Teck Resources Limited (NYSE:TECK) Stock Position Lessened by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. decreased its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 10.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 58,373 shares of the basic materials company’s stock after selling 6,819 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Teck Resources were worth $3,049,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Headlands Technologies LLC purchased a new stake in Teck Resources in the 2nd quarter worth about $38,000. Eastern Bank acquired a new position in Teck Resources in the 3rd quarter worth about $39,000. Bruce G. Allen Investments LLC increased its position in Teck Resources by 77.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after purchasing an additional 383 shares during the last quarter. Blue Trust Inc. increased 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 worth $48,000 after purchasing an additional 898 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its holdings in shares of Teck Resources by 69.7% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock valued at $52,000 after acquiring an additional 409 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Trading Up 2.8 %

NYSE:TECK opened at $46.27 on Tuesday. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average price of $48.73 and a 200-day moving average price of $48.66. The stock has a market cap of $23.28 billion, a price-to-earnings ratio of 69.96 and a beta of 1.04. Teck Resources Limited has a 12 month low of $35.25 and a 12 month high of $55.13.

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 the consensus estimate 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 for the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter in the previous year, the firm earned $0.57 earnings per share. The company’s revenue for the quarter was down 20.6% on a year-over-year basis. Equities analysts predict that Teck Resources Limited will post 1.84 EPS for the current year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a $0.0895 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.77%. Teck Resources’s payout ratio is 56.06%.

Analysts Set New Price Targets

TECK has been the subject of a number of research reports. Citigroup upgraded Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. lowered their price objective on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Scotiabank increased their target price on Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a report on Tuesday, October 8th. UBS Group downgraded shares of Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a research note on Friday, October 25th. Five analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Teck Resources has an average rating of “Moderate Buy” and a consensus price target 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.