Arrowstreet Capital Limited Partnership Takes $170 Million Position in Teck Resources Ltd $TECK

Arrowstreet Capital Limited Partnership acquired a new position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 3,550,320 shares of the basic materials company’s stock, valued at approximately $169,999,000.

Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in Teck Resources in the 4th quarter worth about $404,880,000. Wellington Management Group LLP raised its stake in 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 purchasing an additional 4,194,868 shares during the period. Pentwater Capital Management LP lifted its holdings in shares of Teck Resources by 7,150.0% in the third quarter. Pentwater Capital Management LP now owns 2,900,000 shares of the basic materials company’s stock valued at $127,281,000 after purchasing an additional 2,860,000 shares in the last quarter. Carrhae Capital LLP purchased a new stake in shares of Teck Resources in the fourth quarter valued at $98,841,000. Finally, Maple Rock Capital Partners Inc. acquired a new stake in shares of Teck Resources in the third quarter worth $88,601,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TECK has been the topic of several research analyst reports. TD Securities reaffirmed a “hold” rating on shares of Teck Resources in a research note on Friday, April 24th. Truist Financial set a $67.00 target price on shares of Teck Resources in a research report on Monday, February 23rd. Weiss Ratings upgraded shares of Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, April 24th. Benchmark increased their price objective on Teck Resources from $48.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, February 23rd. Finally, Wall Street Zen upgraded shares of Teck Resources to a “buy” rating in a research note on Saturday, May 16th. Five equities research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $59.17.

Teck Resources Stock Up 1.9%

TECK opened at $66.07 on Tuesday. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13. Teck Resources Ltd has a 1-year low of $30.98 and a 1-year high of $71.25. The business has a 50 day moving average of $61.21 and a 200-day moving average of $54.61. The stock has a market capitalization of $31.85 billion, a price-to-earnings ratio of 24.20, a P/E/G ratio of 3.93 and a beta of 0.89.

Teck Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.125 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.50 dividend on an annualized basis and a yield of 0.8%. Teck Resources’s dividend payout ratio (DPR) is 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.