Teck Resources Limited (NYSE:TECK) Sees Significant Decline in Short Interest

Teck Resources Limited (NYSE:TECK) (TSE:TECK) saw a significant decrease in short interest in the month of March. As of March 15th, there was short interest totalling 4,760,000 shares, a decrease of 43.0% from the February 29th total of 8,350,000 shares. Based on an average daily volume of 3,620,000 shares, the short-interest ratio is currently 1.3 days. Approximately 0.9% of the company’s stock are sold short.

Wall Street Analyst Weigh In

Several analysts recently weighed in on TECK shares. StockNews.com started coverage on Teck Resources in a research note on Monday, December 11th. They issued a “hold” rating on the stock. Morgan Stanley cut their price target on Teck Resources from $45.00 to $44.00 and set an “overweight” rating on the stock in a research note on Monday, February 26th. Benchmark restated a “buy” rating and issued a $50.00 price target on shares of Teck Resources in a research note on Monday, January 22nd. Finally, UBS Group initiated coverage on shares of Teck Resources in a report on Tuesday, January 16th. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $63.96.

Institutional Trading of Teck Resources

Hedge funds have recently bought and sold shares of the stock. Douglas Lane & Associates LLC raised its stake in Teck Resources by 54.3% during the fourth quarter. Douglas Lane & Associates LLC now owns 663,366 shares of the basic materials company’s stock valued at $28,040,000 after purchasing an additional 233,361 shares in the last quarter. Pantechnicon Advisors LLP raised its stake in Teck Resources by 40.1% during the third quarter. Pantechnicon Advisors LLP now owns 465,000 shares of the basic materials company’s stock valued at $20,037,000 after purchasing an additional 133,000 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in Teck Resources by 29.3% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,303,700 shares of the basic materials company’s stock valued at $56,372,000 after purchasing an additional 295,700 shares in the last quarter. Hsbc Holdings PLC raised its stake in Teck Resources by 7.1% during the third quarter. Hsbc Holdings PLC now owns 306,056 shares of the basic materials company’s stock valued at $13,181,000 after purchasing an additional 20,283 shares in the last quarter. Finally, Braun Stacey Associates Inc. raised its holdings in Teck Resources by 10.1% during the 3rd quarter. Braun Stacey Associates Inc. now owns 437,011 shares of the basic materials company’s stock valued at $18,831,000 after buying an additional 40,255 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Performance

NYSE TECK traded up $0.09 on Thursday, hitting $44.01. 650,506 shares of the company traded hands, compared to its average volume of 3,698,396. The business’s 50 day moving average price is $40.21 and its 200-day moving average price is $39.51. Teck Resources has a 52-week low of $34.38 and a 52-week high of $49.34. The company has a current ratio of 1.10, a quick ratio of 0.60 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $22.43 billion, a price-to-earnings ratio of 12.80, a P/E/G ratio of 5.19 and a beta of 1.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.01. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%. The firm had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3.11 billion. Equities analysts expect that Teck Resources will post 4.01 earnings per share for the current year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Stockholders of record on Friday, March 15th will be given a $0.0925 dividend. The ex-dividend date is Thursday, March 14th. This represents a $0.37 annualized dividend and a dividend yield of 0.84%. Teck Resources’s payout ratio is 10.79%.

About Teck Resources

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.