Iridian Asset Management LLC CT Cuts Stock Position in Teck Resources Limited (NYSE:TECK)

Iridian Asset Management LLC CT lowered its holdings in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 48.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,394 shares of the basic materials company's stock after selling 24,853 shares during the period. Iridian Asset Management LLC CT's holdings in Teck Resources were worth $1,070,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of TECK. AQR Capital Management LLC bought a new position in Teck Resources during the second quarter valued at approximately $213,000. Cetera Investment Advisers boosted its stake in shares of Teck Resources by 3.0% in the 2nd quarter. Cetera Investment Advisers now owns 38,099 shares of the basic materials company's stock worth $1,825,000 after buying an additional 1,127 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Teck Resources in the second quarter worth $540,000. AMF Tjanstepension AB increased its position in Teck Resources by 3.9% during the third quarter. AMF Tjanstepension AB now owns 4,552,507 shares of the basic materials company's stock valued at $238,055,000 after acquiring an additional 169,476 shares during the last quarter. Finally, Park Avenue Securities LLC lifted its holdings in Teck Resources by 8.7% in the third quarter. Park Avenue Securities LLC now owns 8,474 shares of the basic materials company's stock valued at $443,000 after acquiring an additional 680 shares during the period. Hedge funds and other institutional investors own 78.06% of the company's stock.

Teck Resources Price Performance

Teck Resources stock traded down $1.15 during mid-day trading on Tuesday, reaching $42.02. 1,905,606 shares of the company's stock traded hands, compared to its average volume of 2,832,684. Teck Resources Limited has a 12-month low of $36.50 and a 12-month high of $55.13. The company has a market cap of $20.96 billion, a price-to-earnings ratio of 63.71 and a beta of 1.02. The stock has a 50 day moving average of $42.43 and a two-hundred day moving average of $45.95. 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 Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were issued a dividend of $0.0895 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.36 annualized dividend and a yield of 0.85%. Teck Resources's payout ratio is presently 53.03%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on TECK shares. Raymond James reduced their price target on shares of Teck Resources from $75.00 to $70.00 and set an "outperform" rating for the company in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. dropped their price target on shares of Teck Resources from $55.00 to $51.00 and set an "overweight" rating on the stock in a research note on Thursday, January 16th. StockNews.com upgraded Teck Resources from a "sell" rating to a "hold" rating in a research note on Thursday, October 24th. UBS Group downgraded Teck Resources from a "buy" rating to a "neutral" rating in a research report on Monday, November 11th. Finally, National Bank Financial cut Teck Resources from an "outperform" rating to a "sector perform" rating in a research report on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $65.38.

About Teck Resources

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.