Bartlett & CO. Wealth Management LLC Lowers Stock Position in Teck Resources Ltd $TECK

Key Points

• Bartlett & CO. Wealth Management LLC significantly reduced its stake in Teck Resources Ltd by 85.2% in the 2nd quarter, now holding only 2,000 shares valued at $81,000.
• Several other institutional investors increased their positions, with MassMutual Private Wealth & Trust FSB boosting its stake by 102.5% during the same period.
• Teck Resources reported $0.27 earnings per share for the last quarter, exceeding expectations, despite a revenue of $1.49 billion which was below the consensus estimate of $2.25 billion.

Bartlett & CO. Wealth Management LLC reduced its stake in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 85.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,000 shares of the basic materials company's stock after selling 11,519 shares during the quarter. Bartlett & CO. Wealth Management LLC's holdings in Teck Resources were worth $81,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its position in shares of Teck Resources by 69.2% during the first 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 period. Costello Asset Management INC acquired a new position in Teck Resources during the 1st quarter worth about $33,000. Banque Cantonale Vaudoise purchased a new position in Teck Resources during the 1st quarter valued at about $36,000. Golden State Wealth Management LLC grew its position in Teck Resources by 7,560.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock valued at $42,000 after acquiring an additional 1,134 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its stake in Teck Resources by 102.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the basic materials company's stock worth $53,000 after purchasing an additional 668 shares during the period. Institutional investors and hedge funds own 78.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Cibc World Mkts cut shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. B. Riley lowered Teck Resources from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. Scotiabank reiterated an "outperform" rating on shares of Teck Resources in a research note on Wednesday, September 10th. CIBC cut Teck Resources from a "sector outperform" rating to a "neutral" rating in a research note on Friday, July 25th. Finally, Benchmark cut their price target on Teck Resources from $55.00 to $48.00 and set a "buy" rating on the stock in a report on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $56.88.

Teck Resources Price Performance

Teck Resources stock opened at $43.38 on Friday. The stock has a market capitalization of $20.84 billion, a P/E ratio of 114.17, a P/E/G ratio of 0.55 and a beta of 0.92. Teck Resources Ltd has a 12-month low of $28.32 and a 12-month high of $52.37. 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 firm's 50-day moving average is $35.81 and its two-hundred day moving average is $36.59.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its quarterly earnings data on Thursday, July 24th. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter in the prior year, the firm posted $0.79 earnings per share. The company's quarterly revenue was up 12.3% compared to the same quarter last year. Equities analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were issued a dividend of $0.0918 per share. This represents a $0.37 annualized dividend and a dividend yield of 0.8%. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date was Monday, September 15th. Teck Resources's payout ratio is 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.

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.