Seven Eight Capital LP Trims Position in Teck Resources Limited (NYSE:TECK)

Seven Eight Capital LP cut its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 56.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 40,651 shares of the basic materials company’s stock after selling 53,177 shares during the period. Seven Eight Capital LP’s holdings in Teck Resources were worth $1,947,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in TECK. First Hawaiian Bank grew its stake in Teck Resources by 6.0% in the first quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock worth $254,000 after purchasing an additional 313 shares during the period. Cigna Investments Inc. New grew its stake in Teck Resources by 3.8% in the second quarter. Cigna Investments Inc. New now owns 8,762 shares of the basic materials company’s stock worth $420,000 after purchasing an additional 317 shares during the period. Candriam S.C.A. grew its stake in Teck Resources by 4.0% in the second quarter. Candriam S.C.A. now owns 8,897 shares of the basic materials company’s stock worth $426,000 after purchasing an additional 343 shares during the period. Verdence Capital Advisors LLC grew its stake in Teck Resources by 3.3% in the first quarter. Verdence Capital Advisors LLC now owns 10,981 shares of the basic materials company’s stock worth $503,000 after purchasing an additional 353 shares during the period. Finally, Hexagon Capital Partners LLC grew its stake 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 worth $30,000 after purchasing an additional 386 shares during the period. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Trading Up 0.7 %

Shares of NYSE:TECK opened at $47.10 on Thursday. The company has a market cap of $24.10 billion, a P/E ratio of 20.84 and a beta of 1.01. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77. Teck Resources Limited has a 1 year low of $34.38 and a 1 year high of $55.13. The stock’s fifty day moving average price is $46.90 and its 200-day moving average price is $47.55.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.32. The firm had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The company’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.91 earnings per share. Sell-side analysts expect that Teck Resources Limited will post 2.02 earnings per share for the current year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.625 per share. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.31%. The ex-dividend date of this dividend is Friday, September 13th. Teck Resources’s dividend payout ratio is presently 16.37%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TECK. CIBC upped their price target on Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research note on Friday, July 12th. Benchmark reissued a “buy” rating and issued a $55.00 target price on shares of Teck Resources in a research note on Thursday, July 25th. UBS Group raised Teck Resources from a “neutral” rating to a “buy” rating and increased their target price for the stock from $76.00 to $78.00 in a research note on Wednesday, September 4th. Morgan Stanley increased their target price on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, June 21st. Finally, Paradigm Capital raised Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $65.00.

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.