Teck Resources Limited (NYSE:TECK) Shares Sold by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 74.0% in the 2nd quarter, Holdings Channel reports. The firm owned 641,940 shares of the basic materials company’s stock after selling 1,825,381 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Teck Resources were worth $30,767,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in TECK. Hexagon Capital Partners LLC boosted its position in Teck Resources by 143.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after buying an additional 386 shares during the last quarter. Creekmur Asset Management LLC purchased a new position in Teck Resources in the 4th quarter valued at about $35,000. Headlands Technologies LLC purchased a new position in Teck Resources in the 2nd quarter valued at about $38,000. Optiver Holding B.V. boosted its position in Teck Resources by 81.9% in the 4th quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock valued at $41,000 after buying an additional 438 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in Teck Resources by 583.1% in the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after buying an additional 898 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on TECK shares. Paradigm Capital raised shares of Teck Resources to a “moderate buy” rating in a research report on Friday, July 26th. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, September 17th. CIBC increased their price target on shares of Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research report on Friday, July 12th. Morgan Stanley increased their price target 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. Finally, TD Securities raised shares of Teck Resources to a “strong-buy” rating in a research report on Tuesday, July 16th. Three equities research 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 MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $65.00.

Teck Resources Stock Performance

Shares of NYSE TECK opened at $49.09 on Tuesday. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. The firm’s 50-day moving average price is $46.83 and its two-hundred day moving average price is $47.81. Teck Resources Limited has a 52-week low of $34.38 and a 52-week high of $55.13. The stock has a market capitalization of $25.08 billion, a P/E ratio of 21.72 and a beta of 1.01.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The firm had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter last year, the company posted $0.91 earnings per share. Teck Resources’s revenue was up 10.1% on a year-over-year basis. As a group, sell-side analysts forecast that Teck Resources Limited will post 2.02 earnings per share for the current year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a $0.625 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.50 annualized dividend and a dividend yield of 5.09%. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is presently 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.