High Ground Investment Management LLP Acquires 20,000 Shares of Teck Resources Limited (NYSE:TECK)

High Ground Investment Management LLP grew its position in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 21.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 114,705 shares of the basic materials company's stock after acquiring an additional 20,000 shares during the period. Teck Resources comprises 1.4% of High Ground Investment Management LLP's portfolio, making the stock its 8th largest position. High Ground Investment Management LLP's holdings in Teck Resources were worth $4,649,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Teck Resources by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 19,316,132 shares of the basic materials company's stock valued at $783,153,000 after purchasing an additional 58,985 shares during the period. Amundi raised its stake in Teck Resources by 5.6% in the fourth quarter. Amundi now owns 14,949,233 shares of the basic materials company's stock worth $619,765,000 after buying an additional 791,725 shares in the last quarter. Norges Bank bought a new position in Teck Resources in the fourth quarter worth about $470,101,000. Principal Financial Group Inc. lifted its holdings in Teck Resources by 21.7% in the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company's stock worth $388,507,000 after buying an additional 1,326,241 shares during the period. Finally, CIBC Asset Management Inc boosted its position in Teck Resources by 2.0% during the 4th quarter. CIBC Asset Management Inc now owns 6,623,228 shares of the basic materials company's stock valued at $269,956,000 after acquiring an additional 127,348 shares in the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Teck Resources Price Performance

TECK stock traded up $0.25 during mid-day trading on Tuesday, hitting $36.68. The company had a trading volume of 1,471,495 shares, compared to its average volume of 3,295,823. The company has a market capitalization of $18.15 billion, a price-to-earnings ratio of 66.69 and a beta of 0.93. The company has a 50-day moving average price of $41.42 and a 200 day moving average price of $44.57. 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 Limited has a 12-month low of $35.14 and a 12-month high of $55.13.

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

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.0879 per share. The ex-dividend date was Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a yield of 0.96%. Teck Resources's payout ratio is 61.82%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Raymond James lowered their target price on Teck Resources from $75.00 to $70.00 and set an "outperform" rating for the company in a research note on Wednesday, January 22nd. National Bank Financial cut shares of Teck Resources from an "outperform" rating to a "sector perform" rating in a report on Tuesday, December 10th. 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 research note on Thursday, January 16th. Finally, Bank of America boosted their price objective 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 research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $65.22.

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.