Magnetar Financial LLC Has $36.49 Million Stock Position in Teck Resources Ltd $TECK

Magnetar Financial LLC boosted its holdings in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 756.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 831,314 shares of the basic materials company’s stock after buying an additional 734,221 shares during the period. Magnetar Financial LLC’s holdings in Teck Resources were worth $36,486,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of TECK. Versant Capital Management Inc bought a new stake in shares of Teck Resources in the third quarter valued at approximately $26,000. Smartleaf Asset Management LLC increased its position in Teck Resources by 72.4% during the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 351 shares during the period. SouthState Bank Corp bought a new position in Teck Resources during the third quarter worth $50,000. Tobam acquired a new position in Teck Resources during the 2nd quarter valued at $62,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Teck Resources by 43.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,741 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 524 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on TECK. Citigroup upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a research report on Monday, February 2nd. JPMorgan Chase & Co. upped their price objective on shares of Teck Resources from $43.00 to $51.00 and gave the company a “neutral” rating in a research report on Friday, December 5th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $46.00 target price on shares of Teck Resources in a research note on Wednesday, November 26th. UBS Group reissued a “buy” rating on shares of Teck Resources in a research report on Tuesday, January 27th. Finally, Veritas upgraded Teck Resources from a “strong sell” rating to a “strong-buy” rating in a research note on Thursday, January 15th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, Teck Resources has a consensus rating of “Hold” and an average target price of $57.00.

Teck Resources Stock Up 2.9%

Shares of TECK stock opened at $52.44 on Wednesday. Teck Resources Ltd has a one year low of $28.32 and a one year high of $62.41. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.54 and a quick ratio of 1.91. The stock has a fifty day moving average price of $54.60 and a 200 day moving average price of $46.22. The stock has a market cap of $25.24 billion, a P/E ratio of 25.96, a price-to-earnings-growth ratio of 3.11 and a beta of 0.77.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.39. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. The firm had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same quarter in the previous year, the firm posted $0.45 EPS. The business’s revenue for the quarter was up 9.8% on a year-over-year basis. Analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.50 dividend on an annualized basis and a yield of 1.0%. Teck Resources’s payout ratio is presently 17.82%.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.