price objective on Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a research report on Friday, July 12th. TD Securities raised Teck Resources to a “strong-buy” rating in a research report on Tuesday, July 16th. StockNews.com cut Teck Resources from a “hold” rating to a “sell” rating in a research report on Monday. Eight Capital cut Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. Finally, JPMorgan Chase & Co. reduced their price target on Teck Resources from $56.00 to $54.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.00.

Teck Resources Company 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.