Bornite Capital Management LP Makes New $23.95 Million Investment in Teck Resources Ltd $TECK

Bornite Capital Management LP purchased a new position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 500,000 shares of the basic materials company’s stock, valued at approximately $23,945,000. Teck Resources makes up approximately 2.3% of Bornite Capital Management LP’s investment portfolio, making the stock its 18th biggest holding.

Other hedge funds have also bought and sold shares of the company. Brown Brothers Harriman & Co. purchased a new stake in Teck Resources in the 4th quarter worth $25,000. Smartleaf Asset Management LLC raised its position in shares of Teck Resources by 72.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock valued at $37,000 after buying an additional 351 shares in the last quarter. Tobam raised its position in shares of Teck Resources by 30.9% during the 3rd quarter. Tobam now owns 2,011 shares of the basic materials company’s stock valued at $88,000 after buying an additional 475 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Teck Resources by 82.8% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 2,217 shares of the basic materials company’s stock valued at $97,000 after buying an additional 1,004 shares in the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of Teck Resources during the 4th quarter valued at about $103,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Price Performance

Shares of TECK opened at $64.80 on Friday. The company has a market cap of $31.24 billion, a price-to-earnings ratio of 23.74, a price-to-earnings-growth ratio of 3.93 and a beta of 0.89. Teck Resources Ltd has a twelve month low of $30.98 and a twelve month high of $71.25. The company has a quick ratio of 2.16, a current ratio of 2.83 and a debt-to-equity ratio of 0.13. The company has a 50 day moving average of $60.94 and a two-hundred day moving average of $54.35.

Teck Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.8%. The ex-dividend date is Monday, June 15th. Teck Resources’s dividend payout ratio (DPR) is 13.55%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TECK. TD Securities restated a “hold” rating on shares of Teck Resources in a research report on Friday, April 24th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Teck Resources in a research report on Friday, May 15th. Veritas cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 4th. Weiss Ratings upgraded shares of Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, April 24th. Finally, Zacks Research cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 22nd. Five investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. Based on data from MarketBeat.com, Teck Resources has a consensus rating of “Hold” and a consensus target price of $59.17.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.