New Vernon Investment Management LLC Cuts Stock Position in Teck Resources Limited (NYSE:TECK)

New Vernon Investment Management LLC reduced its stake in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 39.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,735 shares of the basic materials company's stock after selling 7,565 shares during the period. Teck Resources accounts for 0.3% of New Vernon Investment Management LLC's portfolio, making the stock its 28th biggest holding. New Vernon Investment Management LLC's holdings in Teck Resources were worth $476,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. PNC Financial Services Group Inc. grew its stake in shares of Teck Resources by 2.1% during the 4th 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 period. Sequoia Financial Advisors LLC boosted its stake in Teck Resources by 2.9% in the 4th quarter. Sequoia Financial Advisors LLC now owns 9,809 shares of the basic materials company's stock worth $398,000 after purchasing an additional 279 shares during the period. Steward Partners Investment Advisory LLC boosted its stake in 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 stake in Teck Resources by 2.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 13,959 shares of the basic materials company's stock worth $566,000 after purchasing an additional 302 shares during the period. Finally, Exchange Traded Concepts LLC boosted its stake in Teck Resources by 7.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 4,897 shares of the basic materials company's stock worth $198,000 after purchasing an additional 327 shares during the period. 78.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on TECK shares. UBS Group restated a "neutral" rating on shares of Teck Resources in a research note on Tuesday, April 15th. Desjardins started coverage on Teck Resources in a research note on Friday, April 4th. They issued a "buy" rating for the company. Raymond James dropped their price target on Teck Resources from $75.00 to $70.00 and set an "outperform" rating for the company in a research note on Wednesday, January 22nd. Veritas upgraded Teck Resources to a "hold" rating in a research note on Friday, April 11th. Finally, National Bank Financial upgraded Teck Resources from a "hold" rating to a "strong-buy" rating in a research report on Thursday. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $64.11.

Teck Resources Trading Down 0.5 %

NYSE:TECK traded down $0.18 during midday trading on Monday, hitting $35.40. 2,031,954 shares of the company traded hands, compared to its average volume of 3,137,190. The firm has a market capitalization of $17.44 billion, a P/E ratio of 64.36 and a beta of 0.81. 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 12-month low of $28.32 and a 12-month high of $55.13. The firm's fifty day moving average is $37.41 and its 200-day moving average is $42.04.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.24 by $0.18. The firm had revenue of $1.60 billion for the quarter, compared to analyst estimates of $2.19 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The business's revenue for the quarter was up 41.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.75 earnings per share. On average, sell-side analysts predict that Teck Resources Limited will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a dividend of $0.0901 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.36 annualized dividend and a dividend yield of 1.02%. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's dividend payout ratio (DPR) is currently 61.82%.

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.