Paloma Partners Management Co Invests $20.90 Million in Teck Resources Limited (NYSE:TECK)

Paloma Partners Management Co bought a new position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 400,000 shares of the basic materials company’s stock, valued at approximately $20,896,000. Teck Resources comprises about 0.6% of Paloma Partners Management Co’s investment portfolio, making the stock its 22nd largest position.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Eastern Bank acquired a new position in shares of Teck Resources in the 3rd quarter valued at about $39,000. Headlands Technologies LLC acquired a new position in shares of Teck Resources in the 2nd quarter valued at about $38,000. Bruce G. Allen Investments LLC boosted its holdings in shares of Teck Resources by 77.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after buying an additional 383 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Teck Resources by 69.7% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock valued at $52,000 after buying an additional 409 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of Teck Resources by 583.1% in the 2nd 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 period. Institutional investors own 78.06% of the company’s stock.

Teck Resources Trading Up 1.0 %

Shares of NYSE:TECK opened at $46.68 on Monday. The company has a 50 day moving average of $48.77 and a 200-day moving average of $48.38. The firm has a market cap of $23.91 billion, a P/E ratio of 70.73 and a beta of 1.04. Teck Resources Limited has a twelve month low of $36.50 and a twelve month high of $55.13. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The company had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same period in the prior year, the business posted $0.57 EPS. The business’s revenue for the quarter was down 20.6% compared to the same quarter last year. As a group, analysts anticipate that Teck Resources Limited will post 1.82 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.0895 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.77%. Teck Resources’s payout ratio is currently 56.06%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TECK. JPMorgan Chase & Co. reduced their target price on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Friday, October 25th. Deutsche Bank Aktiengesellschaft lowered shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a research note on Friday, October 25th. Citigroup raised shares of Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. Scotiabank boosted their target price on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. Finally, StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Five research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $65.29.

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.