AMF Tjanstepension AB Cuts Holdings in Teck Resources Ltd $TECK

AMF Tjanstepension AB decreased its stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 56.1% during the 2nd quarter, Holdings Channel.com reports. The firm owned 2,499,693 shares of the basic materials company’s stock after selling 3,196,543 shares during the period. AMF Tjanstepension AB’s holdings in Teck Resources were worth $101,251,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Teck Resources by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 19,531,542 shares of the basic materials company’s stock valued at $711,475,000 after acquiring an additional 215,410 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Teck Resources by 56.9% in the 1st quarter. Principal Financial Group Inc. now owns 11,530,742 shares of the basic materials company’s stock valued at $419,970,000 after acquiring an additional 4,180,623 shares during the last quarter. Boston Partners increased its holdings in shares of Teck Resources by 1.9% in the 1st quarter. Boston Partners now owns 9,251,775 shares of the basic materials company’s stock valued at $337,042,000 after acquiring an additional 173,203 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of Teck Resources by 2.3% in the 1st quarter. Mackenzie Financial Corp now owns 6,020,429 shares of the basic materials company’s stock valued at $219,297,000 after acquiring an additional 137,886 shares during the last quarter. Finally, TD Asset Management Inc increased its holdings in shares of Teck Resources by 0.6% in the 1st quarter. TD Asset Management Inc now owns 6,006,865 shares of the basic materials company’s stock valued at $218,781,000 after acquiring an additional 33,475 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Down 0.4%

Shares of NYSE TECK opened at $43.19 on Friday. The stock has a market cap of $20.74 billion, a PE ratio of 113.65, a price-to-earnings-growth ratio of 0.54 and a beta of 0.92. The company has a quick ratio of 2.45, a current ratio of 3.47 and a debt-to-equity ratio of 0.15. Teck Resources Ltd has a 52-week low of $28.32 and a 52-week high of $52.37. The business has a 50-day moving average price of $36.02 and a 200 day moving average price of $36.60.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.07. The firm had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The business’s revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.79 EPS. Equities research analysts forecast that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were given a dividend of $0.0918 per share. This represents a $0.37 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Monday, September 15th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is 94.74%.

Analyst Upgrades and Downgrades

TECK has been the topic of a number of recent analyst reports. Royal Bank Of Canada dropped their price objective on Teck Resources from $82.00 to $67.00 and set an “outperform” rating on the stock in a report on Friday, July 25th. Deutsche Bank Aktiengesellschaft upgraded Teck Resources from a “hold” rating to a “buy” rating and set a $42.00 price objective on the stock in a report on Monday, September 8th. Wall Street Zen upgraded Teck Resources from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Stifel Canada upgraded Teck Resources to a “hold” rating in a report on Tuesday, July 8th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Teck Resources in a research report on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.88.

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.