Addenda Capital Inc. Sells 268,245 Shares of Teck Resources Limited (NYSE:TECK)

Addenda Capital Inc. lessened its position in shares of Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 55.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 214,265 shares of the basic materials company's stock after selling 268,245 shares during the period. Addenda Capital Inc.'s holdings in Teck Resources were worth $7,806,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank acquired a new position in Teck Resources during the fourth quarter worth approximately $470,101,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Teck Resources in the 4th quarter valued at $65,197,000. AMF Tjanstepension AB increased its stake in Teck Resources by 32.2% in the fourth quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company's stock valued at $244,252,000 after purchasing an additional 1,467,516 shares during the period. FMR LLC grew its stake in shares of Teck Resources by 29.7% during the 4th quarter. FMR LLC now owns 4,715,144 shares of the basic materials company's stock worth $191,133,000 after purchasing an additional 1,080,714 shares during the period. Finally, D. E. Shaw & Co. Inc. boosted its holdings in shares of Teck Resources by 18.8% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 5,882,044 shares of the basic materials company's stock worth $238,381,000 after purchasing an additional 932,058 shares during the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on TECK. Veritas upgraded Teck Resources to a "hold" rating in a research note on Friday, April 11th. JPMorgan Chase & Co. lowered their target price on Teck Resources from $50.00 to $41.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Bank of America lifted their target price on Teck Resources from $62.00 to $64.00 and gave the stock a "buy" rating in a report on Monday, March 10th. National Bank Financial raised shares of Teck Resources from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 24th. Finally, BMO Capital Markets began coverage on shares of Teck Resources in a research note on Wednesday, April 16th. They issued an "outperform" rating on the stock. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Teck Resources currently has an average rating of "Moderate Buy" and an average price target of $64.11.

Teck Resources Stock Up 4.7%

Shares of Teck Resources stock traded up $1.75 during midday trading on Thursday, reaching $39.02. 2,162,738 shares of the company's stock traded hands, compared to its average volume of 3,143,913. The company has a market cap of $19.09 billion, a price-to-earnings ratio of 70.95 and a beta of 0.79. The company's 50 day simple moving average is $34.93 and its 200 day simple moving average is $39.88. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. Teck Resources Limited has a 52 week low of $28.32 and a 52 week high of $54.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.18. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period last year, the company earned $0.75 earnings per share. The business's revenue was up 41.4% compared to the same quarter last year. Equities analysts expect that Teck Resources Limited will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a $0.0901 dividend. This is a boost from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.36 annualized dividend and a yield of 0.92%. Teck Resources's dividend payout ratio (DPR) is currently 58.62%.

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.