Concentric Capital Strategies LP Acquires 77,530 Shares of Teck Resources Limited (NYSE:TECK)

Concentric Capital Strategies LP boosted its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 107.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 149,727 shares of the basic materials company’s stock after acquiring an additional 77,530 shares during the period. Concentric Capital Strategies LP’s holdings in Teck Resources were worth $7,822,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in TECK. Daymark Wealth Partners LLC increased its position in shares of Teck Resources by 2.8% during the third quarter. Daymark Wealth Partners LLC now owns 8,774 shares of the basic materials company’s stock valued at $458,000 after buying an additional 242 shares during the period. Cigna Investments Inc. New raised its position in shares of Teck Resources by 3.8% in the 2nd quarter. Cigna Investments Inc. New now owns 8,762 shares of the basic materials company’s stock worth $420,000 after acquiring an additional 317 shares in the last quarter. Candriam S.C.A. boosted its position in shares of Teck Resources by 4.0% during the second quarter. Candriam S.C.A. now owns 8,897 shares of the basic materials company’s stock valued at $426,000 after purchasing an additional 343 shares in the last quarter. Evergreen Capital Management LLC grew its stake in Teck Resources by 7.8% in the second quarter. Evergreen Capital Management LLC now owns 5,064 shares of the basic materials company’s stock worth $243,000 after purchasing an additional 365 shares during the period. Finally, Bruce G. Allen Investments LLC raised its holdings in Teck Resources by 77.4% in the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after purchasing an additional 383 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Price Performance

NYSE TECK opened at $46.68 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The company has a market capitalization of $23.91 billion, a price-to-earnings ratio of 70.73 and a beta of 1.04. The stock has a 50-day moving average of $48.77 and a 200 day moving average of $48.38. Teck Resources Limited has a one year low of $36.50 and a one year high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $2.09 billion. During the same period in the previous year, the business posted $0.57 earnings per share. The firm’s quarterly revenue was down 20.6% compared to the same quarter last year. On average, sell-side analysts forecast that Teck Resources Limited will post 1.82 EPS for the current year.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.0895 per share. The ex-dividend date is Friday, December 13th. This represents a $0.36 annualized dividend and a yield of 0.77%. Teck Resources’s dividend payout ratio (DPR) is presently 56.06%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TECK. Deutsche Bank Aktiengesellschaft downgraded shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a research report on Friday, October 25th. StockNews.com upgraded shares of Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. UBS Group cut Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. reduced their price objective on Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Finally, Citigroup raised Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Five equities 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 company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus 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.