Scotia Capital Inc. Has $14.34 Million Stock Position in Teck Resources Limited (NYSE:TECK)

Scotia Capital Inc. cut its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 1.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 354,132 shares of the basic materials company’s stock after selling 4,583 shares during the period. Scotia Capital Inc. owned approximately 0.07% of Teck Resources worth $14,339,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Teck Resources by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 19,316,132 shares of the basic materials company’s stock worth $783,153,000 after purchasing an additional 58,985 shares in the last quarter. Amundi boosted its stake in shares of Teck Resources by 5.6% in the fourth quarter. Amundi now owns 14,949,233 shares of the basic materials company’s stock valued at $619,765,000 after buying an additional 791,725 shares during the period. Norges Bank acquired a new stake in Teck Resources during the fourth quarter worth approximately $470,101,000. Invesco Ltd. raised its holdings in Teck Resources by 4.7% in the 4th quarter. Invesco Ltd. now owns 7,711,727 shares of the basic materials company’s stock valued at $312,556,000 after acquiring an additional 347,235 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Teck Resources by 21.7% during 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 acquiring an additional 1,326,241 shares during the period. 78.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TECK. Raymond James dropped their price target on Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, January 22nd. Bank of America boosted their target price on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, March 10th. JPMorgan Chase & Co. reduced their price target on shares of Teck Resources from $50.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday. Desjardins initiated coverage on shares of Teck Resources in a research note on Friday, April 4th. They issued a “buy” rating on the stock. Finally, National Bankshares restated a “sector perform” rating on shares of Teck Resources in a research note on Wednesday, April 2nd. Seven investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.11.

Teck Resources Stock Performance

Shares of TECK stock opened at $31.55 on Friday. The firm has a market capitalization of $15.61 billion, a price-to-earnings ratio of 57.36 and a beta of 0.81. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The business’s 50-day moving average price is $39.52 and its 200-day moving average price is $43.53. Teck Resources Limited has a 12 month low of $28.32 and a 12 month high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, February 20th. The basic materials company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.26 by $0.07. The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2.58 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. Equities research analysts forecast that Teck Resources Limited will post 1.53 EPS for the current year.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.0879 per share. This represents a $0.35 annualized dividend and a yield of 1.11%. The ex-dividend date of this dividend was Friday, March 14th. Teck Resources’s dividend payout ratio is currently 61.82%.

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.