NewGen Asset Management Ltd Has $13.82 Million Position in Teck Resources Limited (NYSE:TECK)

NewGen Asset Management Ltd increased its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 125.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 327,000 shares of the basic materials company’s stock after purchasing an additional 182,000 shares during the quarter. Teck Resources accounts for approximately 7.1% of NewGen Asset Management Ltd’s investment portfolio, making the stock its 5th largest position. NewGen Asset Management Ltd owned 0.06% of Teck Resources worth $13,822,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wealthsource Partners LLC grew its position in Teck Resources by 4.0% during the 3rd quarter. Wealthsource Partners LLC now owns 7,747 shares of the basic materials company’s stock worth $334,000 after acquiring an additional 300 shares during the last quarter. Shell Asset Management Co. raised its holdings in Teck Resources by 2.9% in the 3rd quarter. Shell Asset Management Co. now owns 13,649 shares of the basic materials company’s stock valued at $590,000 after buying an additional 386 shares during the last quarter. Allworth Financial LP boosted its position in Teck Resources by 17.9% during the 3rd quarter. Allworth Financial LP now owns 2,558 shares of the basic materials company’s stock worth $110,000 after buying an additional 388 shares during the period. Cigna Investments Inc. New grew its holdings in Teck Resources by 4.6% during the 4th quarter. Cigna Investments Inc. New now owns 8,800 shares of the basic materials company’s stock worth $374,000 after acquiring an additional 391 shares during the last quarter. Finally, FDx Advisors Inc. increased its position in Teck Resources by 1.7% in the 3rd quarter. FDx Advisors Inc. now owns 24,223 shares of the basic materials company’s stock valued at $1,044,000 after acquiring an additional 396 shares during the period. Institutional investors own 78.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on TECK shares. Benchmark increased their price objective on Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a report on Monday, April 8th. UBS Group began coverage on Teck Resources in a research report on Tuesday, January 16th. They set a “buy” rating for the company. JPMorgan Chase & Co. upped their target price on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Finally, Morgan Stanley restated an “overweight” rating and set a $55.00 price target on shares of Teck Resources in a report on Thursday, April 11th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Teck Resources presently has an average rating of “Moderate Buy” and a consensus target price of $57.86.

Teck Resources Trading Up 1.7 %

Shares of TECK stock traded up $0.84 during trading hours on Friday, hitting $49.29. 2,689,323 shares of the company were exchanged, compared to its average volume of 4,653,079. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 1.49. Teck Resources Limited has a fifty-two week low of $34.38 and a fifty-two week high of $51.65. The company has a 50 day simple moving average of $45.01 and a two-hundred day simple moving average of $40.72. The firm has a market cap of $25.22 billion, a P/E ratio of 21.81, a P/E/G ratio of 8.92 and a beta of 1.12.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.01. The business had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $3.11 billion. Teck Resources had a net margin of 10.59% and a return on equity of 7.52%. Equities analysts anticipate that Teck Resources Limited will post 2.67 EPS for the current year.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 17th will be issued a $0.0911 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.74%. The ex-dividend date is Monday, June 17th. Teck Resources’s payout ratio is 16.37%.

Teck Resources Company 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.