Teck Resources Ltd $TECK Shares Sold by Barings LLC

Barings LLC lessened its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 33.3% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 95,582 shares of the basic materials company’s stock after selling 47,797 shares during the quarter. Barings LLC’s holdings in Teck Resources were worth $4,195,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Versant Capital Management Inc purchased a new stake in Teck Resources during the third quarter worth approximately $26,000. Smartleaf Asset Management LLC boosted its position in Teck Resources by 72.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 351 shares during the period. SouthState Bank Corp acquired a new stake in Teck Resources in the 3rd quarter valued at $50,000. Tobam purchased a new position in Teck Resources in the second quarter valued at about $62,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Teck Resources by 43.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,741 shares of the basic materials company’s stock worth $76,000 after purchasing an additional 524 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Trading Up 0.3%

NYSE TECK opened at $59.45 on Friday. Teck Resources Ltd has a 12 month low of $28.32 and a 12 month high of $60.75. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.78 and a quick ratio of 2.08. The company has a market capitalization of $28.62 billion, a price-to-earnings ratio of 29.43, a price-to-earnings-growth ratio of 0.55 and a beta of 0.80. The company’s fifty day moving average price is $52.05 and its two-hundred day moving average price is $44.03.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.39. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.28 billion. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. The company’s revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.45 EPS. As a group, research analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.125 per share. The ex-dividend date is Friday, March 13th. This represents a $0.50 annualized dividend and a yield of 0.8%. Teck Resources’s dividend payout ratio is presently 20.22%.

Wall Street Analyst Weigh In

TECK has been the subject of a number of recent research reports. Veritas upgraded Teck Resources from a “strong sell” rating to a “strong-buy” rating in a research note on Thursday, January 15th. UBS Group restated a “buy” rating on shares of Teck Resources in a report on Tuesday, January 27th. Raymond James Financial lowered shares of Teck Resources from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 14th. TD Securities downgraded shares of Teck Resources from a “buy” rating to a “hold” rating in a research note on Thursday, January 22nd. Finally, Citigroup raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, Teck Resources has an average rating of “Hold” and an average target price of $53.33.

More Teck Resources News

Here are the key news stories impacting Teck Resources this week:

• Positive Sentiment: Q4 earnings beat — Teck reported EPS of $0.98, beating consensus (~$0.59) and up sharply year-over-year, supporting upgraded profitability metrics and investor confidence. Read More.
• Positive Sentiment: Merger progress with Anglo American — Management described the proposed Anglo American transaction as transformational and reported continued progress on the deal, which markets view as a strategic positive for scale in critical minerals. Read More.
• Positive Sentiment: Copper tailwind and strong cash momentum — Higher copper prices materially boosted Q4 earnings and management flagged strong Q4 momentum and cash generation in its press release/slide deck. Read More.
• Neutral Sentiment: Dividend declared — Teck announced a quarterly dividend of $0.125/share (ex-dividend March 13), a modest yield that signals capital return but is unlikely to be a major catalyst.
• Neutral Sentiment: Output guidance reaffirmed — Management reaffirmed production guidance including for Quebrada Blanca, reducing near-term operational uncertainty. Read More.
• Negative Sentiment: Revenue slightly below consensus — Q4 revenue was $2.23B vs. consensus ~$2.28B, a small topline miss that tempers the beat and could limit upside if commodity prices soften. Read More.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.