Addenda Capital Inc. Sells 379,419 Shares of Teck Resources Ltd $TECK

Key Points

• Addenda Capital trimmed its stake in Teck Resources by 69.2% in Q4, selling 379,419 shares and leaving 169,102 shares valued at about $8.10 million.
• Teck beat Q4 EPS estimates ($0.98 vs. $0.59) and currently has an average analyst rating of Moderate Buy with an average price target of $57.00; the company pays a $0.125 quarterly dividend (annualized $0.50, ~0.9% yield).

Addenda Capital Inc. trimmed its holdings in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 69.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 169,102 shares of the basic materials company's stock after selling 379,419 shares during the period. Addenda Capital Inc.'s holdings in Teck Resources were worth $8,098,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Flagship Harbor Advisors LLC bought a new position in Teck Resources during the 4th quarter valued at about $103,000. Rathbones Group PLC bought a new position in Teck Resources during the 4th quarter valued at about $229,000. Myriad Asset Management US LP bought a new position in Teck Resources during the 4th quarter valued at about $466,000. Signaturefd LLC lifted its holdings in Teck Resources by 3.6% during the 4th quarter. Signaturefd LLC now owns 19,458 shares of the basic materials company's stock valued at $932,000 after purchasing an additional 682 shares during the last quarter. Finally, Savvy Advisors Inc. bought a new position in Teck Resources during the 4th quarter valued at about $350,000. 78.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

TECK has been the subject of several analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Teck Resources in a report on Wednesday, January 21st. Benchmark lifted their price target on shares of Teck Resources from $48.00 to $67.00 and gave the company a "buy" rating in a report on Monday, February 23rd. Zacks Research raised shares of Teck Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, March 23rd. TD Securities reissued a "hold" rating on shares of Teck Resources in a report on Monday, February 23rd. Finally, Citigroup raised shares of Teck Resources from a "neutral" rating to a "buy" rating in a report on Monday, February 2nd. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $57.00.

Teck Resources Price Performance

Shares of TECK stock opened at $55.77 on Thursday. Teck Resources Ltd has a 1 year low of $28.32 and a 1 year high of $62.41. The firm's 50 day moving average is $54.30 and its 200-day moving average is $48.17. The firm has a market capitalization of $26.88 billion, a price-to-earnings ratio of 27.61, a PEG ratio of 2.76 and a beta of 0.85. The company has a current ratio of 2.54, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.39. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. The company had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same period in the prior year, the business earned $0.45 earnings per share. Teck Resources's quarterly revenue was up 9.8% on a year-over-year basis. Sell-side analysts forecast that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Friday, March 13th. Teck Resources's dividend payout ratio is presently 18.32%.

About Teck Resources

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.

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