Bornite Capital Management LP Makes New $23.95 Million Investment in Teck Resources Ltd $TECK

Bornite Capital Management LP bought a new position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 500,000 shares of the basic materials company’s stock, valued at approximately $23,945,000. Teck Resources accounts for about 2.3% of Bornite Capital Management LP’s investment portfolio, making the stock its 18th largest position. Bornite Capital Management LP owned approximately 0.10% of Teck Resources at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in TECK. Norges Bank bought a new stake in shares of Teck Resources during the 4th quarter valued at $404,880,000. Wellington Management Group LLP grew its position in shares of Teck Resources by 264.5% during the 3rd quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company’s stock valued at $253,695,000 after acquiring an additional 4,194,868 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of Teck Resources during the 4th quarter valued at $169,999,000. Pentwater Capital Management LP grew its position in shares of Teck Resources by 7,150.0% during the 3rd quarter. Pentwater Capital Management LP now owns 2,900,000 shares of the basic materials company’s stock valued at $127,281,000 after acquiring an additional 2,860,000 shares during the period. Finally, Carrhae Capital LLP bought a new stake in shares of Teck Resources during the 4th quarter valued at $98,841,000. Institutional investors own 78.06% of the company’s stock.

Analyst Ratings Changes

TECK has been the subject of a number of recent research reports. Wall Street Zen raised shares of Teck Resources to a “buy” rating in a research report on Saturday, May 16th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Teck Resources in a research report on Friday, May 15th. Scotiabank reissued a “sector perform” rating on shares of Teck Resources in a research report on Tuesday, April 14th. Truist Financial set a $67.00 price objective on shares of Teck Resources in a research report on Monday, February 23rd. Finally, Weiss Ratings raised shares of Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, April 24th. Five equities research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $59.17.

Teck Resources Stock Up 1.9%

Shares of TECK stock opened at $64.80 on Friday. The stock has a market cap of $31.24 billion, a P/E ratio of 23.74, a PEG ratio of 3.93 and a beta of 0.89. Teck Resources Ltd has a 52 week low of $30.98 and a 52 week high of $71.25. The company has a quick ratio of 2.16, a current ratio of 2.83 and a debt-to-equity ratio of 0.13. The company’s fifty day simple moving average is $60.94 and its two-hundred day simple moving average is $54.35.

Teck Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.125 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.50 annualized dividend and a yield of 0.8%. Teck Resources’s payout ratio is presently 13.55%.

Teck Resources Profile

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.