Caisse DE Depot ET Placement DU Quebec Cuts Stake in Teck Resources Ltd $TECK

Key Points

• Caisse DE Depot ET Placement DU Quebec significantly reduced its holdings in Teck Resources Ltd by 82.1%, selling nearly 669,000 shares in the first quarter.
• Teck Resources has declared a quarterly dividend of $0.0918 per share, an increase from its previous dividend of $0.09, reflecting a relatively high dividend payout ratio of 94.74%.
• Research analysts maintain a consensus rating of "Hold" for Teck Resources, with an average price target of $60.11 per share.

Caisse DE Depot ET Placement DU Quebec cut its holdings in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 82.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 145,636 shares of the basic materials company's stock after selling 668,966 shares during the quarter. Caisse DE Depot ET Placement DU Quebec's holdings in Teck Resources were worth $5,304,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Smartleaf Asset Management LLC boosted its position in 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 acquiring an additional 350 shares during the last quarter. Costello Asset Management INC acquired a new position in Teck Resources during the first quarter worth about $33,000. Banque Cantonale Vaudoise acquired a new position in Teck Resources during the first quarter worth about $36,000. Golden State Wealth Management LLC boosted its position 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 worth $42,000 after acquiring an additional 1,134 shares during the last quarter. Finally, Ameriflex Group Inc. acquired a new position in Teck Resources during the fourth quarter worth about $50,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on TECK shares. Stifel Nicolaus started coverage on shares of Teck Resources in a report on Wednesday, July 9th. They issued a "hold" rating on the stock. Desjardins lowered shares of Teck Resources from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Cibc World Mkts lowered shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Morgan Stanley lowered shares of Teck Resources from an "overweight" rating to an "equal weight" rating and boosted their target price for the company from $42.00 to $44.00 in a report on Tuesday, July 15th. Finally, Stifel Canada upgraded shares of Teck Resources to a "hold" rating in a report on Tuesday, July 8th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat, Teck Resources presently has a consensus rating of "Hold" and a consensus target price of $60.11.

Teck Resources Trading Down 2.1%

Shares of Teck Resources stock traded down $0.71 on Tuesday, reaching $33.48. The company had a trading volume of 1,986,893 shares, compared to its average volume of 3,711,989. The firm's 50 day moving average price is $35.62 and its two-hundred day moving average price is $36.76. The firm has a market cap of $16.17 billion, a PE ratio of 87.92, a PEG ratio of 0.53 and a beta of 0.78. Teck Resources Ltd has a 52-week low of $28.32 and a 52-week high of $54.13. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.45 and a current ratio of 3.47.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.07. The business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $2.25 billion. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The business's revenue was up 12.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.79 EPS. Sell-side analysts predict 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. Stockholders of record on Monday, September 15th will be paid a $0.0918 dividend. 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 payout ratio is presently 94.74%.

About Teck Resources

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.