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

Concentric Capital Strategies LP lifted its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 107.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 149,727 shares of the basic materials company’s stock after purchasing an additional 77,530 shares during the period. Concentric Capital Strategies LP’s holdings in Teck Resources were worth $7,822,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of TECK. Virtu Financial LLC purchased a new position in shares of Teck Resources in the first quarter valued at about $375,000. Atria Investments Inc bought a new position in shares of Teck Resources during the 1st quarter valued at about $1,141,000. Cetera Investment Advisers increased its holdings in shares of Teck Resources by 486.8% in the first quarter. Cetera Investment Advisers now owns 36,972 shares of the basic materials company’s stock worth $1,693,000 after purchasing an additional 30,671 shares during the last quarter. Cetera Advisors LLC purchased a new stake in shares of Teck Resources in the first quarter worth about $391,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Teck Resources by 66.3% during the first quarter. EverSource Wealth Advisors LLC now owns 2,322 shares of the basic materials company’s stock valued at $114,000 after buying an additional 926 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TECK has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft downgraded Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. in a research note on Friday, October 25th. Scotiabank boosted their price target on shares of Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, October 8th. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Citigroup upgraded shares of Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Finally, JPMorgan Chase & Co. lowered their price target on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.29.

Teck Resources Stock Performance

Shares of TECK stock opened at $46.68 on Monday. Teck Resources Limited has a 52-week low of $36.50 and a 52-week high of $55.13. The company’s 50 day moving average is $48.77 and its 200 day moving average is $48.38. The firm has a market cap of $23.91 billion, a price-to-earnings ratio of 70.73 and a beta of 1.04. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted 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 return on equity of 6.37% and a net margin of 3.32%. The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same quarter in the previous year, the firm earned $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 anticipate that Teck Resources Limited will post 1.82 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a $0.0895 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.77%. Teck Resources’s payout ratio is 56.06%.

Teck Resources 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.