Gemsstock Ltd. Cuts Position in Teck Resources Ltd $TECK

Gemsstock Ltd. reduced its position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 18.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 284,870 shares of the basic materials company’s stock after selling 64,100 shares during the period. Teck Resources comprises about 3.3% of Gemsstock Ltd.’s holdings, making the stock its 13th largest holding. Gemsstock Ltd.’s holdings in Teck Resources were worth $12,503,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of TECK. Principal Financial Group Inc. raised its holdings in shares of Teck Resources by 36.1% in the 3rd quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company’s stock valued at $740,604,000 after buying an additional 4,474,637 shares during the period. Norges Bank acquired a new position in Teck Resources in the 2nd quarter valued at about $437,657,000. Boston Partners increased its stake in Teck Resources by 1.2% during the second quarter. Boston Partners now owns 9,365,206 shares of the basic materials company’s stock worth $378,167,000 after purchasing an additional 113,431 shares during the period. Mackenzie Financial Corp lifted its position in shares of Teck Resources by 32.7% during the second quarter. Mackenzie Financial Corp now owns 7,989,715 shares of the basic materials company’s stock worth $323,311,000 after purchasing an additional 1,969,286 shares in the last quarter. Finally, Hancock Prospecting Pty Ltd lifted its position in shares of Teck Resources by 19.1% during the second quarter. Hancock Prospecting Pty Ltd now owns 7,695,949 shares of the basic materials company’s stock worth $310,762,000 after purchasing an additional 1,232,373 shares in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TECK. Raymond James Financial cut shares of Teck Resources from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 14th. Benchmark boosted their price target on shares of Teck Resources from $48.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday. National Bank Financial lowered Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 5th. UBS Group reiterated a “buy” rating on shares of Teck Resources in a research note on Tuesday, January 27th. Finally, Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $58.00.

Teck Resources Trading Down 0.8%

Shares of NYSE:TECK opened at $60.96 on Friday. Teck Resources Ltd has a 52 week low of $28.32 and a 52 week high of $62.41. The company’s 50 day moving average is $53.36 and its two-hundred day moving average is $44.80. The company has a market cap of $29.35 billion, a PE ratio of 30.18, a P/E/G ratio of 0.57 and a beta of 0.80. The company has a current ratio of 2.54, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, February 19th. The basic materials company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.39. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.28 billion. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. The company’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.45 earnings per share. Equities analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, March 13th. Teck Resources’s dividend payout ratio is currently 17.82%.

Teck Resources Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.