5 Best Stocks Under $50 To Buy Now

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

Number of Hedge Fund Holders: 75

Share Price as of November 28: $37.08

Teck Resources Ltd (USA) (NYSE:TCK) is a mining and mineral development company involved in the extraction and exploration of diverse 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) disclosed agreements to divest its complete 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 earmarked for bolstering the company’s balance sheet, returning cash to shareholders, and unlocking 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.