Bridgeway Capital Management Inc. reduced its holdings in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 17.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 121,800 shares of the basic materials company’s stock after selling 25,000 shares during the quarter. Bridgeway Capital Management Inc.’s holdings in Teck Resources were worth $2,935,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Van ECK Associates Corp lifted its stake in shares of Teck Resources by 2.1% in the 2nd quarter. Van ECK Associates Corp now owns 7,948,385 shares of the basic materials company’s stock valued at $202,286,000 after purchasing an additional 159,699 shares during the period. Janus Henderson Group PLC lifted its stake in shares of Teck Resources by 452.2% in the 2nd quarter. Janus Henderson Group PLC now owns 7,561,492 shares of the basic materials company’s stock valued at $192,508,000 after purchasing an additional 6,192,051 shares during the period. CIBC Asset Management Inc lifted its stake in shares of Teck Resources by 0.4% in the 3rd quarter. CIBC Asset Management Inc now owns 6,752,038 shares of the basic materials company’s stock valued at $162,604,000 after purchasing an additional 27,519 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Teck Resources by 2.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 6,046,786 shares of the basic materials company’s stock valued at $145,728,000 after purchasing an additional 136,581 shares during the period. Finally, Great West Life Assurance Co. Can lifted its stake in shares of Teck Resources by 16.2% in the 3rd quarter. Great West Life Assurance Co. Can now owns 4,680,136 shares of the basic materials company’s stock valued at $112,851,000 after purchasing an additional 651,782 shares during the period. Hedge funds and other institutional investors own 54.66% of the company’s stock.
TECK has been the subject of a number of research analyst reports. Barclays initiated coverage on Teck Resources in a research note on Wednesday, October 10th. They issued an “overweight” rating for the company. ValuEngine cut Teck Resources from a “sell” rating to a “strong sell” rating in a research note on Friday, October 26th. Scotiabank restated a “buy” rating on shares of Teck Resources in a research note on Tuesday, October 30th. Canaccord Genuity restated a “buy” rating on shares of Teck Resources in a research note on Tuesday, October 30th. Finally, Clarkson Capital upgraded Teck Resources from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $31.43.
Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Wednesday, October 24th. The basic materials company reported $0.61 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.72 by ($0.11). The company had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.40 billion. Teck Resources had a net margin of 27.35% and a return on equity of 12.31%. As a group, research analysts anticipate that Teck Resources Ltd will post 3.4 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 14th will be paid a dividend of $0.038 per share. This represents a $0.15 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date is Thursday, December 13th. Teck Resources’s payout ratio is 4.37%.
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About Teck Resources
Teck Resources Limited researches, explores for, develops, and produces natural resources in the Americas, the Asia Pacific, and Europe. It operates through five segments: Steelmaking Coal, Copper, Zinc, Energy, and Corporate. The company's principal products comprise steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates.
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