Assetmark Inc. Sells 45,083 Shares of Teck Resources Ltd $TECK

Key Points

• Assetmark Inc. cut its Teck Resources stake by 63.6% in the first quarter, selling 45,083 shares and leaving it with 25,835 shares valued at about $1.34 million.
• Teck’s recent operating results have been strong, with Q2 earnings and revenue beating expectations on higher copper and zinc prices, stronger sales volumes, and improved margins. The company also reported a sharp jump in quarterly profit and kept full-year zinc guidance intact despite weaker Red Dog output.
• The company continues returning cash to shareholders through a quarterly dividend of $0.125 per share, while Wall Street remains split overall with a consensus “Hold” rating and average price target of $62.00.

Assetmark Inc. trimmed its stake in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 63.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,835 shares of the basic materials company's stock after selling 45,083 shares during the period. Assetmark Inc.'s holdings in Teck Resources were worth $1,337,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of TECK. Geneos Wealth Management Inc. grew its position in shares of Teck Resources by 117.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company's stock worth $29,000 after buying an additional 303 shares during the period. AMG National Trust Bank grew its holdings in Teck Resources by 13.1% in the first quarter. AMG National Trust Bank now owns 5,531 shares of the basic materials company's stock worth $286,000 after purchasing an additional 640 shares during the period. Principal Financial Group Inc. increased its stake in shares of Teck Resources by 17.1% during the first quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company's stock valued at $1,139,051,000 after purchasing an additional 3,211,985 shares in the last quarter. Candriam S.C.A. increased its stake in shares of Teck Resources by 15.3% during the first quarter. Candriam S.C.A. now owns 15,242 shares of the basic materials company's stock valued at $787,000 after purchasing an additional 2,027 shares in the last quarter. Finally, Credit Industriel ET Commercial purchased a new position in shares of Teck Resources during the first quarter valued at approximately $5,444,000. Institutional investors own 78.06% of the company's stock.

Trending Headlines about Teck Resources

Here are the key news stories impacting Teck Resources this week:

• Positive Sentiment: Teck’s Q2 earnings and revenue beat expectations, driven by stronger copper and zinc prices, higher sales volumes, and margin expansion. Teck Resources Q2 Earnings Beat Estimates, Sales & Margins Improve Y/Y
• Positive Sentiment: The company reported a sharp jump in quarterly profit on higher copper production and commodity prices, reinforcing optimism around Teck’s core metals business. Teck earns $854M Q2 profit, reports copper production up and higher commodity prices
• Positive Sentiment: Teck’s board declared a quarterly dividend of $0.125 per share, signaling continued cash generation and shareholder returns. Teck Announces Dividend
• Neutral Sentiment: Red Dog zinc output fell 18% in the quarter, though Teck said it is advancing a mine-life extension study and maintained full-year zinc guidance. Teck’s Red Dog Q2 Zinc Output Falls 18% as Mine-Life Extension PFS Advances
• Neutral Sentiment: Teck maintained its full-year zinc guidance despite the weaker Red Dog output, limiting concerns about near-term production disruption. Teck’s Q2 Zinc Gross Profit Rises to $353 Million; Full-Year Zinc Guidance Maintained

Wall Street Analyst Weigh In

Several research firms have commented on TECK. Weiss Ratings reissued a "hold (c+)" rating on shares of Teck Resources in a report on Tuesday. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Teck Resources from $64.00 to $68.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. Wall Street Zen upgraded shares of Teck Resources from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 18th. Veritas cut shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 4th. Finally, TD Securities reissued a "hold" rating on shares of Teck Resources in a research report on Friday, April 24th. Five analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $62.00.

Teck Resources Price Performance

NYSE TECK opened at $60.30 on Friday. The company has a 50-day moving average price of $61.46 and a 200-day moving average price of $57.49. The company has a quick ratio of 2.16, a current ratio of 2.83 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $29.12 billion, a P/E ratio of 16.34, a PEG ratio of 1.77 and a beta of 0.92. Teck Resources Ltd has a 52 week low of $30.98 and a 52 week high of $71.25.

Teck Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.50 annualized dividend and a yield of 0.8%. Teck Resources's payout ratio is currently 9.76%.

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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