Teck Resources Ltd $TECK Stake Lowered by Truist Financial Corp

Truist Financial Corp cut its stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 27.1% in the 2nd quarter, Holdings Channel reports. The firm owned 30,450 shares of the basic materials company’s stock after selling 11,299 shares during the quarter. Truist Financial Corp’s holdings in Teck Resources were worth $1,230,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in TECK. Smartleaf Asset Management LLC grew its holdings in Teck Resources by 69.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company’s stock worth $32,000 after buying an additional 350 shares in the last quarter. Costello Asset Management INC bought a new position in Teck Resources in the 1st quarter worth approximately $33,000. Banque Cantonale Vaudoise bought a new position in Teck Resources in the 1st quarter worth approximately $36,000. Golden State Wealth Management LLC grew its holdings in Teck Resources by 7,560.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company’s stock worth $42,000 after buying an additional 1,134 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in Teck Resources by 102.5% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the basic materials company’s stock worth $53,000 after buying an additional 668 shares in the last quarter. 78.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

TECK has been the subject of a number of recent analyst reports. Scotiabank reissued an “outperform” rating on shares of Teck Resources in a report on Wednesday, September 10th. Citigroup reissued a “neutral” rating on shares of Teck Resources in a report on Wednesday. JPMorgan Chase & Co. increased their price objective on Teck Resources from $41.00 to $43.00 and gave the stock a “neutral” rating in a report on Thursday. Stifel Canada raised Teck Resources to a “hold” rating in a report on Tuesday, July 8th. Finally, Canaccord Genuity Group lowered Teck Resources from a “buy” rating to a “hold” rating in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Teck Resources presently has a consensus rating of “Hold” and an average target price of $54.00.

Teck Resources Stock Performance

Shares of NYSE TECK opened at $41.90 on Monday. The stock has a fifty day moving average price of $37.04 and a two-hundred day moving average price of $36.58. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.45 and a current ratio of 3.47. The firm has a market cap of $20.13 billion, a P/E ratio of 110.28, a PEG ratio of 0.59 and a beta of 0.92. Teck Resources Ltd has a 1 year low of $28.32 and a 1 year high of $51.58.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly 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 analyst estimates of $2.25 billion. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The firm’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period last year, the company posted $0.79 EPS. Research analysts forecast that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

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

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.