Arrowstreet Capital Limited Partnership Invests $65.20 Million in Teck Resources Limited (NYSE:TECK)

Arrowstreet Capital Limited Partnership acquired a new position in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,609,756 shares of the basic materials company's stock, valued at approximately $65,197,000. Arrowstreet Capital Limited Partnership owned 0.32% of Teck Resources at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Stonebridge Financial Group LLC purchased a new stake in Teck Resources during the fourth quarter worth $25,000. Global Trust Asset Management LLC purchased a new stake in shares of Teck Resources during the 4th quarter worth about $27,000. FPC Investment Advisory Inc. acquired a new stake in shares of Teck Resources during the 4th quarter valued at about $27,000. Community Bank N.A. purchased a new position in shares of Teck Resources in the 4th quarter valued at about $33,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Teck Resources in the 3rd quarter valued at about $40,000. 78.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on TECK. National Bank Financial lowered Teck Resources from an "outperform" rating to a "sector perform" rating in a report on Tuesday, December 10th. Raymond James dropped their price target on shares of Teck Resources from $75.00 to $70.00 and set an "outperform" rating on the stock in a research note on Wednesday, January 22nd. Desjardins assumed coverage on shares of Teck Resources in a research report on Friday. They set a "buy" rating for the company. JPMorgan Chase & Co. dropped their target price on shares of Teck Resources from $55.00 to $51.00 and set an "overweight" rating on the stock in a research report on Thursday, January 16th. Finally, Bank of America boosted their target price on shares of Teck Resources from $62.00 to $64.00 and gave the stock a "buy" rating in a research note on Monday, March 10th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $65.22.

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Teck Resources Trading Down 12.1 %

Teck Resources stock traded down $4.11 during trading on Friday, reaching $29.97. 8,955,755 shares of the company were exchanged, compared to its average volume of 3,162,983. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The stock's 50 day simple moving average is $40.72 and its two-hundred day simple moving average is $44.25. The company has a market capitalization of $14.83 billion, a P/E ratio of 54.48 and a beta of 0.81. Teck Resources Limited has a 52-week low of $29.26 and a 52-week high of $55.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.26 by $0.07. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.58 billion. On average, equities research analysts expect that Teck Resources Limited will post 1.53 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.0879 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.35 annualized dividend and a dividend yield of 1.17%. Teck Resources's dividend payout ratio (DPR) is 61.82%.

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.