SYSTM Wealth Solutions LLC Reduces Position in Teck Resources Limited (NYSE:TECK)

SYSTM Wealth Solutions LLC decreased its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 52.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,220 shares of the basic materials company’s stock after selling 3,582 shares during the period. SYSTM Wealth Solutions LLC’s holdings in Teck Resources were worth $154,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Private Advisor Group LLC purchased a new position in Teck Resources in the 4th quarter valued at approximately $241,000. Jump Financial LLC purchased a new position in shares of Teck Resources in the fourth quarter valued at $524,000. Janney Montgomery Scott LLC raised its stake in shares of Teck Resources by 4.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 40,702 shares of the basic materials company’s stock valued at $1,721,000 after purchasing an additional 1,810 shares during the period. Norges Bank purchased a new stake in Teck Resources during the 4th quarter worth about $172,740,000. Finally, PNC Financial Services Group Inc. boosted its stake in Teck Resources by 8.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,357 shares of the basic materials company’s stock worth $480,000 after purchasing an additional 865 shares during the period. Institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Up 0.7 %

Shares of TECK opened at $47.10 on Thursday. Teck Resources Limited has a 1 year low of $34.38 and a 1 year high of $55.13. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77. The stock has a 50 day simple moving average of $46.90 and a two-hundred day simple moving average of $47.55. The firm has a market cap of $24.10 billion, a P/E ratio of 20.84 and a beta of 1.01.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.32. The company had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The firm’s revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.91 EPS. On average, analysts forecast that Teck Resources Limited will post 2.02 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.31%. The ex-dividend date is Friday, September 13th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is 16.37%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TECK. TD Securities upgraded shares of Teck Resources to a “strong-buy” rating in a research note on Tuesday, July 16th. JPMorgan Chase & Co. dropped their price objective on Teck Resources from $56.00 to $54.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Morgan Stanley upped their target price on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, June 21st. CIBC lifted their price target on Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a research report on Friday, July 12th. Finally, BMO Capital Markets started coverage on shares of Teck Resources in a research report on Monday, July 15th. They issued an “outperform” rating on the stock. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $65.00.

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.