Renaissance Technologies LLC Invests $10.24 Million in Teck Resources Ltd $TECK

Renaissance Technologies LLC acquired a new position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 197,876 shares of the basic materials company’s stock, valued at approximately $10,240,000.

Several other hedge funds have also recently bought and sold shares of the business. Brown Brothers Harriman & Co. bought a new position in Teck Resources during the fourth quarter valued at about $25,000. Geneos Wealth Management Inc. increased its holdings in shares of Teck Resources by 117.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 303 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Teck Resources by 411.8% during the 1st quarter. Blue Trust Inc. now owns 563 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 453 shares during the last quarter. Oslo Pensjonsforsikring AS bought a new position in shares of Teck Resources in the 1st quarter valued at approximately $83,000. Finally, Flagship Harbor Advisors LLC bought a new position in shares of Teck Resources in the 4th quarter valued at approximately $103,000. 78.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on TECK shares. Raymond James Financial raised Teck Resources from a “market perform” rating to an “outperform” rating in a research report on Thursday, July 23rd. Veritas lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 4th. Wall Street Zen cut shares of Teck Resources from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 26th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Teck Resources in a report on Tuesday, July 21st. Finally, Zacks Research lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 22nd. Five investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $62.25.

Teck Resources Price Performance

Shares of TECK stock opened at $60.19 on Monday. The stock has a 50 day moving average of $61.30 and a two-hundred day moving average of $57.88. The company has a current ratio of 3.12, a quick ratio of 2.33 and a debt-to-equity ratio of 0.12. Teck Resources Ltd has a 12 month low of $30.98 and a 12 month high of $71.25. The company has a market capitalization of $29.07 billion, a P/E ratio of 16.31, a P/E/G ratio of 1.77 and a beta of 0.92.

Teck Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Teck Resources’s dividend payout ratio (DPR) is 9.49%.

Teck Resources Profile

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.