Choreo LLC Takes Position in Teck Resources Limited (NYSE:TECK)

Choreo LLC purchased a new stake in shares of Teck Resources Limited (NYSE:TECK – Free Report) (TSE:TECK) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 38,172 shares of the basic materials company’s stock, valued at approximately $1,838,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Hexagon Capital Partners LLC boosted its position in Teck Resources by 143.0% in the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 386 shares in the last quarter. Creekmur Asset Management LLC purchased a new stake in Teck Resources during the fourth quarter valued at $35,000. Optiver Holding BV boosted its position in Teck Resources by 81.9% in the fourth quarter. Optiver Holding BV now owns 973 shares of the basic materials company’s stock valued at $41,000 after purchasing an additional 438 shares during the last quarter. Blue Trust Inc. boosted its position in Teck Resources by 583.1% in the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after buying an additional 898 shares during the last quarter. Finally, Pathway Financial Advisers LLC acquired a new stake in Teck Resources in the first quarter valued at $74,000. Hedge funds and other institutional investors own 78.06% of the company’s shares.

Teck Resources trading up 1.2%

Shares of Teck Resources stock opened at $44.78 on Thursday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77, and a current ratio of 1.48. The company’s 50-day simple moving average is $47.28, and its 200-day simple moving average is $47.28. The firm has a market cap of $22.91 billion, a PE ratio of 19.81 and a beta of 1.01. Teck Resources Limited has a 52 week low of $34.38 and a 52 week high of $55.13.

Teck Resources (NYSE:TECK – Get Your Free Report ) (TSE:TECK) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. The company had revenue of $3.87 billion for the quarter, compared to analyst estimates of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The company’s revenue for the quarter was up 10.1% year-over-year. In the same period last year, the company posted earnings of $0.91 per share. equities research analysts forecast that Teck Resources Limited will post 2.01 earnings per share for the current year.

Teck Resources raises dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a dividend of $0.625 per share. This represents an annualized dividend of $2.50 and a yield of 5.58%. This is a positive change from Teck Resources’ previous quarterly dividend of $0.09. The ex-dividend date is Friday, September 13. Teck Resources’ payout ratio is currently 16.37%.

Analysts on Wall Street are forecasting an increase

A number of analysts recently issued reports on TECK shares. CIBC raised their price objective on Teck Resources from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, July 12th. TD Securities raised Teck Resources to a “strong-buy” rating in a research report on Tuesday, July 16th. StockNews.com lowered Teck Resources from a “hold” rating to a “sell” rating in a research report on Monday. Opt Capital cut Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 11th. Finally, JPMorgan Chase & Co. decreased their target price on Teck Resources from $56.00 to $54.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.00, according to MarketBeat.

Check out the latest stock report on TECK

Teck Resources Company Profile

(Free Report)

Teck Resources Limited is engaged in the exploration, acquisition, development and production of natural resources in Asia, Europe and North America. The company operates through the Coal, Copper, Zinc and Energy Steel segments. Its main products include copper, zinc, steel coal and mixed bitumen.

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