Clearbridge Investments LLC trimmed its stake in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 5.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,238,569 shares of the basic materials company's stock after selling 132,624 shares during the quarter. Clearbridge Investments LLC owned 0.45% of Teck Resources worth $90,729,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also made changes to their positions in TECK. Stonebridge Financial Group LLC purchased a new position in Teck Resources in the fourth quarter valued at about $25,000. FPC Investment Advisory Inc. acquired a new stake in shares of Teck Resources during the 4th quarter valued at about $27,000. Global Trust Asset Management LLC bought a new stake in shares of Teck Resources in the 4th quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB acquired a new position in Teck Resources in the third quarter worth approximately $40,000. Finally, Community Bank N.A. bought a new position in Teck Resources during the fourth quarter valued at approximately $33,000. 78.06% of the stock is owned by hedge funds and other institutional investors.
Teck Resources Stock Performance
Shares of TECK stock traded down $4.11 during trading hours on Friday, reaching $29.97. 8,955,755 shares of the company's stock were exchanged, compared to its average volume of 3,162,983. The business has a fifty day moving average price of $40.72 and a 200-day moving average price of $44.25. The stock has a market capitalization of $14.83 billion, a P/E ratio of 54.48 and a beta of 0.81. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. Teck Resources Limited has a fifty-two week low of $29.26 and a fifty-two week high of $55.13.
Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.07. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The firm had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $2.58 billion. Analysts predict that Teck Resources Limited will post 1.53 EPS for the current fiscal year.
Teck Resources Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $0.0879 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.35 annualized dividend and a yield of 1.17%. Teck Resources's dividend payout ratio is 61.82%.
Wall Street Analysts Forecast Growth
Several analysts have commented on TECK shares. Bank of America boosted their target price on shares of Teck Resources from $62.00 to $64.00 and gave the stock a "buy" rating in a research report on Monday, March 10th. JPMorgan Chase & Co. decreased their price objective on shares of Teck Resources from $55.00 to $51.00 and set an "overweight" rating for the company in a report on Thursday, January 16th. Desjardins started coverage on Teck Resources in a report on Friday. They set a "buy" rating on the stock. Raymond James reduced their price target on Teck Resources from $75.00 to $70.00 and set an "outperform" rating for the company in a research report on Wednesday, January 22nd. Finally, National Bank Financial lowered Teck Resources from an "outperform" rating to a "sector perform" rating in a report on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $65.22.
Get Our Latest Analysis on TECK
Teck Resources Profile
(
Free Report)
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.
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