Connor Clark & Lunn Investment Management Ltd. decreased its holdings in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 43.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 549,909 shares of the basic materials company's stock after selling 430,885 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.11% of Teck Resources worth $22,267,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in the business. Principal Financial Group Inc. lifted its position in Teck Resources by 21.7% in the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company's stock valued at $388,507,000 after purchasing an additional 1,326,241 shares during the period. Assetmark Inc. purchased a new position in shares of Teck Resources during the 3rd quarter worth approximately $954,000. Atria Investments Inc lifted its holdings in shares of Teck Resources by 18.3% in the 3rd quarter. Atria Investments Inc now owns 31,759 shares of the basic materials company's stock valued at $1,659,000 after buying an additional 4,914 shares during the period. Regal Partners Ltd boosted its stake in shares of Teck Resources by 1.4% in the third quarter. Regal Partners Ltd now owns 2,728,980 shares of the basic materials company's stock valued at $142,562,000 after buying an additional 38,949 shares in the last quarter. Finally, Metis Global Partners LLC grew its holdings in Teck Resources by 29.9% during the third quarter. Metis Global Partners LLC now owns 38,324 shares of the basic materials company's stock worth $2,002,000 after acquiring an additional 8,825 shares during the period. Institutional investors and hedge funds own 78.06% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on the company. National Bank Financial downgraded Teck Resources from an "outperform" rating to a "sector perform" rating in a report on Tuesday, December 10th. Raymond James lowered their target price on shares of Teck Resources from $75.00 to $70.00 and set an "outperform" rating on the stock in a research report on Wednesday, January 22nd. Bank of America lifted their price target on shares of Teck Resources from $62.00 to $64.00 and gave the company a "buy" rating in a research report on Monday, March 10th. Finally, JPMorgan Chase & Co. lowered their price target on Teck Resources from $55.00 to $51.00 and set an "overweight" rating on the stock in a report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $65.22.
Check Out Our Latest Stock Report on TECK
Teck Resources Price Performance
Shares of NYSE TECK traded up $0.65 during trading on Monday, reaching $42.77. The company had a trading volume of 2,573,348 shares, compared to its average volume of 3,114,152. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. Teck Resources Limited has a twelve month low of $36.54 and a twelve month high of $55.13. The stock has a 50-day moving average price of $41.70 and a two-hundred day moving average price of $44.93. The stock has a market capitalization of $21.24 billion, a PE ratio of 77.76 and a beta of 0.93.
Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its quarterly earnings data on Thursday, February 20th. The basic materials company reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.07. The firm had revenue of $1.99 billion during the quarter, compared to analysts' expectations of $2.58 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. As a group, sell-side analysts predict that Teck Resources Limited will post 1.53 earnings per share for the current year.
Teck Resources Cuts Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.0879 dividend. This represents a $0.35 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date of this dividend is Friday, March 14th. Teck Resources's dividend payout ratio is presently 61.82%.
Teck Resources Company 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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