Metis Global Partners LLC Buys 8,825 Shares of Teck Resources Limited (NYSE:TECK)

Metis Global Partners LLC increased its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 29.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,324 shares of the basic materials company’s stock after buying an additional 8,825 shares during the period. Metis Global Partners LLC’s holdings in Teck Resources were worth $2,002,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Teck Resources by 1.8% in the first quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock worth $765,493,000 after purchasing an additional 290,034 shares in the last quarter. Janus Henderson Group PLC grew its position in Teck Resources by 2.4% during the 1st quarter. Janus Henderson Group PLC now owns 8,604,605 shares of the basic materials company’s stock worth $394,178,000 after purchasing an additional 203,607 shares during the period. Principal Financial Group Inc. grew its position in shares of Teck Resources by 21.7% during the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after acquiring an additional 1,326,241 shares during the period. CIBC Asset Management Inc grew its position in shares of Teck Resources by 1.4% during the 2nd quarter. CIBC Asset Management Inc now owns 6,330,121 shares of the basic materials company’s stock valued at $303,161,000 after acquiring an additional 90,089 shares during the period. Finally, Mackenzie Financial Corp lifted its stake in Teck Resources by 10.3% in the 2nd quarter. Mackenzie Financial Corp now owns 5,855,836 shares of the basic materials company’s stock worth $280,655,000 after purchasing an additional 546,801 shares in the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Stock Performance

Shares of TECK opened at $44.99 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. Teck Resources Limited has a twelve month low of $34.56 and a twelve month high of $55.13. The firm has a market cap of $22.68 billion, a P/E ratio of 68.17 and a beta of 1.04. The firm’s 50 day moving average price is $48.73 and its two-hundred day moving average price is $48.66.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same period in the previous year, the company earned $0.57 earnings per share. The firm’s revenue for the quarter was down 20.6% on a year-over-year basis. On average, analysts forecast that Teck Resources Limited will post 1.84 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a $0.0895 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.80%. Teck Resources’s payout ratio is presently 56.06%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Paradigm Capital upgraded shares of Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. Citigroup raised shares of Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Scotiabank upped their target price on shares of Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft lowered shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a research report on Friday, October 25th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.29.

About Teck Resources

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.