176,977 Teck Resources Ltd $TECK Shares Sold by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada reduced its Teck Resources stake by 6.6%, selling 176,977 shares in the third quarter. It still held 2.50 million shares valued at approximately $164.6 million, while institutional investors collectively owned 78.06% of the company.
• Analysts maintained a generally positive outlook, with six Buy and six Hold ratings producing a consensus “Moderate Buy” rating and an average price target of $62.25. Recent upgrades included Deutsche Bank and Raymond James.
• Teck reported strong quarterly results, posting adjusted EPS of $1.35 versus the $0.95 consensus estimate and revenue of $2.54 billion, up 78.2% year over year. The company also paid a quarterly dividend of C$0.12, representing an annualized yield of about 0.8%.

TD Waterhouse Canada Inc. lessened its holdings in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 6.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,498,130 shares of the basic materials company's stock after selling 176,977 shares during the period. TD Waterhouse Canada Inc. owned about 0.52% of Teck Resources worth $164,626,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in TECK. Geneos Wealth Management Inc. raised its position in shares of Teck Resources by 117.4% in the first quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company's stock valued at $29,000 after buying an additional 303 shares in the last quarter. Welch Group LLC boosted its stake in shares of Teck Resources by 6.2% in the first quarter. Welch Group LLC now owns 6,266 shares of the basic materials company's stock valued at $324,000 after buying an additional 367 shares during the period. Blue Trust Inc. boosted its stake in shares of Teck Resources by 411.8% in the first quarter. Blue Trust Inc. now owns 563 shares of the basic materials company's stock valued at $29,000 after buying an additional 453 shares during the period. Elevation Point Wealth Partners LLC boosted its stake in shares of Teck Resources by 8.9% in the first quarter. Elevation Point Wealth Partners LLC now owns 5,720 shares of the basic materials company's stock valued at $296,000 after buying an additional 466 shares during the period. Finally, AMG National Trust Bank grew its position in Teck Resources by 13.1% during the first quarter. AMG National Trust Bank now owns 5,531 shares of the basic materials company's stock worth $286,000 after buying an additional 640 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TECK. Deutsche Bank Aktiengesellschaft increased their price target on Teck Resources from $64.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Wall Street Zen cut Teck Resources from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 26th. JPMorgan Chase & Co. lifted their price objective on Teck Resources from $46.00 to $47.00 and gave the company a "neutral" rating in a report on Tuesday, July 28th. Raymond James Financial upgraded Teck Resources from a "market perform" rating to an "outperform" rating in a research report on Thursday, July 23rd. Finally, Weiss Ratings raised Teck Resources from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, October 8th. Six research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $62.25.

Teck Resources Price Performance

TECK stock traded down $1.15 during mid-day trading on Friday, hitting $64.59. The stock had a trading volume of 2,049,286 shares, compared to its average volume of 2,575,990. The company has a current ratio of 3.12, a quick ratio of 2.33 and a debt-to-equity ratio of 0.12. Teck Resources Ltd has a 52 week low of $38.00 and a 52 week high of $72.56. The firm has a market capitalization of $31.21 billion, a P/E ratio of 17.51, a P/E/G ratio of 2.11 and a beta of 1.01. The firm has a fifty day simple moving average of $66.93 and a 200 day simple moving average of $62.68.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its earnings results on Thursday, July 23rd. The basic materials company reported $1.35 EPS for the quarter, beating the consensus estimate of $0.95 by $0.40. Teck Resources had a net margin of 17.85% and a return on equity of 10.42%. The company had revenue of $2.54 billion during the quarter, compared to analysts' expectations of $2.38 billion. During the same period in the previous year, the company earned $0.38 EPS. The business's revenue for the quarter was up 78.2% compared to the same quarter last year. As a group, research analysts forecast that Teck Resources Ltd will post 4.28 EPS for the current year.

Teck Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th were paid a C$0.12 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Tuesday, September 15th. Teck Resources's dividend payout ratio (DPR) is 9.76%.

Teck Resources Company Profile

Teck Resources Limited is a Canadian mining and metals company headquartered in Vancouver, British Columbia. The company focuses primarily on the exploration, development and production of copper and zinc, which are used in construction, infrastructure, manufacturing and the global energy transition.

Teck's copper operations include the Highland Valley Copper mine in British Columbia, the Carmen de Andacollo mine in Chile and the Quebrada Blanca operation in northern Chile. Its zinc business includes the Red Dog mine in Alaska, one of the world's significant zinc-producing operations.

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