Braun Stacey Associates Inc. Sells 218,205 Shares of Teck Resources Ltd $TECK

Key Points

• Braun Stacey Associates cut its Teck Resources stake by 61.4%, selling 218,205 shares and retaining 137,112 shares valued at approximately $8.15 million. Institutional investors collectively own 78.06% of the company.
• Analyst sentiment remains mixed, with six Buy ratings and seven Hold ratings, producing an overall “Hold” consensus and an average price target of $62.25.
• Teck reported strong quarterly results, with adjusted EPS of $1.35 exceeding estimates of $0.95 and revenue rising 78.2% year over year to $2.54 billion. The company also announced a quarterly dividend of $0.125 per share, representing a 0.7% yield.

Braun Stacey Associates Inc. decreased its position in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 61.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 137,112 shares of the basic materials company's stock after selling 218,205 shares during the period. Braun Stacey Associates Inc.'s holdings in Teck Resources were worth $8,153,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. AQR Capital Management LLC lifted its stake in shares of Teck Resources by 11.1% in the 1st quarter. AQR Capital Management LLC now owns 34,705 shares of the basic materials company's stock valued at $1,264,000 after acquiring an additional 3,458 shares during the last quarter. Jones Financial Companies Lllp raised its position in Teck Resources by 453.0% in the first quarter. Jones Financial Companies Lllp now owns 9,721 shares of the basic materials company's stock valued at $354,000 after purchasing an additional 7,963 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Teck Resources by 1.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 465,861 shares of the basic materials company's stock valued at $16,971,000 after purchasing an additional 8,146 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of Teck Resources by 189.3% during the second quarter. Marshall Wace LLP now owns 218,242 shares of the basic materials company's stock valued at $8,813,000 after purchasing an additional 142,816 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its stake in shares of Teck Resources by 4,602.9% during the second quarter. NewEdge Advisors LLC now owns 8,183 shares of the basic materials company's stock valued at $330,000 after purchasing an additional 8,009 shares in the last quarter. 78.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on TECK. Weiss Ratings upgraded shares of Teck Resources from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, August 4th. Veritas cut shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 4th. Raymond James Financial upgraded shares of Teck Resources from a "market perform" rating to an "outperform" rating in a report on Thursday, July 23rd. JPMorgan Chase & Co. boosted their price objective on shares of Teck Resources from $46.00 to $47.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 28th. Finally, Wall Street Zen downgraded Teck Resources from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 26th. Six analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $62.25.

Teck Resources Stock Down 1.6%

Shares of NYSE:TECK opened at $69.42 on Friday. Teck Resources Ltd has a 1 year low of $31.68 and a 1 year high of $71.93. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.12 and a quick ratio of 2.33. The business's 50-day moving average is $61.97 and its 200-day moving average is $59.66. The company has a market capitalization of $33.53 billion, a price-to-earnings ratio of 18.81, a P/E/G ratio of 2.54 and a beta of 0.92.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its earnings results on Thursday, July 23rd. The basic materials company reported $1.35 EPS for the quarter, topping the consensus estimate of $0.95 by $0.40. The business had revenue of $2.54 billion during the quarter, compared to analysts' expectations of $2.38 billion. Teck Resources had a return on equity of 10.42% and a net margin of 17.85%.The firm's revenue was up 78.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.38 earnings per share. Equities research analysts predict that Teck Resources Ltd will post 3.48 earnings per share for the current year.

Teck Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given 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 dividend yield of 0.7%. Teck Resources's dividend payout ratio (DPR) is 9.76%.

Teck Resources Profile

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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