Cinctive Capital Management LP Acquires Shares of 65,686 Teck Resources Limited (NYSE:TECK)

Cinctive Capital Management LP bought a new position in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 65,686 shares of the basic materials company's stock, valued at approximately $2,662,000.

Several other hedge funds have also modified their holdings of TECK. Principal Financial Group Inc. lifted its holdings in shares of Teck Resources by 21.7% during the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company's stock valued at $388,507,000 after purchasing an additional 1,326,241 shares during the last quarter. Polar Asset Management Partners Inc. acquired a new position in Teck Resources during the 3rd quarter valued at about $825,000. Point72 Italy S.r.l. purchased a new stake in Teck Resources in the third quarter valued at about $2,419,000. Quantinno Capital Management LP boosted its holdings in Teck Resources by 47.2% in the third quarter. Quantinno Capital Management LP now owns 15,634 shares of the basic materials company's stock worth $817,000 after acquiring an additional 5,011 shares in the last quarter. Finally, Stifel Financial Corp grew its stake in shares of Teck Resources by 9.9% during the third quarter. Stifel Financial Corp now owns 205,325 shares of the basic materials company's stock worth $10,726,000 after acquiring an additional 18,433 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Stock Performance

Shares of TECK traded up $0.02 during mid-day trading on Tuesday, reaching $30.36. The company had a trading volume of 1,921,620 shares, compared to its average volume of 3,168,111. The stock has a 50 day moving average of $40.48 and a two-hundred day moving average of $44.10. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $15.02 billion, a P/E ratio of 55.15 and a beta of 0.81. Teck Resources Limited has a 52-week low of $28.35 and a 52-week high of $55.13.

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

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $0.0879 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a dividend yield of 1.16%. Teck Resources's dividend payout ratio (DPR) is currently 61.82%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. National Bankshares reaffirmed a "sector perform" rating on shares of Teck Resources in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. decreased their price target on shares of Teck Resources from $55.00 to $51.00 and set an "overweight" rating for the company in a report on Thursday, January 16th. Raymond James dropped their price objective on shares of Teck Resources from $75.00 to $70.00 and set an "outperform" rating on the stock in a report on Wednesday, January 22nd. National Bank Financial lowered Teck Resources from an "outperform" rating to a "sector perform" rating in a research note on Tuesday, December 10th. Finally, Desjardins assumed coverage on Teck Resources in a research report on Friday. They set a "buy" rating for the company. Seven 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $65.22.

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.