Seven Eight Capital LP Sells 53,177 Shares of Teck Resources Limited (NYSE:TECK)

Seven Eight Capital LP decreased its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 56.7% during the second quarter, Holdings Channel reports. The fund owned 40,651 shares of the basic materials company’s stock after selling 53,177 shares during the period. Seven Eight Capital LP’s holdings in Teck Resources were worth $1,947,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Hexagon Capital Partners LLC lifted its holdings in Teck Resources by 143.0% in the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 386 shares during the period. Creekmur Asset Management LLC purchased a new stake in Teck Resources in the fourth quarter worth about $35,000. Headlands Technologies LLC purchased a new stake in Teck Resources in the second quarter worth about $38,000. Optiver Holding B.V. increased its position in Teck Resources by 81.9% in the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock worth $41,000 after buying an additional 438 shares in the last quarter. Finally, Blue Trust Inc. increased its position in Teck Resources by 583.1% in the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after buying an additional 898 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.

Analyst Upgrades and Downgrades

TECK has been the subject of a number of analyst reports. Paradigm Capital upgraded Teck Resources to a “moderate buy” rating in a research report on Friday, July 26th. Eight Capital cut Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. BMO Capital Markets initiated coverage on Teck Resources in a research report on Monday, July 15th. They issued an “outperform” rating for the company. Benchmark restated a “buy” rating and issued a $55.00 price target on shares of Teck Resources in a research report on Thursday, July 25th. Finally, Morgan Stanley increased their target price on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, June 21st. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Teck Resources has a consensus rating of “Moderate Buy” and a consensus price target of $65.00.

Teck Resources Stock Performance

NYSE TECK opened at $47.10 on Thursday. The stock has a market capitalization of $24.10 billion, a PE ratio of 20.84 and a beta of 1.01. The business has a 50 day simple moving average of $46.90 and a two-hundred day simple moving average of $47.55. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77. Teck Resources Limited has a 1-year low of $34.38 and a 1-year high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.32. The business had revenue of $3.87 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the business posted $0.91 EPS. On average, research analysts predict that Teck Resources Limited will post 2.02 EPS for the current fiscal year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.625 dividend. This represents a $2.50 annualized dividend and a dividend yield of 5.31%. 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 dividend payout ratio (DPR) is presently 16.37%.

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.