Cinctive Capital Management LP Acquires New Holdings in Teck Resources Limited (NYSE:TECK)

Cinctive Capital Management LP bought a new stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 65,686 shares of the basic materials company’s stock, valued at approximately $2,662,000.

A number of other hedge funds have also recently added to or reduced their stakes in TECK. Synergy Asset Management LLC lifted its stake in shares of Teck Resources by 77.7% in the 4th quarter. Synergy Asset Management LLC now owns 16,892 shares of the basic materials company’s stock valued at $685,000 after acquiring an additional 7,387 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Teck Resources in the third quarter valued at about $1,937,000. FNY Investment Advisers LLC boosted its stake in shares of Teck Resources by 709.5% during the fourth quarter. FNY Investment Advisers LLC now owns 17,000 shares of the basic materials company’s stock valued at $689,000 after purchasing an additional 14,900 shares in the last quarter. Groupama Asset Managment grew its holdings in shares of Teck Resources by 6.7% during the third quarter. Groupama Asset Managment now owns 2,319,624 shares of the basic materials company’s stock worth $121,177,000 after purchasing an additional 144,889 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Teck Resources in the third quarter valued at approximately $1,039,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Trading Up 2.6 %

Shares of TECK stock opened at $37.67 on Thursday. The company has a market cap of $18.64 billion, a P/E ratio of 68.49 and a beta of 0.93. Teck Resources Limited has a fifty-two week low of $35.14 and a fifty-two week high of $55.13. 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 stock has a 50 day simple moving average of $41.17 and a two-hundred day simple moving average of $44.46.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, February 20th. The basic materials company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.26 by $0.07. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The company had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $2.58 billion. Research analysts forecast that Teck Resources Limited will post 1.53 earnings per share for the current year.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.0879 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a dividend yield of 0.93%. Teck Resources’s dividend payout ratio is presently 61.82%.

Analyst Ratings Changes

Several brokerages have issued reports on TECK. Bank of America upped their price target on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Raymond James decreased their price objective on Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, January 22nd. National Bank Financial lowered Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. lowered their price objective on Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Teck Resources currently has an average rating of “Moderate Buy” and an average target price of $65.22.

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.