BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 493,838 Shares of Teck Resources Limited (NYSE:TECK)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 76.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 148,102 shares of the basic materials company’s stock after selling 493,838 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Teck Resources were worth $7,735,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Principal Financial Group Inc. increased its stake in Teck Resources by 21.7% during the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after acquiring an additional 1,326,241 shares during the period. CIBC Asset Management Inc raised its stake in shares of Teck Resources by 2.6% in the third quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock valued at $341,337,000 after purchasing an additional 165,759 shares in the last quarter. Mackenzie Financial Corp lifted its position in Teck Resources by 10.3% in the second quarter. Mackenzie Financial Corp now owns 5,855,836 shares of the basic materials company’s stock worth $280,655,000 after purchasing an additional 546,801 shares during the period. TD Asset Management Inc boosted its stake in Teck Resources by 49.0% during the second quarter. TD Asset Management Inc now owns 4,950,816 shares of the basic materials company’s stock worth $237,202,000 after buying an additional 1,629,149 shares in the last quarter. Finally, Cibc World Market Inc. raised its stake in shares of Teck Resources by 26.1% in the 2nd quarter. Cibc World Market Inc. now owns 4,779,715 shares of the basic materials company’s stock valued at $228,948,000 after buying an additional 989,612 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Trading Up 1.0 %

TECK opened at $46.68 on Monday. Teck Resources Limited has a 1-year low of $36.50 and a 1-year high of $55.13. The firm has a 50-day moving average price of $48.77 and a two-hundred day moving average price of $48.38. The stock has a market capitalization of $23.91 billion, a PE ratio of 70.73 and a beta of 1.04. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The business had revenue of $2.86 billion during the quarter, compared to analyst estimates of $2.09 billion. During the same quarter last year, the business posted $0.57 earnings per share. Teck Resources’s revenue for the quarter was down 20.6% compared to the same quarter last year. As a group, equities analysts anticipate that Teck Resources Limited will post 1.82 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.0895 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.77%. The ex-dividend date of this dividend is Friday, December 13th. Teck Resources’s dividend payout ratio (DPR) is presently 56.06%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TECK. Scotiabank lifted their target price on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research report on Tuesday, October 8th. StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. JPMorgan Chase & Co. cut their target price on Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft cut Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a research report on Friday, October 25th. Finally, Citigroup upgraded shares of Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. Five equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $65.29.

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.