Amundi Reduces Position in Teck Resources Ltd $TECK

Key Points

• Amundi reduced its stake in Teck Resources Ltd by 2.4%, selling 356,674 shares, and now owns approximately 2.96% of the company, valued at $497.9 million.
• Other hedge funds such as Federation des caisses Desjardins du Quebec and Cubist Systematic Strategies LLC also adjusted their positions, with significant increases in holdings recorded, indicating 78.06% of Teck stock is now held by institutional investors.
• Teck Resources recently announced a quarterly dividend increase to $0.0918 per share, reflecting a positive change from the previous dividend, with an annualized yield of 1.1%.

Amundi decreased its holdings in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 2.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,592,559 shares of the basic materials company's stock after selling 356,674 shares during the quarter. Amundi owned approximately 2.96% of Teck Resources worth $497,913,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Smartleaf Asset Management LLC raised 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 valued at $32,000 after buying an additional 350 shares during the last quarter. Costello Asset Management INC purchased a new position in Teck Resources during the 1st quarter worth $33,000. Banque Cantonale Vaudoise bought a new stake in shares of Teck Resources during the 1st quarter worth $36,000. Golden State Wealth Management LLC lifted its holdings in Teck Resources by 7,560.0% during the first quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock valued at $42,000 after purchasing an additional 1,134 shares during the last quarter. Finally, Ameriflex Group Inc. purchased a new stake in shares of Teck Resources in the fourth quarter worth about $50,000. 78.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Desjardins cut shares of Teck Resources from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Stifel Nicolaus initiated coverage on Teck Resources in a research note on Wednesday, July 9th. They set a "hold" rating for the company. CIBC downgraded Teck Resources from a "sector outperform" rating to a "neutral" rating in a research note on Friday, July 25th. Royal Bank Of Canada decreased their price target on Teck Resources from $82.00 to $67.00 and set an "outperform" rating on the stock in a report on Friday, July 25th. Finally, Stifel Canada raised Teck Resources to a "hold" rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $57.88.

Teck Resources Trading Up 4.7%

NYSE:TECK traded up $1.54 on Friday, reaching $34.31. The company's stock had a trading volume of 5,199,901 shares, compared to its average volume of 3,702,271. Teck Resources Ltd has a 12-month low of $28.32 and a 12-month high of $54.13. The company has a quick ratio of 2.45, a current ratio of 3.47 and a debt-to-equity ratio of 0.15. The firm has a market cap of $16.48 billion, a price-to-earnings ratio of 90.29, a price-to-earnings-growth ratio of 0.54 and a beta of 0.78. The stock has a 50 day moving average price of $35.13 and a 200 day moving average price of $36.54.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its earnings results on Thursday, July 24th. The basic materials company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.20 by $0.07. The firm had revenue of $1.49 billion during the quarter, compared to analysts' expectations of $2.25 billion. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.Teck Resources's revenue for the quarter was up 12.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.79 EPS. On average, equities analysts anticipate that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.0918 per share. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.37 dividend on an annualized basis and a dividend yield of 1.1%. Teck Resources's dividend payout ratio (DPR) 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.