Driehaus Capital Management LLC Sells 101,969 Shares of Teck Resources Limited (NYSE:TECK)

Driehaus Capital Management LLC lessened its stake in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 21.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 371,965 shares of the basic materials company's stock after selling 101,969 shares during the quarter. Driehaus Capital Management LLC owned about 0.07% of Teck Resources worth $17,817,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. FIL Ltd grew its stake in Teck Resources by 98.8% in the fourth quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company's stock valued at $504,588,000 after acquiring an additional 5,933,226 shares during the period. AMF Tjanstepension AB raised its holdings in Teck Resources by 846.6% during the 2nd quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company's stock worth $210,034,000 after buying an additional 3,919,984 shares during the period. Asia Research & Capital Management Ltd acquired a new position in shares of Teck Resources in the first quarter valued at approximately $158,976,000. Principal Financial Group Inc. increased its position in shares of Teck Resources by 115.4% during the first quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company's stock worth $260,584,000 after acquiring an additional 3,047,570 shares in the last quarter. Finally, Castle Hook Partners LP bought a new stake in Teck Resources in the 1st quarter valued at $90,980,000. Institutional investors own 78.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TECK. Benchmark reissued a "buy" rating and issued a $55.00 price target on shares of Teck Resources in a research note on Thursday, July 25th. UBS Group raised Teck Resources from a "neutral" rating to a "buy" rating and upped their price target for the stock from $76.00 to $78.00 in a research report on Wednesday, September 4th. CIBC boosted their price objective on shares of Teck Resources from $70.00 to $80.00 and gave the stock an "outperformer" rating in a research report on Friday, July 12th. StockNews.com cut shares of Teck Resources from a "hold" rating to a "sell" rating in a report on Wednesday. Finally, TD Securities upgraded shares of Teck Resources to a "strong-buy" rating in a research note on Tuesday, July 16th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Teck Resources has a consensus rating of "Moderate Buy" and a consensus target price of $65.00.

Teck Resources Stock Performance

Shares of TECK stock traded down $0.96 on Friday, reaching $52.44. The stock had a trading volume of 5,233,293 shares, compared to its average volume of 3,467,993. Teck Resources Limited has a 12 month low of $34.38 and a 12 month high of $55.13. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $26.79 billion, a price-to-earnings ratio of 23.20 and a beta of 1.01. The firm's 50-day moving average is $47.16 and its two-hundred day moving average is $48.06.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.47 by $0.32. The company had revenue of $3.87 billion during the quarter, compared to analysts' expectations of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The business's revenue was up 10.1% on a year-over-year basis. During the same period last year, the firm posted $0.91 earnings per share. On average, research analysts expect that Teck Resources Limited will post 1.98 EPS for the current fiscal year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 4.77%. This is a boost from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date was Friday, September 13th. Teck Resources's payout ratio is 16.37%.

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.