Legal & General Group Plc Sells 1,030,543 Shares of Teck Resources Limited (NYSE:TECK)

Legal & General Group Plc lessened its holdings in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 26.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,884,654 shares of the basic materials company's stock after selling 1,030,543 shares during the quarter. Legal & General Group Plc owned 0.58% of Teck Resources worth $116,895,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. PNC Financial Services Group Inc. grew its position in Teck Resources by 2.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the basic materials company's stock valued at $471,000 after acquiring an additional 243 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Teck Resources by 2.9% in the fourth quarter. Sequoia Financial Advisors LLC now owns 9,809 shares of the basic materials company's stock valued at $398,000 after buying an additional 279 shares during the period. Steward Partners Investment Advisory LLC lifted its position in shares of Teck Resources by 6.5% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,844 shares of the basic materials company's stock worth $196,000 after purchasing an additional 297 shares during the period. Commonwealth Equity Services LLC boosted its position in Teck Resources by 2.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 13,959 shares of the basic materials company's stock valued at $566,000 after acquiring an additional 302 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its holdings in Teck Resources by 7.2% during the 4th quarter. Exchange Traded Concepts LLC now owns 4,897 shares of the basic materials company's stock worth $198,000 after acquiring an additional 327 shares during the period. 78.06% of the stock is owned by institutional investors.

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Teck Resources Stock Performance

NYSE:TECK traded up $0.05 on Tuesday, reaching $33.78. 1,168,924 shares of the company's stock were exchanged, compared to its average volume of 3,191,476. The stock has a fifty day simple moving average of $39.18 and a 200-day simple moving average of $43.22. Teck Resources Limited has a 52 week low of $28.32 and a 52 week high of $55.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The firm has a market cap of $16.72 billion, a price-to-earnings ratio of 61.40 and a beta of 0.81.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings data on Thursday, February 20th. The basic materials company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.26 by $0.07. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The company had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $2.58 billion. 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 business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.04%. Teck Resources's payout ratio is 61.82%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on TECK shares. National Bankshares restated a "sector perform" rating on shares of Teck Resources in a research report on Wednesday, April 2nd. Desjardins assumed coverage on shares of Teck Resources in a research note on Friday, April 4th. They issued a "buy" rating for the company. Raymond James cut 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 note on Wednesday, January 22nd. JPMorgan Chase & Co. reduced their price target on shares of Teck Resources from $50.00 to $41.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Finally, Bank of America upped their price objective on shares of Teck Resources from $62.00 to $64.00 and gave the company a "buy" rating in a report on Monday, March 10th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $64.11.

Teck Resources Profile

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.