Merewether Investment Management LP Sells 7,500 Shares of Teck Resources Limited (NYSE:TECK)

Merewether Investment Management LP decreased its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 2.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 274,331 shares of the basic materials company’s stock after selling 7,500 shares during the quarter. Merewether Investment Management LP’s holdings in Teck Resources were worth $14,331,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in TECK. Holocene Advisors LP boosted its position in Teck Resources by 152.7% in the 3rd quarter. Holocene Advisors LP now owns 2,070,377 shares of the basic materials company’s stock valued at $108,156,000 after buying an additional 1,251,203 shares during the last quarter. Concentric Capital Strategies LP lifted its stake in shares of Teck Resources by 107.4% during the third quarter. Concentric Capital Strategies LP now owns 149,727 shares of the basic materials company’s stock valued at $7,822,000 after acquiring an additional 77,530 shares during the period. Arvin Capital Management LP boosted its holdings in Teck Resources by 0.9% in the third quarter. Arvin Capital Management LP now owns 247,747 shares of the basic materials company’s stock valued at $12,942,000 after acquiring an additional 2,237 shares during the last quarter. Paloma Partners Management Co acquired a new stake in Teck Resources in the third quarter worth about $20,896,000. Finally, Socorro Asset Management LP lifted its position in Teck Resources by 0.8% during the 3rd quarter. Socorro Asset Management LP now owns 202,423 shares of the basic materials company’s stock valued at $10,575,000 after purchasing an additional 1,512 shares during the period. Institutional investors own 78.06% of the company’s stock.

Teck Resources Trading Down 0.0 %

Shares of NYSE:TECK opened at $46.12 on Wednesday. The firm has a market cap of $23.62 billion, a price-to-earnings ratio of 69.87 and a beta of 1.03. Teck Resources Limited has a 12 month low of $36.50 and a 12 month high of $55.13. The company’s fifty day simple moving average is $48.62 and its 200 day simple moving average is $48.28. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16.

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

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.0895 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date is Friday, December 13th. Teck Resources’s dividend payout ratio (DPR) is currently 56.06%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Scotiabank increased their target price on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. Citigroup upgraded Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. in a research note on Friday, October 25th. Five research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $65.29.

About Teck Resources

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.