Teck Resources Ltd $TECK Position Cut by TD Asset Management Inc

TD Asset Management Inc trimmed its holdings in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 51.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,529,596 shares of the basic materials company’s stock after selling 2,636,436 shares during the quarter. TD Asset Management Inc owned about 0.53% of Teck Resources worth $121,262,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in TECK. Norges Bank bought a new position in Teck Resources in the 4th quarter worth approximately $404,880,000. Wellington Management Group LLP grew its holdings in Teck Resources by 264.5% in the 3rd quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company’s stock worth $253,695,000 after buying an additional 4,194,868 shares in the last quarter. Pentwater Capital Management LP grew its holdings in Teck Resources by 7,150.0% in the 3rd quarter. Pentwater Capital Management LP now owns 2,900,000 shares of the basic materials company’s stock worth $127,281,000 after buying an additional 2,860,000 shares in the last quarter. Carrhae Capital LLP bought a new position in Teck Resources during the 4th quarter valued at $98,841,000. Finally, Maple Rock Capital Partners Inc. bought a new position in Teck Resources during the 3rd quarter valued at $88,601,000. 78.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TECK. Scotiabank reaffirmed a “sector perform” rating on shares of Teck Resources in a research note on Tuesday, April 14th. TD Securities reaffirmed a “hold” rating on shares of Teck Resources in a research note on Friday, April 24th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Teck Resources in a research note on Friday, May 15th. Wall Street Zen raised Teck Resources to a “buy” rating in a research note on Saturday, May 16th. Finally, JPMorgan Chase & Co. increased their price target on Teck Resources from $45.00 to $48.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and thirteen have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $59.17.

Teck Resources Stock Performance

Shares of NYSE TECK opened at $67.26 on Friday. The stock has a fifty day moving average price of $59.48 and a two-hundred day moving average price of $53.49. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.16 and a current ratio of 2.83. The firm has a market cap of $32.43 billion, a P/E ratio of 24.64, a PEG ratio of 4.93 and a beta of 0.89. Teck Resources Ltd has a 1 year low of $30.98 and a 1 year high of $71.25.

Teck Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.50 annualized dividend and a dividend yield of 0.7%. Teck Resources’s dividend payout ratio (DPR) is currently 13.55%.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.