Teck Resources Limited (NYSE:TECK) Shares Sold by Toronto Dominion Bank

Toronto Dominion Bank cut its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 84.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 282,250 shares of the basic materials company’s stock after selling 1,515,696 shares during the period. Toronto Dominion Bank owned about 0.06% of Teck Resources worth $12,921,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of TECK. Pacer Advisors Inc. acquired a new position in Teck Resources in the fourth quarter worth about $182,000. Schechter Investment Advisors LLC increased its stake in shares of Teck Resources by 17.7% during the fourth quarter. Schechter Investment Advisors LLC now owns 11,113 shares of the basic materials company’s stock valued at $470,000 after acquiring an additional 1,670 shares during the period. Clear Harbor Asset Management LLC acquired a new position in shares of Teck Resources during the fourth quarter valued at approximately $226,000. Blue Trust Inc. increased its stake in shares of Teck Resources by 187.3% during the fourth quarter. Blue Trust Inc. now owns 1,494 shares of the basic materials company’s stock valued at $64,000 after acquiring an additional 974 shares during the period. Finally, Cigna Investments Inc. New increased its stake in shares of Teck Resources by 4.6% during the fourth quarter. Cigna Investments Inc. New now owns 8,800 shares of the basic materials company’s stock valued at $374,000 after acquiring an additional 391 shares during the period. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. TD Securities upgraded shares of Teck Resources to a “strong-buy” rating in a research report on Tuesday, July 16th. JPMorgan Chase & Co. decreased their target price on shares of Teck Resources from $56.00 to $54.00 and set an “overweight” rating for the company in a research note on Thursday. Benchmark reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Teck Resources in a research note on Thursday. CIBC lifted their price objective on shares of Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a research note on Friday, July 12th. Finally, Morgan Stanley boosted their target price on shares of Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, June 21st. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $63.50.

Teck Resources Stock Performance

Shares of TECK traded up $1.75 during trading hours on Friday, reaching $47.45. 8,427,839 shares of the company traded hands, compared to its average volume of 3,652,165. The stock’s fifty day moving average is $49.20 and its 200 day moving average is $45.32. The stock has a market cap of $24.24 billion, a P/E ratio of 21.12, a price-to-earnings-growth ratio of 10.40 and a beta of 1.05. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 1.49. Teck Resources Limited has a 1-year low of $34.38 and a 1-year high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.32. Teck Resources had a net margin of 9.40% and a return on equity of 6.61%. The business had revenue of $3.87 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same quarter in the prior year, the business earned $0.91 earnings per share. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. Equities research analysts anticipate that Teck Resources Limited will post 2.1 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 Friday, September 27th. Investors of record on Friday, September 13th will be given a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 5.27%. The ex-dividend date of this dividend is Friday, September 13th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio is 16.37%.

Teck Resources Profile

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.