Teck Resources Limited (NYSE:TECK) Stock Position Lowered by Corient Private Wealth LLC

Corient Private Wealth LLC trimmed its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 10.5% during the 4th quarter, HoldingsChannel reports. The firm owned 55,542 shares of the basic materials company’s stock after selling 6,548 shares during the quarter. Corient Private Wealth LLC’s holdings in Teck Resources were worth $2,251,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Swedbank AB purchased a new position in shares of Teck Resources during the fourth quarter valued at $103,878,000. FMR LLC grew its stake in Teck Resources by 72.8% during the 3rd quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock valued at $189,848,000 after acquiring an additional 1,531,563 shares in the last quarter. AMF Tjanstepension AB increased its holdings in shares of Teck Resources by 32.2% in the 4th quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company’s stock valued at $244,252,000 after purchasing an additional 1,467,516 shares during the period. Zurich Insurance Group Ltd FI purchased a new stake in shares of Teck Resources in the third quarter worth approximately $70,549,000. Finally, Principal Financial Group Inc. boosted its holdings in shares of Teck Resources by 21.7% during the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock worth $388,507,000 after purchasing an additional 1,326,241 shares during the period. 78.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TECK has been the topic of several research reports. National Bank Financial lowered shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. cut their price objective on Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. Bank of America boosted their target price on Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Finally, Raymond James cut their price target on Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, January 22nd. Six research analysts have rated the stock with a hold rating, seven 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 has a consensus rating of “Moderate Buy” and a consensus price target of $65.22.

Teck Resources Stock Down 2.2 %

TECK opened at $41.53 on Monday. The firm has a market cap of $20.90 billion, a P/E ratio of 75.50 and a beta of 0.93. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The business has a 50 day moving average price of $41.79 and a 200 day moving average price of $44.78. Teck Resources Limited has a twelve month low of $36.54 and a twelve month high of $55.13.

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

Teck Resources Cuts Dividend

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

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.