Avantax Advisory Services Inc. Reduces Position in Teck Resources Ltd (NYSE:TECK)

Key Points

• Avantax Advisory Services Inc. has significantly reduced its stake in Teck Resources Ltd by 76.9% during the first quarter, resulting in ownership of only 8,393 shares valued at approximately $306,000.
• Teck Resources recently declared a quarterly dividend increase to $0.0918 per share, which will be paid on September 29th, reflecting an annualized dividend of $0.37 and a yield of 1.1%.
• Teck Resources reported earnings of $0.27 per share, exceeding estimates, but the revenue of $1.49 billion fell short of expectations set at $2.25 billion.

Avantax Advisory Services Inc. lessened its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 76.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,393 shares of the basic materials company's stock after selling 27,967 shares during the period. Avantax Advisory Services Inc.'s holdings in Teck Resources were worth $306,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Rockefeller Capital Management L.P. boosted its holdings in shares of Teck Resources by 2.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 13,511 shares of the basic materials company's stock valued at $548,000 after acquiring an additional 335 shares during the last quarter. Vontobel Holding Ltd. boosted its holdings in shares of Teck Resources by 0.5% in the 1st quarter. Vontobel Holding Ltd. now owns 88,303 shares of the basic materials company's stock valued at $3,217,000 after acquiring an additional 400 shares during the last quarter. Ervin Investment Management LLC boosted its holdings in shares of Teck Resources by 5.1% in the 1st quarter. Ervin Investment Management LLC now owns 10,980 shares of the basic materials company's stock valued at $400,000 after acquiring an additional 535 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Teck Resources by 1.0% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 53,616 shares of the basic materials company's stock valued at $1,953,000 after acquiring an additional 535 shares during the last quarter. Finally, Sequoia Financial Advisors LLC boosted its holdings in shares of Teck Resources by 5.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 10,354 shares of the basic materials company's stock valued at $377,000 after acquiring an additional 545 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company's stock.

Teck Resources Stock Up 2.4%

TECK opened at $33.15 on Friday. Teck Resources Ltd has a twelve month low of $28.32 and a twelve 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 company has a 50-day moving average price of $37.47 and a 200 day moving average price of $37.97. The company has a market cap of $16.01 billion, a PE ratio of 87.23, a price-to-earnings-growth ratio of 0.52 and a beta of 0.81.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share 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 the consensus estimate of $2.25 billion. During the same quarter in the prior year, the firm earned $0.79 EPS. The company's revenue for the quarter was up 12.3% on a year-over-year basis. Sell-side analysts expect that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be given a dividend of $0.0918 per share. This is a boost from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date is Monday, September 15th. This represents a $0.37 annualized dividend and a dividend yield of 1.1%. Teck Resources's payout ratio is currently 94.74%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Stifel Nicolaus assumed coverage on shares of Teck Resources in a report on Wednesday, July 9th. They issued a "hold" rating on the stock. Benchmark dropped their price objective on shares of Teck Resources from $55.00 to $48.00 and set a "buy" rating on the stock in a report on Monday, July 28th. Morgan Stanley downgraded shares of Teck Resources from an "overweight" rating to an "equal weight" rating and upped their price objective for the company from $42.00 to $44.00 in a report on Tuesday, July 15th. Royal Bank Of Canada decreased their target price on shares of Teck Resources from $82.00 to $67.00 and set an "outperform" rating for the company in a research note on Friday, July 25th. Finally, National Bankshares upgraded shares of Teck Resources from a "sector perform" rating to an "outperform" rating in a research note on Thursday, April 24th. Thirteen research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Teck Resources presently has an average rating of "Hold" and an average price target of $60.11.

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.

Want to see what other hedge funds are holding TECK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.