Slate Path Capital LP Has $141.55 Million Stock Position in Teck Resources Limited (NYSE:TECK)

Slate Path Capital LP boosted its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 0.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,492,533 shares of the basic materials company’s stock after purchasing an additional 4,680 shares during the quarter. Teck Resources comprises 2.6% of Slate Path Capital LP’s investment portfolio, making the stock its 13th biggest position. Slate Path Capital LP owned 0.70% of Teck Resources worth $141,552,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Stonebridge Financial Group LLC purchased a new stake in shares of Teck Resources in the fourth quarter worth approximately $25,000. Global Trust Asset Management LLC purchased a new stake in Teck Resources in the 4th quarter valued at $27,000. FPC Investment Advisory Inc. purchased a new position in Teck Resources during the 4th quarter worth $27,000. Community Bank N.A. bought a new position in shares of Teck Resources during the fourth quarter valued at about $33,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in Teck Resources in the 3rd quarter worth about $40,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TECK. National Bankshares reaffirmed a “sector perform” rating on shares of Teck Resources in a research report on Wednesday, April 2nd. Desjardins assumed coverage on Teck Resources in a research note on Friday, April 4th. They issued a “buy” rating on the stock. Raymond James dropped their price objective on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. Veritas raised shares of Teck Resources to a “hold” rating in a research report on Friday, April 11th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Teck Resources from $50.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $64.11.

Teck Resources Stock Performance

NYSE TECK opened at $32.72 on Tuesday. The company has a market capitalization of $16.19 billion, a P/E ratio of 59.49 and a beta of 0.81. 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 52-week low of $28.32 and a 52-week high of $55.13. The company has a fifty day moving average of $38.21 and a 200-day moving average of $42.56.

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 for the quarter, beating analysts’ consensus estimates of $0.26 by $0.07. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The company had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $2.58 billion. As a group, equities research analysts predict that Teck Resources Limited will post 1.53 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $0.0879 dividend. This represents a $0.35 annualized dividend and a yield of 1.07%. The ex-dividend date was Friday, March 14th. Teck Resources’s dividend payout ratio is presently 61.82%.

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.