Teck Resources Limited (NYSE:TECK) Stock Position Reduced by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans decreased its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 65.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,008 shares of the basic materials company’s stock after selling 65,864 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Teck Resources were worth $1,629,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Sei Investments Co. raised its stake in Teck Resources by 25.0% during the second quarter. Sei Investments Co. now owns 168,226 shares of the basic materials company’s stock worth $8,058,000 after acquiring an additional 33,664 shares during the period. Columbus Hill Capital Management L.P. bought a new position in shares of Teck Resources during the second quarter valued at approximately $11,178,000. Canada Pension Plan Investment Board raised its position in shares of Teck Resources by 55.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 2,506,541 shares of the basic materials company’s stock worth $120,093,000 after purchasing an additional 892,105 shares during the period. Intech Investment Management LLC lifted its holdings in shares of Teck Resources by 242.4% in the 2nd quarter. Intech Investment Management LLC now owns 81,164 shares of the basic materials company’s stock worth $3,889,000 after purchasing an additional 57,461 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its position in Teck Resources by 27.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 23,011 shares of the basic materials company’s stock valued at $1,095,000 after purchasing an additional 4,903 shares during the period. 78.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TECK. StockNews.com lowered Teck Resources from a “hold” rating to a “sell” rating in a research report on Wednesday, September 25th. JPMorgan Chase & Co. cut their price objective on shares of Teck Resources from $56.00 to $54.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. Paradigm Capital raised shares of Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. TD Securities upgraded shares of Teck Resources to a “strong-buy” rating in a research note on Tuesday, July 16th. Finally, Morgan Stanley boosted their price objective on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, June 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.00.

Teck Resources Price Performance

Shares of NYSE:TECK opened at $51.34 on Friday. The stock’s 50 day moving average price is $47.56 and its 200 day moving average price is $48.20. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77. The stock has a market cap of $26.23 billion, a price-to-earnings ratio of 22.72 and a beta of 1.02. Teck Resources Limited has a 12 month low of $34.38 and a 12 month high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.32. The business had revenue of $3.87 billion during the quarter, compared to analyst estimates of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The company’s revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.91 earnings per share. Equities research analysts anticipate that Teck Resources Limited will post 1.98 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.625 dividend. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 dividend on an annualized basis and a dividend yield of 4.87%. The ex-dividend date of this dividend was Friday, September 13th. Teck Resources’s payout ratio is presently 16.37%.

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.