1832 Asset Management L.P. Trims Holdings in Teck Resources Limited (NYSE:TECK)

1832 Asset Management L.P. lowered its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 15.8% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 882,012 shares of the basic materials company’s stock after selling 164,902 shares during the period. 1832 Asset Management L.P. owned approximately 0.17% of Teck Resources worth $42,248,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. FIL Ltd lifted its stake in Teck Resources by 98.8% during the fourth quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock worth $504,588,000 after purchasing an additional 5,933,226 shares in the last quarter. AMF Tjanstepension AB lifted its stake in Teck Resources by 846.6% during the 2nd quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company’s stock worth $210,034,000 after acquiring an additional 3,919,984 shares in the last quarter. Asia Research & Capital Management Ltd purchased a new position in Teck Resources during the 1st quarter valued at about $158,976,000. Principal Financial Group Inc. grew its position in Teck Resources by 115.4% in the 1st quarter. Principal Financial Group Inc. now owns 5,687,670 shares of the basic materials company’s stock valued at $260,584,000 after acquiring an additional 3,047,570 shares in the last quarter. Finally, Castle Hook Partners LP purchased a new stake in Teck Resources during the first quarter worth about $90,980,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Stock Down 0.1 %

Teck Resources stock opened at $48.91 on Monday. The stock’s fifty day moving average is $46.85 and its two-hundred day moving average is $47.75. The stock has a market cap of $25.02 billion, a PE ratio of 21.64 and a beta of 1.01. 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.

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

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 5.11%. The ex-dividend date is Friday, September 13th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is currently 16.37%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Teck Resources from $56.00 to $54.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Benchmark reissued a “buy” rating and issued a $55.00 price target on shares of Teck Resources in a research report on Thursday, July 25th. BMO Capital Markets initiated coverage on Teck Resources in a research report on Monday, July 15th. They set an “outperform” rating on the stock. TD Securities upgraded Teck Resources to a “strong-buy” rating in a report on Tuesday, July 16th. Finally, Paradigm Capital upgraded Teck Resources to a “moderate buy” rating in a report on Friday, July 26th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.