Teck Resources Limited (NYSE:TECK) Stake Lowered by TFG Asset Management GP Ltd

TFG Asset Management GP Ltd trimmed its holdings in Teck Resources Limited (NYSE:TECKFree Report) (TSE:TECK) by 25.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 20,537 shares of the basic materials company’s stock after selling 6,983 shares during the quarter. Teck Resources comprises about 0.2% of TFG Asset Management GP Ltd’s portfolio, making the stock its 22nd biggest holding. TFG Asset Management GP Ltd’s holdings in Teck Resources were worth $868,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wealthsource Partners LLC lifted its position in Teck Resources by 4.0% in the third quarter. Wealthsource Partners LLC now owns 7,747 shares of the basic materials company’s stock worth $334,000 after purchasing an additional 300 shares during the period. Cigna Investments Inc. New lifted its position in Teck Resources by 4.6% in the fourth quarter. Cigna Investments Inc. New now owns 8,800 shares of the basic materials company’s stock worth $374,000 after purchasing an additional 391 shares during the period. Optiver Holding B.V. lifted its position in Teck Resources by 81.9% in the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 438 shares during the period. Kestra Advisory Services LLC lifted its position in Teck Resources by 4.1% in the third quarter. Kestra Advisory Services LLC now owns 11,511 shares of the basic materials company’s stock worth $496,000 after purchasing an additional 455 shares during the period. Finally, First Horizon Advisors Inc. lifted its position in Teck Resources by 69.4% in the fourth quarter. First Horizon Advisors Inc. now owns 1,162 shares of the basic materials company’s stock worth $49,000 after purchasing an additional 476 shares during the period. 78.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on TECK shares. Benchmark increased their price objective on Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research report on Monday, April 8th. Morgan Stanley reiterated an “overweight” rating and set a $55.00 price objective on shares of Teck Resources in a research report on Thursday, April 11th. Finally, JPMorgan Chase & Co. increased their price objective on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Teck Resources currently has a consensus rating of “Moderate Buy” and an average target price of $57.86.

Read Our Latest Stock Analysis on TECK

Teck Resources Stock Down 0.2 %

Shares of TECK traded down $0.12 during mid-day trading on Wednesday, reaching $48.10. The company’s stock had a trading volume of 1,465,576 shares, compared to its average volume of 3,772,780. The business has a fifty day moving average of $49.70 and a 200 day moving average of $43.55. The company has a market cap of $24.60 billion, a price-to-earnings ratio of 21.34, a price-to-earnings-growth ratio of 10.95 and a beta of 1.08. Teck Resources Limited has a 1 year low of $34.38 and a 1 year high of $55.13. The company has a quick ratio of 0.86, a current ratio of 1.49 and a debt-to-equity ratio of 0.20.

Teck Resources (NYSE:TECKGet Free Report) (TSE:TECK) last posted its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.31). The firm had revenue of $2.96 billion for the quarter, compared to analyst estimates of $2.99 billion. Teck Resources had a return on equity of 7.52% and a net margin of 10.59%. As a group, analysts forecast that Teck Resources Limited will post 2.18 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 17th will be paid a $0.0911 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $0.36 dividend on an annualized basis and a yield of 0.76%. Teck Resources’s dividend payout ratio (DPR) is currently 16.37%.

About Teck Resources

(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.

See Also

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Institutional Ownership by Quarter for Teck Resources (NYSE:TECK)

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