Ervin Investment Management LLC Takes Position in Teck Resources Limited (NYSE:TECK)

Ervin Investment Management LLC bought a new stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 6,500 shares of the basic materials company’s stock, valued at approximately $298,000.

Other hedge funds have also modified their holdings of the company. Creekmur Asset Management LLC purchased a new stake in shares of Teck Resources during the fourth quarter valued at $35,000. Optiver Holding B.V. lifted its holdings in shares of Teck Resources by 81.9% during the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock valued at $41,000 after purchasing an additional 438 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Teck Resources by 69.4% during the fourth quarter. First Horizon Advisors Inc. now owns 1,162 shares of the basic materials company’s stock valued at $49,000 after purchasing an additional 476 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of Teck Resources by 187.3% during the fourth quarter. Blue Trust Inc. now owns 1,494 shares of the basic materials company’s stock valued at $64,000 after purchasing an additional 974 shares during the last quarter. Finally, Gold Investment Management Ltd. purchased a new stake in Teck Resources in the 4th quarter worth about $110,000. 78.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on TECK shares. Benchmark increased their price objective on Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Morgan Stanley increased their price objective on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, June 21st. Finally, JPMorgan Chase & Co. increased their price objective on Teck Resources from $44.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.57.

Teck Resources Stock Performance

Shares of TECK stock traded down $0.04 during mid-day trading on Thursday, reaching $48.20. The stock had a trading volume of 956,759 shares, compared to its average volume of 3,658,224. The company has a quick ratio of 0.86, a current ratio of 1.49 and a debt-to-equity ratio of 0.20. The firm has a market cap of $24.62 billion, a PE ratio of 21.35, a P/E/G ratio of 10.51 and a beta of 1.08. Teck Resources Limited has a one year low of $34.38 and a one year high of $55.13. The firm’s 50 day simple moving average is $49.70 and its 200 day simple moving average is $44.31.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, April 25th. The basic materials company reported $0.56 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.31). The company had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $2.99 billion. Teck Resources had a return on equity of 7.52% and a net margin of 10.59%. On average, analysts forecast that Teck Resources Limited will post 2.19 EPS for the current year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 17th will be issued a dividend of $0.0911 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.36 dividend on an annualized basis and a yield of 0.76%. Teck Resources’s dividend payout ratio is 15.93%.

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.