Phoenix Financial Ltd. Cuts Stock Holdings in Teck Resources Limited (NYSE:TECK)

Phoenix Financial Ltd. lowered its position in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 0.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 940,996 shares of the basic materials company's stock after selling 7,485 shares during the quarter. Phoenix Financial Ltd. owned approximately 0.19% of Teck Resources worth $38,218,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TECK. Principal Financial Group Inc. boosted its stake in Teck Resources by 21.7% during the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company's stock worth $388,507,000 after purchasing an additional 1,326,241 shares during the last quarter. Quantinno Capital Management LP boosted its position in Teck Resources by 47.2% during the third quarter. Quantinno Capital Management LP now owns 15,634 shares of the basic materials company's stock worth $817,000 after acquiring an additional 5,011 shares during the last quarter. Stifel Financial Corp grew its stake in Teck Resources by 9.9% during the 3rd quarter. Stifel Financial Corp now owns 205,325 shares of the basic materials company's stock valued at $10,726,000 after acquiring an additional 18,433 shares in the last quarter. State Street Corp acquired a new stake in Teck Resources in the 3rd quarter valued at about $2,500,000. Finally, Wellington Management Group LLP lifted its stake in Teck Resources by 70.1% in the 3rd quarter. Wellington Management Group LLP now owns 104,301 shares of the basic materials company's stock worth $5,452,000 after purchasing an additional 42,982 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company's stock.

Remove Ads

Teck Resources Trading Up 0.4 %

Shares of NYSE:TECK traded up $0.13 during mid-day trading on Tuesday, reaching $33.86. 768,443 shares of the company were exchanged, compared to its average volume of 3,189,697. Teck Resources Limited has a 1 year low of $28.32 and a 1 year 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's 50-day simple moving average is $39.18 and its 200 day simple moving average is $43.22. The firm has a market cap of $16.76 billion, a price-to-earnings ratio of 61.56 and a beta of 0.81.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings results 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. The business had revenue of $1.99 billion during the quarter, compared to analyst estimates of $2.58 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. Equities research analysts forecast that Teck Resources Limited will post 1.53 EPS for the current year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a dividend of $0.0879 per share. The ex-dividend date was Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a yield of 1.04%. Teck Resources's dividend payout ratio (DPR) is presently 61.82%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on TECK. JPMorgan Chase & Co. dropped their price target on Teck Resources from $50.00 to $41.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Bank of America upped their target price on Teck Resources from $62.00 to $64.00 and gave the company a "buy" rating in a report on Monday, March 10th. Veritas upgraded Teck Resources to a "hold" rating in a report on Friday. Raymond James dropped their price objective on shares of Teck Resources from $75.00 to $70.00 and set an "outperform" rating for the company in a report on Wednesday, January 22nd. Finally, UBS Group reaffirmed a "neutral" rating on shares of Teck Resources in a research note on Tuesday. 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. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $64.11.

Teck Resources Company 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.