Teck Resources Ltd $TECK Shares Sold by Engineers Gate Manager LP

Engineers Gate Manager LP decreased its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 9.1% in the 2nd quarter, Holdings Channel reports. The firm owned 464,241 shares of the basic materials company’s stock after selling 46,556 shares during the quarter. Engineers Gate Manager LP’s holdings in Teck Resources were worth $27,604,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of TECK. Principal Financial Group Inc. boosted its stake in Teck Resources by 17.1% in the first quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company’s stock valued at $1,139,051,000 after acquiring an additional 3,211,985 shares during the period. Hancock Prospecting Pty Ltd grew its stake in Teck Resources by 31.7% during the 4th quarter. Hancock Prospecting Pty Ltd now owns 10,298,293 shares of the basic materials company’s stock worth $493,185,000 after buying an additional 2,477,344 shares during the last quarter. Norges Bank acquired a new stake in Teck Resources in the fourth quarter worth $404,880,000. Mackenzie Financial Corp lifted its stake in Teck Resources by 6.9% in the fourth quarter. Mackenzie Financial Corp now owns 8,258,250 shares of the basic materials company’s stock valued at $395,101,000 after buying an additional 536,396 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Teck Resources by 11.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 7,939,413 shares of the basic materials company’s stock valued at $380,218,000 after buying an additional 836,879 shares during the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Stock Down 2.1%

Shares of TECK stock opened at $70.44 on Thursday. Teck Resources Ltd has a 1 year low of $38.00 and a 1 year high of $72.56. The company has a debt-to-equity ratio of 0.12, a quick ratio of 2.33 and a current ratio of 3.12. The business’s fifty day moving average is $63.49 and its 200-day moving average is $60.23. The stock has a market cap of $34.02 billion, a PE ratio of 19.09, a price-to-earnings-growth ratio of 2.59 and a beta of 0.94.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.40. Teck Resources had a return on equity of 10.42% and a net margin of 17.85%.The business had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the prior year, the firm posted $0.38 earnings per share. The company’s revenue was up 78.2% on a year-over-year basis. Equities analysts expect that Teck Resources Ltd will post 3.48 earnings per share for the current fiscal year.

Teck Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Teck Resources’s dividend payout ratio is presently 9.76%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TECK. Wall Street Zen lowered shares of Teck Resources from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 26th. JPMorgan Chase & Co. boosted their target price on shares of Teck Resources from $46.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, July 28th. Veritas cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 4th. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a research note on Monday, June 15th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Teck Resources from $64.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Six investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $62.25.

Teck Resources Company Profile

Teck Resources Limited is a Canadian mining and metals company focused primarily on the exploration, development and production of base metals. Its principal products include copper, zinc and lead, along with associated by-products such as molybdenum, silver and germanium. Copper is an increasingly important part of Teck’s business as the metal is used in electrical infrastructure, renewable energy systems, transportation and industrial applications.

Teck operates and develops mining assets in Canada, Chile and Peru.