Addenda Capital Inc. Trims Position in Teck Resources Ltd $TECK

Key Points

• Addenda Capital Inc. has reduced its stake in Teck Resources Ltd by 11.4%, selling 24,500 shares, and now holds 189,765 shares worth approximately $7.66 million.
• Teck Resources reported a quarterly earnings per share (EPS) of $0.27, exceeding estimates, although revenue came in lower than expected at $1.49 billion.
• The company announced an increase in its quarterly dividend to $0.0918, set to be paid on September 29th, representing an annual yield of 0.9%.

Addenda Capital Inc. lowered its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 11.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 189,765 shares of the basic materials company's stock after selling 24,500 shares during the quarter. Addenda Capital Inc.'s holdings in Teck Resources were worth $7,663,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TECK. Smartleaf Asset Management LLC raised its position 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 during the last quarter. Vontobel Holding Ltd. increased its position in shares of Teck Resources by 0.5% during the 1st quarter. Vontobel Holding Ltd. now owns 88,303 shares of the basic materials company's stock valued at $3,217,000 after purchasing an additional 400 shares during the last quarter. Assetmark Inc. raised its position in Teck Resources by 2.4% in the first quarter. Assetmark Inc. now owns 19,945 shares of the basic materials company's stock worth $727,000 after acquiring an additional 471 shares during the period. Ervin Investment Management LLC boosted its stake in shares of Teck Resources by 5.1% during the 1st quarter. Ervin Investment Management LLC now owns 10,980 shares of the basic materials company's stock worth $400,000 after acquiring an additional 535 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in Teck Resources by 1.0% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 53,616 shares of the basic materials company's stock worth $1,953,000 after buying an additional 535 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company's stock.

Teck Resources Stock Performance

NYSE TECK opened at $41.41 on Friday. Teck Resources Ltd has a 52-week low of $28.32 and a 52-week high of $53.63. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.47 and a quick ratio of 2.45. The company's fifty day moving average is $35.31 and its two-hundred day moving average is $36.50. The firm has a market capitalization of $19.89 billion, a price-to-earnings ratio of 108.98, a P/E/G ratio of 0.61 and a beta of 0.78.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.07. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The firm had revenue of $1.49 billion during the quarter, compared to analyst estimates of $2.25 billion. During the same quarter in the prior year, the business posted $0.79 earnings per share. The company's quarterly revenue was up 12.3% compared to the same quarter last year. Equities research analysts forecast that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be given a $0.0918 dividend. This represents a $0.37 annualized dividend and a yield of 0.9%. The ex-dividend date is Monday, September 15th. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's dividend payout ratio is presently 94.74%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Stifel Canada upgraded shares of Teck Resources to a "hold" rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft upgraded shares of Teck Resources from a "hold" rating to a "buy" rating and set a $42.00 price target on the stock in a research note on Monday, September 8th. Morgan Stanley cut shares of Teck Resources from an "overweight" rating to an "equal weight" rating and upped their target price for the company from $42.00 to $44.00 in a research report on Tuesday, July 15th. Cibc World Mkts cut shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Finally, CIBC downgraded shares of Teck Resources from a "sector outperform" rating to a "neutral" rating in a research note on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $56.88.

About Teck Resources

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.

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