5 Best Affordable Stocks To Buy

3. Teck Resources Ltd (USA) (NYSE:TECK)

Share Price as of January 19:

Number of Hedge Fund Holders: 75

Teck Resources Ltd (USA) (NYSE:TCK) is a mining and mineral development company engaged in the extraction and exploration of various minerals, including copper, coal, zinc, and oil. The company operates in Canada, Chile, Peru, and the US, organized into five distinct business segments: Steelmaking, Coal, Copper, Zinc, Energy, and Corporate.

On November 13, Teck Resources Ltd (USA) (NYSE:TCK) announced agreements to divest its entire interest in its steelmaking coal business, valuing it at $9.0 billion. The deal involves selling a 77% stake to Glencore plc for $6.9 billion in cash, along with a minority stake to Nippon Steel Corporation. The proceeds from this transaction are intended to strengthen the company’s balance sheet, return cash to shareholders, and unlock value from its copper growth portfolio.

As of Q3 2023, Teck Resources Ltd (USA) (NYSE:TCK) was held by 75 hedge funds, with the total shares valued at $2.7 billion. Eric Mandelblatt’s Soroban Capital Partners held the most shares with ownership of 10.1 million shares valued at $434 million.