Pilgrim Partners Asia Pte Ltd Makes New Investment in Teck Resources Limited (NYSE:TECK)

Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) in the fourth quarter, Holdings Channel reports. The fund bought 1,350 shares of the basic materials company’s stock, valued at approximately $55,000.

Several other hedge funds and other institutional investors have also made changes to their positions in TECK. PNC Financial Services Group Inc. lifted its stake in Teck Resources by 2.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the basic materials company’s stock worth $471,000 after purchasing an additional 243 shares in the last quarter. Sequoia Financial Advisors LLC lifted its position in Teck Resources by 2.9% during the fourth quarter. Sequoia Financial Advisors LLC now owns 9,809 shares of the basic materials company’s stock worth $398,000 after buying an additional 279 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its stake in Teck Resources by 6.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,844 shares of the basic materials company’s stock worth $196,000 after buying an additional 297 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Teck Resources by 2.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 13,959 shares of the basic materials company’s stock valued at $566,000 after buying an additional 302 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its stake in shares of Teck Resources by 7.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 4,897 shares of the basic materials company’s stock worth $198,000 after acquiring an additional 327 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Price Performance

Shares of TECK opened at $29.97 on Friday. The company has a market cap of $14.83 billion, a P/E ratio of 54.48 and a beta of 0.81. Teck Resources Limited has a fifty-two week low of $29.26 and a fifty-two week high of $55.13. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The firm’s 50 day moving average price is $40.72 and its 200 day moving average price is $44.26.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, February 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.07. The business had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. On average, research analysts forecast that Teck Resources Limited will post 1.53 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $0.0879 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.35 annualized dividend and a dividend yield of 1.17%. Teck Resources’s dividend payout ratio is currently 61.82%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on TECK shares. Desjardins started coverage on shares of Teck Resources in a research report on Friday. They set a “buy” rating for the company. Raymond James reduced their price target on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. lowered their price objective on Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Bank of America upped their price target on Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Finally, National Bank Financial downgraded Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Teck Resources presently has a consensus rating of “Moderate Buy” and an average price target of $65.22.

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.