Forest Avenue Capital Management LP Buys 25,430 Shares of Teck Resources Limited (NYSE:TECK)

Forest Avenue Capital Management LP raised its position in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 3.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 720,920 shares of the basic materials company's stock after acquiring an additional 25,430 shares during the period. Teck Resources makes up approximately 4.6% of Forest Avenue Capital Management LP's holdings, making the stock its 11th biggest holding. Forest Avenue Capital Management LP owned 0.14% of Teck Resources worth $37,661,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Eastern Bank acquired a new stake in Teck Resources during the third quarter worth about $39,000. Headlands Technologies LLC purchased a new stake in Teck Resources in the 2nd quarter worth approximately $38,000. Bruce G. Allen Investments LLC grew its stake in shares of Teck Resources by 77.4% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company's stock worth $46,000 after purchasing an additional 383 shares during the period. Massmutual Trust Co. FSB ADV increased its holdings in shares of Teck Resources by 69.7% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company's stock valued at $52,000 after purchasing an additional 409 shares in the last quarter. Finally, Blue Trust Inc. lifted its stake in shares of Teck Resources by 583.1% in the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company's stock valued at $48,000 after purchasing an additional 898 shares during the period. Institutional investors and hedge funds own 78.06% of the company's stock.

Teck Resources Trading Down 1.7 %

Shares of TECK opened at $46.29 on Wednesday. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The firm has a 50-day moving average price of $48.89 and a 200 day moving average price of $48.50. Teck Resources Limited has a 12-month low of $35.25 and a 12-month high of $55.13. The firm has a market capitalization of $23.29 billion, a P/E ratio of 70.14 and a beta of 1.04.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, beating analysts' consensus estimates of $0.36 by $0.24. The firm had revenue of $2.86 billion for the quarter, compared to analysts' expectations of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The firm's quarterly revenue was down 20.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.57 earnings per share. Sell-side analysts forecast that Teck Resources Limited will post 1.83 EPS for the current year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors 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 dividend yield of 0.77%. The ex-dividend date is Friday, December 13th. Teck Resources's payout ratio is 56.06%.

Analyst Ratings Changes

A number of research analysts have weighed in on TECK shares. UBS Group cut shares of Teck Resources from a "buy" rating to a "neutral" rating in a report on Monday, November 11th. JPMorgan Chase & Co. decreased their target price on Teck Resources from $57.00 to $55.00 and set an "overweight" rating on the stock in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft cut shares of Teck Resources from a "buy" rating to a "hold" rating and set a $50.00 price target on the stock. in a research note on Friday, October 25th. StockNews.com upgraded shares of Teck Resources from a "sell" rating to a "hold" rating in a research report on Thursday, October 24th. Finally, Scotiabank lifted their target price on shares of Teck Resources from $78.00 to $79.00 and gave the company a "sector outperform" rating in a research report on Tuesday, October 8th. Five investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Teck Resources presently has an average rating of "Moderate Buy" and an average target price of $65.29.

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.

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