Morgan Stanley Sells 1,019,194 Shares of Teck Resources Ltd (TECK)
Morgan Stanley cut its stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 31.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,245,479 shares of the basic materials company’s stock after selling 1,019,194 shares during the quarter. Morgan Stanley’s holdings in Teck Resources were worth $57,148,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of TECK. NumerixS Investment Technologies Inc bought a new position in shares of Teck Resources during the second quarter valued at approximately $111,000. Regentatlantic Capital LLC bought a new position in shares of Teck Resources during the second quarter valued at approximately $200,000. Seven Eight Capital LP bought a new position in shares of Teck Resources during the first quarter valued at approximately $223,000. Bayesian Capital Management LP bought a new position in shares of Teck Resources during the first quarter valued at approximately $247,000. Finally, Daiwa SB Investments Ltd. grew its holdings in shares of Teck Resources by 207.2% during the second quarter. Daiwa SB Investments Ltd. now owns 9,860 shares of the basic materials company’s stock valued at $251,000 after purchasing an additional 6,650 shares during the last quarter. 54.57% of the stock is owned by institutional investors.
A number of equities analysts recently issued reports on TECK shares. Deutsche Bank set a $34.00 price objective on Teck Resources and gave the stock a “buy” rating in a report on Saturday, September 22nd. Zacks Investment Research lowered Teck Resources from a “buy” rating to a “hold” rating in a report on Wednesday, July 18th. Morgan Stanley decreased their price objective on Teck Resources from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Wednesday, August 1st. ValuEngine lowered Teck Resources from a “sell” rating to a “strong sell” rating in a report on Monday, August 20th. Finally, Clarkson Capital raised Teck Resources from a “neutral” rating to a “buy” rating in a report on Tuesday, September 11th. Seven research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $31.07.
Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, July 26th. The basic materials company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.28. Teck Resources had a return on equity of 13.56% and a net margin of 22.12%. The business had revenue of $3.02 billion during the quarter, compared to analyst estimates of $2.97 billion. During the same period in the prior year, the company posted $1.00 EPS. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. equities research analysts forecast that Teck Resources Ltd will post 3.51 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be given a $0.038 dividend. The ex-dividend date is Thursday, September 13th. This represents a $0.15 dividend on an annualized basis and a yield of 0.63%. Teck Resources’s dividend payout ratio (DPR) is 4.37%.
About Teck Resources
Teck Resources Limited researches, explores for, develops, and produces natural resources in the Americas, the Asia Pacific, and Europe. It operates through five segments: Steelmaking Coal, Copper, Zinc, Energy, and Corporate. The company's principal products comprise steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates.
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