Teck Resources Limited (NYSE:TECK) Shares Purchased by Forest Avenue Capital Management LP

Forest Avenue Capital Management LP boosted its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 3.7% in the 3rd quarter, Holdings Channel reports. The firm owned 720,920 shares of the basic materials company’s stock after purchasing an additional 25,430 shares during the period. Teck Resources comprises about 4.6% of Forest Avenue Capital Management LP’s portfolio, making the stock its 11th largest holding. Forest Avenue Capital Management LP’s holdings in Teck Resources were worth $37,661,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quent Capital LLC acquired a new position in shares of Teck Resources in the first quarter worth $119,000. O Shaughnessy Asset Management LLC raised its holdings in Teck Resources by 12.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 5,896 shares of the basic materials company’s stock valued at $270,000 after acquiring an additional 637 shares in the last quarter. Virtu Financial LLC acquired a new stake in Teck Resources in the first quarter valued at approximately $375,000. Delphi Management Inc. MA grew its holdings in Teck Resources by 15.0% during the 1st quarter. Delphi Management Inc. MA now owns 38,396 shares of the basic materials company’s stock worth $1,758,000 after acquiring an additional 5,020 shares in the last quarter. Finally, Atria Investments Inc purchased a new stake in shares of Teck Resources in the 1st quarter valued at approximately $1,141,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Down 1.7 %

TECK stock opened at $46.29 on Wednesday. The company has a 50 day moving average price of $48.89 and a two-hundred day moving average price of $48.50. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The stock has a market capitalization of $23.29 billion, a P/E ratio of 70.14 and a beta of 1.04. Teck Resources Limited has a one year low of $35.25 and a one year high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.36 by $0.24. The firm had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The business’s quarterly revenue was down 20.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 earnings per share. As a group, sell-side analysts expect that Teck Resources Limited will post 1.83 EPS for the current year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.0895 per share. The ex-dividend date is Friday, December 13th. This represents a $0.36 annualized dividend and a dividend yield of 0.77%. Teck Resources’s dividend payout ratio is presently 56.06%.

Analyst Ratings Changes

TECK has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft cut Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a research note on Friday, October 25th. Scotiabank raised their price objective on Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a report on Tuesday, October 8th. JPMorgan Chase & Co. reduced their target price on Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Citigroup raised Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. Finally, StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $65.29.

Teck Resources Profile

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.