High Ground Investment Management LLP Acquires 119,706 Shares of Teck Resources Limited (NYSE:TECK)

High Ground Investment Management LLP increased its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 87.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 256,119 shares of the basic materials company’s stock after buying an additional 119,706 shares during the period. Teck Resources comprises 5.3% of High Ground Investment Management LLP’s portfolio, making the stock its 7th largest holding. High Ground Investment Management LLP’s holdings in Teck Resources were worth $10,826,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Baystate Wealth Management LLC purchased a new stake in Teck Resources during the 3rd quarter worth approximately $31,000. JFS Wealth Advisors LLC lifted its holdings in shares of Teck Resources by 249.0% in the 3rd quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 600 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in shares of Teck Resources by 69.4% during the fourth quarter. First Horizon Advisors Inc. now owns 1,162 shares of the basic materials company’s stock valued at $49,000 after purchasing an additional 476 shares during the period. Blue Trust Inc. grew its holdings in Teck Resources by 187.3% during the fourth quarter. Blue Trust Inc. now owns 1,494 shares of the basic materials company’s stock worth $64,000 after acquiring an additional 974 shares during the period. Finally, Allworth Financial LP boosted its position in shares of Teck Resources by 17.9% in the 3rd quarter. Allworth Financial LP now owns 2,558 shares of the basic materials company’s stock valued at $110,000 after purchasing an additional 388 shares during the period. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Stock Performance

Shares of NYSE TECK traded up $0.05 during mid-day trading on Thursday, hitting $48.46. The company had a trading volume of 3,325,177 shares, compared to its average volume of 4,067,468. Teck Resources Limited has a 12 month low of $34.38 and a 12 month high of $51.65. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.49 and a quick ratio of 0.86. The firm has a market cap of $24.80 billion, a P/E ratio of 21.41, a PEG ratio of 8.82 and a beta of 1.12. The business’s 50-day simple moving average is $44.62 and its 200-day simple moving average is $40.60.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, topping the consensus estimate of $1.01 by $0.01. The firm had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $3.11 billion. Teck Resources had a return on equity of 7.52% and a net margin of 10.59%. As a group, analysts predict that Teck Resources Limited will post 2.7 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 17th will be issued a $0.0911 dividend. This represents a $0.36 annualized dividend and a yield of 0.75%. The ex-dividend date of this dividend is Monday, June 17th. Teck Resources’s dividend payout ratio is 16.37%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their price objective on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Morgan Stanley restated an “overweight” rating and issued a $55.00 price objective on shares of Teck Resources in a report on Thursday, April 11th. UBS Group assumed coverage on shares of Teck Resources in a research note on Tuesday, January 16th. They issued a “buy” rating for the company. Finally, Benchmark increased their price target on shares of Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.86.

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.