Teck Resources Limited (NYSE:TECK) Shares Sold by 1832 Asset Management L.P.

1832 Asset Management L.P. decreased its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 15.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 882,012 shares of the basic materials company’s stock after selling 164,902 shares during the period. 1832 Asset Management L.P.’s holdings in Teck Resources were worth $42,248,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its holdings in shares of Teck Resources by 37.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,935,979 shares of the basic materials company’s stock valued at $81,966,000 after acquiring an additional 526,611 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in Teck Resources during the 1st quarter worth $485,000. Vanguard Group Inc. increased its stake in Teck Resources by 1.8% in the first quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock valued at $765,493,000 after purchasing an additional 290,034 shares during the period. Country Club Bank purchased a new stake in shares of Teck Resources in the second quarter valued at about $1,747,000. Finally, FIL Ltd raised its holdings in shares of Teck Resources by 98.8% in the fourth quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock valued at $504,588,000 after buying an additional 5,933,226 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

TECK has been the topic of a number of research reports. CIBC raised their price target on Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a report on Friday, July 12th. StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, September 17th. Morgan Stanley upped their price target on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, June 21st. TD Securities upgraded shares of Teck Resources to a “strong-buy” rating in a research report on Tuesday, July 16th. Finally, UBS Group raised shares of Teck Resources from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $76.00 to $78.00 in a research note on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $65.00.

Teck Resources Price Performance

Teck Resources stock opened at $48.91 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48. Teck Resources Limited has a one year low of $34.38 and a one year high of $55.13. The company has a market cap of $25.02 billion, a P/E ratio of 21.64 and a beta of 1.01. The business has a fifty day moving average of $46.85 and a two-hundred day moving average of $47.75.

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 the consensus estimate of $0.47 by $0.32. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The firm had revenue of $3.87 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter last year, the business earned $0.91 earnings per share. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. As a group, analysts predict that Teck Resources Limited will post 2.02 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a $0.625 dividend. The ex-dividend date is Friday, September 13th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.11%. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio is currently 16.37%.

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.