HBK Investments L P Has $343.27 Million Holdings in Teck Resources Ltd $TECK

HBK Investments L P boosted its holdings in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 264.2% during the 2nd quarter, Holdings Channel.com reports. The fund owned 5,773,121 shares of the basic materials company’s stock after purchasing an additional 4,188,029 shares during the quarter. Teck Resources accounts for 3.3% of HBK Investments L P’s investment portfolio, making the stock its 11th biggest holding. HBK Investments L P’s holdings in Teck Resources were worth $343,270,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in TECK. Temasek Holdings Private Ltd increased its holdings in Teck Resources by 1.1% during the 4th quarter. Temasek Holdings Private Ltd now owns 5,307,384 shares of the basic materials company’s stock worth $254,171,000 after purchasing an additional 57,380 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Teck Resources in the second quarter worth approximately $21,425,000. ABN Amro Investment Solutions lifted its holdings in shares of Teck Resources by 156.4% in the fourth quarter. ABN Amro Investment Solutions now owns 510,989 shares of the basic materials company’s stock valued at $24,471,000 after purchasing an additional 311,694 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Teck Resources by 92.0% in the first quarter. NewEdge Advisors LLC now owns 37,143 shares of the basic materials company’s stock valued at $1,922,000 after purchasing an additional 17,793 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Teck Resources in the fourth quarter valued at approximately $404,880,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on TECK shares. Deutsche Bank Aktiengesellschaft upped their price target on Teck Resources from $64.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Weiss Ratings upgraded Teck Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 4th. Veritas downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 4th. Wall Street Zen lowered shares of Teck Resources from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 26th. Finally, Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a research note on Monday, June 15th. Six research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $62.25.

Teck Resources Stock Performance

Shares of Teck Resources stock traded down $0.45 during mid-day trading on Wednesday, hitting $64.20. 2,024,881 shares of the stock were exchanged, compared to its average volume of 3,658,823. Teck Resources Ltd has a 12 month low of $38.00 and a 12 month high of $72.56. The company has a 50-day simple moving average of $63.96 and a 200 day simple moving average of $60.40. 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 company has a market capitalization of $31.01 billion, a P/E ratio of 17.40, a P/E/G ratio of 2.06 and a beta of 0.94.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.40. The company had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.38 billion. Teck Resources had a return on equity of 10.42% and a net margin of 17.85%.Teck Resources’s quarterly revenue was up 78.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.38 earnings per share. Sell-side analysts anticipate that Teck Resources Ltd will post 4.03 earnings per share for the current fiscal year.

Teck Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.50 annualized dividend and a yield of 0.8%. Teck Resources’s payout ratio is currently 9.76%.

Teck Resources 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.