UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Trims Stock Holdings in Teck Resources Limited (NYSE:TECK)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC trimmed its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 7.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 468,320 shares of the basic materials company’s stock after selling 36,196 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Teck Resources were worth $24,465,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cetera Investment Advisers lifted its position in Teck Resources by 486.8% during the 1st quarter. Cetera Investment Advisers now owns 36,972 shares of the basic materials company’s stock worth $1,693,000 after acquiring an additional 30,671 shares in the last quarter. Cetera Advisors LLC bought a new stake in shares of Teck Resources during the 1st quarter valued at about $391,000. U.S. Capital Wealth Advisors LLC bought a new stake in shares of Teck Resources in the 2nd quarter worth approximately $466,000. Artemis Investment Management LLP bought a new stake in Teck Resources in the 2nd quarter valued at about $8,170,000. Finally, Sequoia Financial Advisors LLC raised its stake in Teck Resources by 8.6% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 9,815 shares of the basic materials company’s stock valued at $470,000 after acquiring an additional 776 shares in the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Stock Down 0.8 %

NYSE TECK opened at $45.42 on Friday. The business’s 50-day moving average is $48.36 and its 200 day moving average is $48.25. Teck Resources Limited has a 1 year low of $36.50 and a 1 year high of $55.13. The stock has a market capitalization of $23.27 billion, a PE ratio of 68.82 and a beta of 1.03. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.24. The firm had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The business’s revenue for the quarter was down 20.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 EPS. Sell-side analysts forecast that Teck Resources Limited will post 1.82 earnings per share for the current year.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.0895 per share. The ex-dividend date is Friday, December 13th. This represents a $0.36 annualized dividend and a dividend yield of 0.79%. Teck Resources’s payout ratio is 56.06%.

Analyst Ratings Changes

TECK has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced 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 note on Friday, October 25th. Citigroup upgraded Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. StockNews.com upgraded shares of Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft downgraded Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target for the company. in a research note on Friday, October 25th. Finally, Scotiabank upped their price objective on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. Five research 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 data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.