TD Waterhouse Canada Inc. Sells 176,977 Shares of Teck Resources Ltd $TECK

TD Waterhouse Canada Inc. lowered its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 6.6% in the third quarter, Holdings Channel.com reports. The institutional investor owned 2,498,130 shares of the basic materials company’s stock after selling 176,977 shares during the period. TD Waterhouse Canada Inc.’s holdings in Teck Resources were worth $164,626,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of TECK. Principal Financial Group Inc. lifted its position in shares of Teck Resources by 17.1% during the 1st quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company’s stock worth $1,139,051,000 after buying an additional 3,211,985 shares during the last quarter. HBK Investments L P grew its position in Teck Resources by 264.2% in the second quarter. HBK Investments L P now owns 5,773,121 shares of the basic materials company’s stock valued at $343,270,000 after acquiring an additional 4,188,029 shares during the last quarter. Temasek Holdings Private Ltd grew its position in Teck Resources by 7.1% in the first quarter. Temasek Holdings Private Ltd now owns 5,685,453 shares of the basic materials company’s stock valued at $294,015,000 after acquiring an additional 378,069 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Teck Resources by 48.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 5,270,386 shares of the basic materials company’s stock valued at $272,955,000 after acquiring an additional 1,720,066 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Teck Resources by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 5,185,349 shares of the basic materials company’s stock worth $268,261,000 after acquiring an additional 28,531 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors.

Teck Resources Price Performance

Shares of NYSE TECK traded down $1.15 during mid-day trading on Friday, hitting $64.59. 2,049,286 shares of the stock traded hands, compared to its average volume of 2,575,990. The company has a market cap of $31.21 billion, a PE ratio of 17.51, a price-to-earnings-growth ratio of 2.11 and a beta of 1.01. Teck Resources Ltd has a twelve month low of $38.00 and a twelve month high of $72.56. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.12 and a quick ratio of 2.33. The firm has a 50 day simple moving average of $66.93 and a two-hundred day simple moving average of $62.68.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.40. Teck Resources had a return on equity of 10.42% and a net margin of 17.85%. The business had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The business’s revenue for the quarter was up 78.2% compared to the same quarter last year. As a group, equities research analysts forecast that Teck Resources Ltd will post 4.28 EPS for the current fiscal year.

Teck Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th were paid a dividend of C$0.12 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, September 15th. Teck Resources’s dividend payout ratio (DPR) is presently 9.76%.

Analysts Set New Price Targets

TECK has been the subject of a number of research reports. JPMorgan Chase & Co. increased their target price on shares of Teck Resources from $46.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, July 28th. Wall Street Zen downgraded shares of Teck Resources from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 26th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Teck Resources from $64.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Weiss Ratings upgraded shares of Teck Resources from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Finally, Raymond James Financial upgraded shares of Teck Resources from a “market perform” rating to an “outperform” rating in a research report on Thursday, July 23rd. Six investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Teck Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.25.

About Teck Resources

Teck Resources Limited is a Canadian mining and metals company headquartered in Vancouver, British Columbia. The company focuses primarily on the exploration, development and production of copper and zinc, which are used in construction, infrastructure, manufacturing and the global energy transition.

Teck’s copper operations include the Highland Valley Copper mine in British Columbia, the Carmen de Andacollo mine in Chile and the Quebrada Blanca operation in northern Chile. Its zinc business includes the Red Dog mine in Alaska, one of the world’s significant zinc-producing operations.