Ingalls & Snyder LLC Sells 5,350 Shares of Teck Resources Limited (NYSE:TECK)

Ingalls & Snyder LLC lowered its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 1.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 538,835 shares of the basic materials company’s stock after selling 5,350 shares during the quarter. Teck Resources makes up approximately 1.1% of Ingalls & Snyder LLC’s holdings, making the stock its 15th biggest holding. Ingalls & Snyder LLC owned about 0.11% of Teck Resources worth $28,149,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in TECK. TD Asset Management Inc boosted its stake in shares of Teck Resources by 49.0% in the 2nd quarter. TD Asset Management Inc now owns 4,950,816 shares of the basic materials company’s stock valued at $237,202,000 after purchasing an additional 1,629,149 shares during the last quarter. FMR LLC boosted its stake in shares of Teck Resources by 72.8% in the 3rd quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock valued at $189,848,000 after purchasing an additional 1,531,563 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Teck Resources by 21.7% in the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after purchasing an additional 1,326,241 shares during the last quarter. National Bank of Canada FI boosted its stake in shares of Teck Resources by 48.4% in the 2nd quarter. National Bank of Canada FI now owns 3,934,663 shares of the basic materials company’s stock valued at $188,111,000 after purchasing an additional 1,283,876 shares during the last quarter. Finally, Holocene Advisors LP boosted its stake in shares of Teck Resources by 152.7% in the 3rd quarter. Holocene Advisors LP now owns 2,070,377 shares of the basic materials company’s stock valued at $108,156,000 after purchasing an additional 1,251,203 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Up 0.2 %

Shares of NYSE:TECK traded up $0.11 during midday trading on Tuesday, hitting $46.24. The stock had a trading volume of 647,399 shares, compared to its average volume of 3,345,192. Teck Resources Limited has a 12 month low of $36.50 and a 12 month high of $55.13. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The business’s 50-day simple moving average is $48.71 and its 200-day simple moving average is $48.34. The company has a market cap of $23.69 billion, a P/E ratio of 69.88 and a beta of 1.03.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The business had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same period last year, the business earned $0.57 earnings per share. The firm’s revenue was down 20.6% on a year-over-year basis. On average, sell-side analysts forecast that Teck Resources Limited will post 1.82 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.0895 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.36 annualized dividend and a dividend yield of 0.77%. Teck Resources’s dividend payout ratio is presently 56.06%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Deutsche Bank Aktiengesellschaft lowered shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. in a research note on Friday, October 25th. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Scotiabank lifted their price objective on shares of Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, October 8th. Finally, UBS Group lowered shares of Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Five equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $65.29.

About Teck Resources

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.