Teck Resources Limited (NYSE:TECK) Position Cut by Gabelli Funds LLC

Gabelli Funds LLC trimmed its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 14.1% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 53,550 shares of the basic materials company’s stock after selling 8,800 shares during the quarter. Gabelli Funds LLC’s holdings in Teck Resources were worth $2,452,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. First Hawaiian Bank raised its stake in shares of Teck Resources by 6.0% during the first quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock valued at $254,000 after purchasing an additional 313 shares in the last quarter. Verdence Capital Advisors LLC raised its stake in shares of Teck Resources by 3.3% during the first quarter. Verdence Capital Advisors LLC now owns 10,981 shares of the basic materials company’s stock valued at $503,000 after purchasing an additional 353 shares in the last quarter. Hexagon Capital Partners LLC raised its stake in shares of Teck Resources by 143.0% during the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 386 shares in the last quarter. Cigna Investments Inc. New raised 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 purchasing an additional 391 shares in the last quarter. Finally, Optiver Holding B.V. raised its stake in shares of Teck Resources by 81.9% during the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock valued at $41,000 after purchasing an additional 438 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors.

Teck Resources Trading Up 3.8 %

TECK traded up $1.75 during trading on Friday, reaching $47.45. The company had a trading volume of 8,553,777 shares, compared to its average volume of 3,163,340. The firm’s 50-day simple moving average is $49.07 and its 200 day simple moving average is $45.37. The company has a market cap of $24.24 billion, a price-to-earnings ratio of 21.00, a PEG ratio of 10.93 and a beta of 1.05. Teck Resources Limited has a 12-month low of $34.38 and a 12-month high of $55.13. 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 (NYSE:TECK) (TSE:TECK) last released its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.32. Teck Resources had a return on equity of 6.61% and a net margin of 9.40%. The company had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter in the previous year, the business posted $0.91 EPS. The business’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 2.03 earnings per share for the current year.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a yield of 5.27%. The ex-dividend date is Friday, September 13th. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is 16.37%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. TD Securities raised Teck Resources to a “strong-buy” rating in a report on Tuesday, July 16th. Morgan Stanley lifted their target price on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, June 21st. Benchmark reaffirmed a “buy” rating and set a $55.00 target price on shares of Teck Resources in a report on Thursday. JPMorgan Chase & Co. lowered their target price on Teck Resources from $56.00 to $54.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, BMO Capital Markets assumed coverage on Teck Resources in a report on Monday, July 15th. They set an “outperform” rating on the stock. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $63.50.

Teck Resources Company 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.