Davidson Kempner Capital Management LP Increases Stock Holdings in Teck Resources Limited (NYSE:TECK)

Davidson Kempner Capital Management LP grew its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 270.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 927,434 shares of the basic materials company’s stock after purchasing an additional 677,184 shares during the period. Davidson Kempner Capital Management LP owned about 0.18% of Teck Resources worth $44,424,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Interval Partners LP purchased a new stake in shares of Teck Resources during the second quarter worth approximately $908,000. Evergreen Capital Management LLC raised its stake in Teck Resources by 7.8% during the 2nd quarter. Evergreen Capital Management LLC now owns 5,064 shares of the basic materials company’s stock worth $243,000 after acquiring an additional 365 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in Teck Resources by 40.3% in the second quarter. EverSource Wealth Advisors LLC now owns 3,258 shares of the basic materials company’s stock valued at $160,000 after acquiring an additional 936 shares during the last quarter. Itau Unibanco Holding S.A. acquired a new stake in shares of Teck Resources in the 2nd quarter valued at about $1,605,000. Finally, Frank Rimerman Advisors LLC acquired a new position in Teck Resources during the second quarter worth approximately $4,989,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the company. JPMorgan Chase & Co. reduced their price objective on Teck Resources from $56.00 to $54.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. TD Securities raised Teck Resources to a “strong-buy” rating in a report on Tuesday, July 16th. Morgan Stanley upped their price target on shares of Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, June 21st. BMO Capital Markets assumed coverage on shares of Teck Resources in a research note on Monday, July 15th. They issued an “outperform” rating for the company. Finally, UBS Group raised shares of Teck Resources from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $76.00 to $78.00 in a report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.00.

Teck Resources Stock Down 0.1 %

Shares of NYSE TECK opened at $48.91 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77. The firm’s 50-day moving average is $46.85 and its two-hundred day moving average is $47.75. Teck Resources Limited has a 12-month low of $34.38 and a 12-month high of $55.13. The company has a market capitalization of $25.02 billion, a PE ratio of 21.64 and a beta of 1.01.

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

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 5.11%. The ex-dividend date of this dividend is Friday, September 13th. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is currently 16.37%.

Teck Resources Company 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.