400,000 Shares in Teck Resources Limited (NYSE:TECK) Purchased by Paloma Partners Management Co

Paloma Partners Management Co purchased a new position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 400,000 shares of the basic materials company’s stock, valued at approximately $20,896,000. Teck Resources makes up approximately 0.6% of Paloma Partners Management Co’s investment portfolio, making the stock its 22nd largest position. Paloma Partners Management Co owned approximately 0.08% of Teck Resources as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Country Club Bank purchased a new position in Teck Resources in the second quarter valued at about $1,747,000. Atria Investments Inc purchased a new position in Teck Resources in the first quarter valued at about $1,141,000. Klein Pavlis & Peasley Financial Inc. increased its holdings in Teck Resources by 233.3% in the second quarter. Klein Pavlis & Peasley Financial Inc. now owns 28,000 shares of the basic materials company’s stock valued at $1,341,000 after buying an additional 19,600 shares in the last quarter. CIBC Asset Management Inc increased its holdings in Teck Resources by 2.6% in the third quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock valued at $341,337,000 after buying an additional 165,759 shares in the last quarter. Finally, Forest Avenue Capital Management LP increased its holdings in Teck Resources by 3.7% in the third quarter. Forest Avenue Capital Management LP now owns 720,920 shares of the basic materials company’s stock valued at $37,661,000 after buying an additional 25,430 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TECK has been the subject of a number of research analyst reports. JPMorgan Chase & Co. dropped their target price on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Scotiabank raised their price objective on shares of Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, October 8th. Citigroup raised shares of Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Finally, Deutsche Bank Aktiengesellschaft cut shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research note on Friday, October 25th. Five investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $65.29.

Teck Resources Stock Performance

Teck Resources stock opened at $46.68 on Monday. Teck Resources Limited has a 12-month low of $36.50 and a 12-month high of $55.13. The company has a market capitalization of $23.91 billion, a price-to-earnings ratio of 70.73 and a beta of 1.04. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The firm’s fifty day moving average price is $48.77 and its 200 day moving average price is $48.38.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The firm had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter in the previous year, the firm posted $0.57 EPS. The firm’s quarterly revenue was down 20.6% on a year-over-year basis. On average, research analysts forecast that Teck Resources Limited will post 1.82 EPS for the current fiscal year.

Teck Resources Cuts Dividend

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

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.