Maverick Capital Ltd. Invests $1.44 Million in Teck Resources Limited (NYSE:TECK)

Maverick Capital Ltd. acquired a new position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 27,481 shares of the basic materials company’s stock, valued at approximately $1,436,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. AMF Tjanstepension AB grew its position in shares of Teck Resources by 846.6% in the 2nd quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company’s stock valued at $210,034,000 after buying an additional 3,919,984 shares during the last quarter. TD Asset Management Inc boosted its holdings in Teck Resources by 49.0% in the second quarter. TD Asset Management Inc now owns 4,950,816 shares of the basic materials company’s stock valued at $237,202,000 after acquiring an additional 1,629,149 shares during the last quarter. FMR LLC increased its position in Teck Resources by 72.8% during the 3rd quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock valued at $189,848,000 after purchasing an additional 1,531,563 shares during the period. Principal Financial Group Inc. raised its holdings in 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 worth $388,507,000 after purchasing an additional 1,326,241 shares during the last quarter. Finally, National Bank of Canada FI raised its holdings in Teck Resources by 48.4% during the 2nd quarter. National Bank of Canada FI now owns 3,934,663 shares of the basic materials company’s stock worth $188,111,000 after purchasing an additional 1,283,876 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Trading Up 1.0 %

NYSE TECK opened at $46.68 on Friday. Teck Resources Limited has a 52 week low of $36.50 and a 52 week high of $55.13. The business has a 50 day moving average price of $48.77 and a 200-day moving average price of $48.40. 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 company has a market cap of $23.91 billion, a price-to-earnings ratio of 70.73 and a beta of 1.04.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results 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 business had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.09 billion. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. Teck Resources’s quarterly revenue was down 20.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.57 EPS. As a group, equities analysts expect that Teck Resources Limited will post 1.82 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a $0.0895 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.36 annualized dividend and a yield of 0.77%. Teck Resources’s payout ratio is 56.06%.

Analysts Set New Price Targets

TECK has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Scotiabank upped their target price on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft cut Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a research note on Friday, October 25th. Citigroup raised Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. Finally, UBS Group downgraded shares of Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Five analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.29.

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.