Letko Brosseau & Associates Inc. Lowers Stock Holdings in Teck Resources Ltd $TECK

Letko Brosseau & Associates Inc. decreased its holdings in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 0.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,450,103 shares of the basic materials company’s stock after selling 11,610 shares during the quarter. Letko Brosseau & Associates Inc.’s holdings in Teck Resources were worth $58,525,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in Teck Resources by 1.1% during the first quarter. Vanguard Group Inc. now owns 19,531,542 shares of the basic materials company’s stock worth $711,475,000 after purchasing an additional 215,410 shares during the period. Boston Partners boosted its holdings in Teck Resources by 1.1% in the second quarter. Boston Partners now owns 9,352,218 shares of the basic materials company’s stock valued at $377,643,000 after acquiring an additional 100,443 shares during the last quarter. TD Asset Management Inc increased its stake in Teck Resources by 0.4% during the second quarter. TD Asset Management Inc now owns 6,032,354 shares of the basic materials company’s stock worth $243,460,000 after acquiring an additional 25,489 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of Teck Resources by 2.3% in the 1st quarter. Mackenzie Financial Corp now owns 6,020,429 shares of the basic materials company’s stock worth $219,297,000 after purchasing an additional 137,886 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of Teck Resources by 19.5% in the 1st quarter. Alliancebernstein L.P. now owns 4,189,902 shares of the basic materials company’s stock valued at $152,638,000 after purchasing an additional 683,836 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Royal Bank Of Canada reduced their price target on shares of Teck Resources from $82.00 to $67.00 and set an “outperform” rating on the stock in a research report on Friday, July 25th. Deutsche Bank Aktiengesellschaft raised shares of Teck Resources from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a research report on Monday, September 8th. CIBC cut Teck Resources from a “sector outperform” rating to a “neutral” rating in a research note on Friday, July 25th. Weiss Ratings upgraded Teck Resources from a “sell (d+)” rating to a “hold (c)” rating in a report on Friday, October 24th. Finally, Wall Street Zen upgraded Teck Resources from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $54.00.

Teck Resources Stock Performance

Shares of Teck Resources stock opened at $41.12 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.08 and a current ratio of 2.78. Teck Resources Ltd has a 1 year low of $28.32 and a 1 year high of $48.47. The firm’s 50-day simple moving average is $41.98 and its 200-day simple moving average is $38.15. The firm has a market cap of $19.76 billion, a PE ratio of 23.10, a price-to-earnings-growth ratio of 0.74 and a beta of 0.90.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Wednesday, October 22nd. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.16. The firm had revenue of $2.43 billion for the quarter, compared to analysts’ expectations of $2.93 billion. Teck Resources had a return on equity of 4.14% and a net margin of 11.93%.Teck Resources’s revenue for the quarter was up 18.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.60 earnings per share. Equities analysts forecast that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Monday, December 15th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is 19.66%.

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.