HighTower Advisors LLC Reduces Stake in Teck Resources Limited (NYSE:TECK)

HighTower Advisors LLC cut its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 1.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 65,524 shares of the basic materials company’s stock after selling 967 shares during the quarter. HighTower Advisors LLC’s holdings in Teck Resources were worth $2,656,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Synergy Asset Management LLC grew its holdings in shares of Teck Resources by 77.7% during the 4th quarter. Synergy Asset Management LLC now owns 16,892 shares of the basic materials company’s stock worth $685,000 after purchasing an additional 7,387 shares during the period. Forest Avenue Capital Management LP grew its holdings in shares of Teck Resources by 3.7% during the 3rd quarter. Forest Avenue Capital Management LP now owns 720,920 shares of the basic materials company’s stock worth $37,661,000 after purchasing an additional 25,430 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of Teck Resources during the 3rd quarter worth $1,937,000. Intech Investment Management LLC grew its holdings in shares of Teck Resources by 20.9% during the 3rd quarter. Intech Investment Management LLC now owns 98,145 shares of the basic materials company’s stock worth $5,132,000 after purchasing an additional 16,981 shares during the period. Finally, Paloma Partners Management Co purchased a new position in shares of Teck Resources during the 3rd quarter worth $20,896,000. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Price Performance

TECK stock opened at $41.53 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The firm has a market capitalization of $20.90 billion, a P/E ratio of 75.50 and a beta of 0.93. The business’s 50-day moving average is $41.79 and its two-hundred day moving average is $44.78. Teck Resources Limited has a 1 year low of $36.54 and a 1 year high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.07. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The company had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.58 billion. Analysts anticipate that Teck Resources Limited will post 1.53 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.0879 per share. This represents a $0.35 annualized dividend and a dividend yield of 0.85%. The ex-dividend date of this dividend is Friday, March 14th. Teck Resources’s dividend payout ratio (DPR) is presently 61.82%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TECK. Bank of America increased their price target on Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Raymond James decreased their target price on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. National Bank Financial lowered Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. Finally, JPMorgan Chase & Co. decreased their target price on Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. Six analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Teck Resources presently has an average rating of “Moderate Buy” and an average price target of $65.22.

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.