Arrowstreet Capital Limited Partnership Invests $65.20 Million in Teck Resources Limited (NYSE:TECK)

Arrowstreet Capital Limited Partnership acquired a new stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the fourth quarter, Holdings Channel reports. The firm acquired 1,609,756 shares of the basic materials company’s stock, valued at approximately $65,197,000.

Several other institutional investors have also added to or reduced their stakes in TECK. Principal Financial Group Inc. raised its position in shares of Teck Resources by 21.7% in the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after purchasing an additional 1,326,241 shares during the period. Cerity Partners LLC raised its holdings in Teck Resources by 374.7% during the 3rd quarter. Cerity Partners LLC now owns 39,625 shares of the basic materials company’s stock valued at $2,070,000 after acquiring an additional 31,278 shares during the period. FMR LLC lifted its position in shares of Teck Resources by 72.8% during the third quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock worth $189,848,000 after acquiring an additional 1,531,563 shares in the last quarter. D.A. Davidson & CO. boosted its holdings in shares of Teck Resources by 85.0% in the third quarter. D.A. Davidson & CO. now owns 17,031 shares of the basic materials company’s stock worth $890,000 after acquiring an additional 7,826 shares during the period. Finally, BNP Paribas Financial Markets grew its position in shares of Teck Resources by 194.2% in the third quarter. BNP Paribas Financial Markets now owns 141,593 shares of the basic materials company’s stock valued at $7,397,000 after purchasing an additional 93,459 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Trading Down 2.8 %

NYSE TECK opened at $36.41 on Tuesday. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The stock’s 50-day simple moving average is $41.42 and its two-hundred day simple moving average is $44.57. Teck Resources Limited has a twelve month low of $35.14 and a twelve month high of $55.13. The company has a market capitalization of $18.02 billion, a price-to-earnings ratio of 66.20 and a beta of 0.93.

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. The company had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. Research analysts forecast that Teck Resources Limited will post 1.53 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.0879 per share. This represents a $0.35 annualized dividend and a dividend yield of 0.97%. The ex-dividend date was Friday, March 14th. Teck Resources’s dividend payout ratio is currently 61.82%.

Wall Street Analyst Weigh In

Several research analysts have commented on TECK shares. National Bank Financial downgraded Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. Raymond James cut their price objective on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. decreased their target price on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, January 16th. Finally, Bank of America increased their target price on shares of Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, March 10th. Six equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $65.22.

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.