Apollon Wealth Management LLC Decreases Stock Position in Teck Resources Limited (NYSE:TECK)

Apollon Wealth Management LLC trimmed its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 9.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,274 shares of the basic materials company’s stock after selling 620 shares during the period. Apollon Wealth Management LLC’s holdings in Teck Resources were worth $328,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Quent Capital LLC purchased a new position in shares of Teck Resources in the first quarter worth $119,000. Intech Investment Management LLC acquired a new position in shares of Teck Resources in the 1st quarter worth approximately $1,086,000. Vanguard Group Inc. increased its stake in Teck Resources by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock worth $765,493,000 after buying an additional 290,034 shares during the period. O Shaughnessy Asset Management LLC increased its position in shares of Teck Resources by 12.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 5,896 shares of the basic materials company’s stock valued at $270,000 after purchasing an additional 637 shares during the last quarter. Finally, Clearbridge Investments LLC grew its position in shares of Teck Resources by 67.0% in the 1st quarter. Clearbridge Investments LLC now owns 1,037,461 shares of the basic materials company’s stock valued at $47,495,000 after buying an additional 416,191 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on TECK shares. Scotiabank increased their price target on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a report on Tuesday, October 8th. Paradigm Capital raised shares of Teck Resources to a “moderate buy” rating in a report on Friday, July 26th. Benchmark reissued a “buy” rating and issued a $55.00 price target on shares of Teck Resources in a report on Thursday, July 25th. Deutsche Bank Aktiengesellschaft downgraded Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a report on Friday, October 25th. Finally, Citigroup raised Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. Five investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Teck Resources presently has a consensus rating of “Moderate Buy” and an average price target of $65.29.

Teck Resources Stock Performance

TECK opened at $44.99 on Monday. The business’s fifty day moving average is $48.73 and its 200-day moving average is $48.66. The firm has a market cap of $22.63 billion, a P/E ratio of 68.17 and a beta of 1.04. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. Teck Resources Limited has a 52-week low of $34.56 and a 52-week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The company had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same period last year, the company earned $0.57 earnings per share. The firm’s revenue was down 20.6% compared to the same quarter last year. Sell-side analysts expect that Teck Resources Limited will post 1.84 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.0895 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a yield of 0.80%. Teck Resources’s dividend payout ratio (DPR) is presently 56.06%.

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.