Intact Investment Management Inc. Sells 398,980 Shares of Teck Resources Limited (NYSE:TECK)

Intact Investment Management Inc. lowered its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 61.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 248,686 shares of the basic materials company’s stock after selling 398,980 shares during the quarter. Intact Investment Management Inc.’s holdings in Teck Resources were worth $10,512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Baystate Wealth Management LLC bought a new stake in Teck Resources during the third quarter valued at about $31,000. JFS Wealth Advisors LLC boosted its position in Teck Resources by 249.0% during the third quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company’s stock valued at $36,000 after purchasing an additional 600 shares in the last quarter. Blue Trust Inc. boosted its position in Teck Resources by 187.3% during the fourth quarter. Blue Trust Inc. now owns 1,494 shares of the basic materials company’s stock valued at $64,000 after purchasing an additional 974 shares in the last quarter. Allworth Financial LP raised its stake in Teck Resources by 17.9% in the third quarter. Allworth Financial LP now owns 2,558 shares of the basic materials company’s stock valued at $110,000 after buying an additional 388 shares during the last quarter. Finally, Pacer Advisors Inc. purchased a new stake in Teck Resources in the fourth quarter valued at about $182,000. Institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Performance

Teck Resources stock traded up $0.84 during midday trading on Friday, hitting $50.38. 4,965,983 shares of the company were exchanged, compared to its average volume of 4,763,129. The firm has a market capitalization of $25.72 billion, a PE ratio of 22.29, a price-to-earnings-growth ratio of 8.34 and a beta of 1.15. Teck Resources Limited has a fifty-two week low of $34.38 and a fifty-two week high of $50.93. The business has a fifty day simple moving average of $43.94 and a two-hundred day simple moving average of $40.41. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.60 and a current ratio of 1.10.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, topping the consensus estimate of $1.01 by $0.01. Teck Resources had a return on equity of 7.70% and a net margin of 10.59%. The firm had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.11 billion. On average, sell-side analysts forecast that Teck Resources Limited will post 2.87 earnings per share for the current year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a $0.0925 dividend. This represents a $0.37 annualized dividend and a yield of 0.73%. The ex-dividend date was Thursday, March 14th. Teck Resources’s payout ratio is currently 16.37%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Morgan Stanley reiterated an “overweight” rating and issued a $55.00 price target on shares of Teck Resources in a research note on Thursday, April 11th. JPMorgan Chase & Co. increased their price target on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Benchmark increased their price target on Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Finally, UBS Group assumed coverage on Teck Resources in a research note on Tuesday, January 16th. They issued a “buy” rating for the company. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $62.80.

About Teck Resources

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.