5 Cheap Value Stocks Hedge Funds are Buying in 2022

1. Teck Resources Limited (NYSE:TECK)

Number of Hedge Fund Holders: 56

P/E Ratio as of May 27: 7.26

Share Price as of May 27: $43.21

Teck Resources Limited (NYSE:TECK) is a Canadian company that explores and produces natural resources in Asia, Europe, and North America. The company offers steelmaking coal, copper, gold, blended bitumen, lead, silver, molybdenum, zinc, zinc concentrates, chemicals, and fertilizers. CIBC analyst Bryce Adams on May 2 raised the price target on Teck Resources Limited (NYSE:TECK) to C$52 from C$50 and kept a Neutral rating on the shares.

On April 27, Teck Resources Limited (NYSE:TECK) posted its Q1 results, reporting earnings per share of $2.31, beating analysts’ estimates by $0.06. The revenue grew about 90% year-over-year to $3.93 billion, ahead of Street forecasts by $16.10 million. The company also declared a per share quarterly dividend of C$0.125, payable on June 30 to shareholders of record as of June 15. 

According to Insider Monkey’s Q1 database, 56 hedge funds held long positions in Teck Resources Limited (NYSE:TECK), up from 40 funds in the earlier quarter. It is one of the most prominent cheap value plays that hedge funds are monitoring in 2022. Soroban Capital Partners held the biggest position in Teck Resources Limited (NYSE:TECK) as of Q1, comprising 12.25 million shares worth $495.16 million.

You can also take a look at 10 Growth ETFs to Buy Now and 10 Best Value ETFs to Invest in Now. 

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