Maverick Capital Ltd. Acquires New Position in Teck Resources Ltd $TECK

Maverick Capital Ltd. acquired a new stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) during the 1st quarter, HoldingsChannel.com reports. The fund acquired 27,573 shares of the basic materials company’s stock, valued at approximately $1,427,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Brown Brothers Harriman & Co. purchased a new position in shares of Teck Resources in the fourth quarter worth about $25,000. Geneos Wealth Management Inc. lifted its stake 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 buying an additional 303 shares in the last quarter. Blue Trust Inc. lifted its stake 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 buying an additional 453 shares in the last quarter. Oslo Pensjonsforsikring AS bought a new position in Teck Resources in the 1st quarter worth approximately $83,000. Finally, Flagship Harbor Advisors LLC bought a new position in Teck Resources in the 4th quarter worth approximately $103,000. Institutional investors own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. TD Securities reiterated a “hold” rating on shares of Teck Resources in a research note on Friday, April 24th. Deutsche Bank Aktiengesellschaft increased their target price on Teck Resources from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Zacks Research lowered Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 22nd. Raymond James Financial upgraded Teck Resources from a “market perform” rating to an “outperform” rating in a research report on Thursday. Finally, JPMorgan Chase & Co. decreased their price objective on Teck Resources from $48.00 to $46.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $62.00.

Teck Resources Stock Performance

NYSE:TECK opened at $59.73 on Tuesday. The business’s 50-day moving average price is $61.45 and its two-hundred day moving average price is $57.60. Teck Resources Ltd has a twelve month low of $30.98 and a twelve month high of $71.25. The stock has a market cap of $28.85 billion, a P/E ratio of 16.19, a PEG ratio of 1.78 and a beta of 0.92. The company has a quick ratio of 2.16, a current ratio of 2.83 and a debt-to-equity ratio of 0.13.

Teck Resources Dividend Announcement

The business also recently disclosed 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 dividend yield of 0.8%. The ex-dividend date is Tuesday, September 15th. Teck Resources’s dividend payout ratio is 9.49%.

Teck Resources Company 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.