DME Capital Management LP Has $52.05 Million Stake in Teck Resources Limited (NYSE:TECK)

DME Capital Management LP lowered its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 30.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,086,663 shares of the basic materials company’s stock after selling 465,400 shares during the quarter. Teck Resources accounts for about 2.5% of DME Capital Management LP’s portfolio, making the stock its 11th biggest position. DME Capital Management LP’s holdings in Teck Resources were worth $52,051,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of TECK. FIL Ltd raised its position in shares of Teck Resources by 98.8% during the fourth quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock worth $504,588,000 after purchasing an additional 5,933,226 shares during the period. AMF Tjanstepension AB grew its holdings in shares of Teck Resources by 846.6% during the second quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company’s stock worth $210,034,000 after buying an additional 3,919,984 shares in the last quarter. Asia Research & Capital Management Ltd bought a new position in shares of Teck Resources during the first quarter worth about $158,976,000. Principal Financial Group Inc. grew its holdings in shares of Teck Resources by 115.4% during the first quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company’s stock worth $260,584,000 after buying an additional 3,047,570 shares in the last quarter. Finally, Castle Hook Partners LP bought a new position in shares of Teck Resources during the first quarter worth about $90,980,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

Wall Street Analyst Weigh In

TECK has been the subject of a number of research reports. BMO Capital Markets initiated coverage on Teck Resources in a report on Monday, July 15th. They set an “outperform” rating for the company. StockNews.com downgraded Teck Resources from a “hold” rating to a “sell” rating in a report on Wednesday. Benchmark restated a “buy” rating and issued a $55.00 price target on shares of Teck Resources in a research note on Thursday, July 25th. UBS Group upgraded Teck Resources from a “neutral” rating to a “buy” rating and raised their price target for the company from $76.00 to $78.00 in a research note on Wednesday, September 4th. Finally, Paradigm Capital upgraded Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Teck Resources currently has a consensus rating of “Moderate Buy” and an average target price of $65.00.

Teck Resources Stock Performance

Shares of NYSE TECK opened at $50.58 on Thursday. The company has a current ratio of 1.48, a quick ratio of 0.77 and a debt-to-equity ratio of 0.19. Teck Resources Limited has a 12 month low of $34.38 and a 12 month high of $55.13. The stock has a 50 day moving average of $46.90 and a 200-day moving average of $47.89. The company has a market capitalization of $25.88 billion, a P/E ratio of 22.38 and a beta of 1.01.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.47 by $0.32. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The company had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same period in the previous year, the company posted $0.91 EPS. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. As a group, equities research analysts predict that Teck Resources Limited will post 1.98 EPS 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 issued a dividend of $0.625 per share. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 annualized dividend and a yield of 4.94%. The ex-dividend date of this dividend is Friday, September 13th. Teck Resources’s dividend payout ratio (DPR) is presently 16.37%.

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.