Contrarius Investment Management Ltd Sells 3,179,136 Shares of Teck Resources Ltd (TECK)
Contrarius Investment Management Ltd lessened its stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 38.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,156,463 shares of the basic materials company’s stock after selling 3,179,136 shares during the quarter. Teck Resources comprises about 6.4% of Contrarius Investment Management Ltd’s investment portfolio, making the stock its 4th biggest holding. Contrarius Investment Management Ltd owned 0.90% of Teck Resources worth $108,750,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank of Nova Scotia acquired a new position in shares of Teck Resources during the second quarter valued at approximately $27,111,000. American Century Companies Inc. bought a new stake in Teck Resources during the second quarter worth approximately $6,823,000. The Manufacturers Life Insurance Company bought a new stake in Teck Resources during the second quarter worth approximately $73,078,000. NN Investment Partners Holdings N.V. bought a new stake in Teck Resources during the second quarter worth approximately $623,000. Finally, Shell Asset Management Co. boosted its holdings in Teck Resources by 175.3% during the third quarter. Shell Asset Management Co. now owns 152,720 shares of the basic materials company’s stock worth $3,239,000 after buying an additional 97,242 shares in the last quarter. Institutional investors and hedge funds own 45.80% of the company’s stock.
Shares of Teck Resources Ltd (NYSE TECK) traded up $0.01 during trading hours on Friday, hitting $21.22. 4,427,100 shares of the company’s stock were exchanged, compared to its average volume of 5,114,576. The firm has a market cap of $12,690.00, a price-to-earnings ratio of 5.76, a P/E/G ratio of 0.81 and a beta of 1.27. Teck Resources Ltd has a 52 week low of $14.56 and a 52 week high of $33.76. The company has a quick ratio of 1.42, a current ratio of 2.17 and a debt-to-equity ratio of 0.32.
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A number of analysts recently weighed in on TECK shares. Zacks Investment Research cut shares of Teck Resources from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Raymond James Financial, Inc. restated an “outperform” rating on shares of Teck Resources in a report on Tuesday, August 15th. MKM Partners restated a “buy” rating and set a $28.00 target price (up from $25.00) on shares of Teck Resources in a report on Thursday, August 24th. ValuEngine cut shares of Teck Resources from a “strong-buy” rating to a “buy” rating in a report on Wednesday, September 6th. Finally, BidaskClub cut shares of Teck Resources from a “strong-buy” rating to a “buy” rating in a report on Friday, September 15th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $31.14.
Teck Resources Company Profile
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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