Swedbank AB Decreases Stock Holdings in Teck Resources Ltd $TECK

Swedbank AB lessened its holdings in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 41.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,911,512 shares of the basic materials company’s stock after selling 1,331,488 shares during the period. Swedbank AB’s holdings in Teck Resources were worth $98,921,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TECK. Brown Brothers Harriman & Co. purchased a new stake in Teck Resources during the 4th quarter worth $25,000. Blue Trust Inc. lifted its stake in shares of Teck Resources by 411.8% during the first quarter. Blue Trust Inc. now owns 563 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 453 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new position in shares of Teck Resources during the fourth quarter worth about $103,000. Banque Cantonale Vaudoise boosted its position in shares of Teck Resources by 5,102.0% in the third quarter. Banque Cantonale Vaudoise now owns 2,549 shares of the basic materials company’s stock worth $112,000 after buying an additional 2,500 shares during the period. Finally, Danske Bank A S acquired a new stake in shares of Teck Resources in the third quarter valued at about $145,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Stock Performance

Teck Resources stock opened at $58.35 on Wednesday. Teck Resources Ltd has a 52 week low of $30.98 and a 52 week high of $71.25. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13. The stock has a market cap of $28.17 billion, a P/E ratio of 21.37, a price-to-earnings-growth ratio of 3.63 and a beta of 0.92. The stock has a 50 day moving average of $62.49 and a 200-day moving average of $56.56.

Teck Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Monday, June 15th. Teck Resources’s dividend payout ratio (DPR) is currently 13.19%.

Analysts Set New Price Targets

Several equities research analysts recently commented on TECK shares. Deutsche Bank Aktiengesellschaft raised their target price on Teck Resources from $64.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Zacks Research downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 22nd. Wall Street Zen upgraded shares of Teck Resources to a “buy” rating in a research note on Saturday, May 16th. JPMorgan Chase & Co. boosted their target price on shares of Teck Resources from $45.00 to $48.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Finally, Weiss Ratings upgraded shares of Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, April 24th. Five investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to data from MarketBeat, Teck Resources currently has a consensus rating of “Hold” and a consensus target price of $60.17.

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.