Phoenix Financial Ltd. Lowers Stock Position in Teck Resources Limited (NYSE:TECK)

Phoenix Financial Ltd. reduced its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 0.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 940,996 shares of the basic materials company’s stock after selling 7,485 shares during the quarter. Phoenix Financial Ltd. owned about 0.19% of Teck Resources worth $38,218,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Teck Resources in the 4th quarter valued at about $470,101,000. Swedbank AB acquired a new position in shares of Teck Resources during the 4th quarter valued at $103,878,000. Arrowstreet Capital Limited Partnership purchased a new stake in Teck Resources during the 4th quarter worth $65,197,000. AMF Tjanstepension AB increased its holdings in Teck Resources by 32.2% in the 4th quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company’s stock valued at $244,252,000 after purchasing an additional 1,467,516 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Teck Resources by 21.7% in the third 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 period. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Trading Up 15.2 %

NYSE:TECK opened at $33.47 on Thursday. The stock has a market cap of $16.56 billion, a price-to-earnings ratio of 60.86 and a beta of 0.81. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. Teck Resources Limited has a 1 year low of $28.32 and a 1 year high of $55.13. The business has a fifty day moving average of $39.69 and a 200-day moving average of $43.67.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.07. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The firm had revenue of $1.99 billion during the quarter, compared to analyst estimates of $2.58 billion. Equities analysts predict that Teck Resources Limited will post 1.53 earnings per share for the current year.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.0879 per share. The ex-dividend date was Friday, March 14th. This represents a $0.35 annualized dividend and a yield of 1.05%. Teck Resources’s payout ratio is 61.82%.

Wall Street Analysts Forecast Growth

TECK has been the topic of several analyst reports. Bank of America raised 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. National Bankshares reaffirmed a “sector perform” rating on shares of Teck Resources in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. reduced their price target on Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. Raymond James dropped their price objective on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. Finally, Desjardins assumed coverage on Teck Resources in a research note on Friday, April 4th. They set a “buy” rating for the company. Seven 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 stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $65.22.

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.