Caption Management LLC Sells 135,728 Shares of Teck Resources Ltd $TECK

Key Points

• Caption Management LLC has reduced its stake in Teck Resources Ltd by 81.9%, selling 135,728 shares, leaving it with 30,000 shares valued at approximately $1.09 million.
• Teck Resources reported a 12.3% increase in year-over-year revenue, with earnings per share (EPS) of $0.27, exceeding analysts' expectations of $0.20.
• The company will increase its quarterly dividend to $0.0918 per share, following a previous dividend of $0.09, representing a 1.1% annual yield.

Caption Management LLC cut its position in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 81.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,000 shares of the basic materials company's stock after selling 135,728 shares during the period. Caption Management LLC's holdings in Teck Resources were worth $1,093,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. DRW Securities LLC acquired a new stake in shares of Teck Resources in the 1st quarter valued at about $6,011,000. New Vernon Investment Management LLC grew its stake in shares of Teck Resources by 64.5% in the 1st quarter. New Vernon Investment Management LLC now owns 19,300 shares of the basic materials company's stock valued at $703,000 after buying an additional 7,565 shares during the period. Canada Pension Plan Investment Board grew its stake in shares of Teck Resources by 37.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 3,715,016 shares of the basic materials company's stock valued at $135,349,000 after buying an additional 1,009,545 shares during the period. Trexquant Investment LP acquired a new stake in shares of Teck Resources in the 1st quarter valued at about $8,527,000. Finally, Itau Unibanco Holding S.A. grew its stake in shares of Teck Resources by 46.1% in the 1st quarter. Itau Unibanco Holding S.A. now owns 30,222 shares of the basic materials company's stock valued at $1,101,000 after buying an additional 9,543 shares during the period. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Stock Performance

Shares of Teck Resources stock traded up $0.19 during mid-day trading on Wednesday, hitting $33.74. 8,754,430 shares of the stock were exchanged, compared to its average volume of 2,862,161. Teck Resources Ltd has a 12 month low of $28.32 and a 12 month high of $54.13. The company has a 50-day simple moving average of $35.43 and a 200 day simple moving average of $36.72. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.45 and a current ratio of 3.47. The company has a market capitalization of $16.30 billion, a P/E ratio of 88.78, a P/E/G ratio of 0.53 and a beta of 0.78.

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

Teck Resources Increases Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on TECK shares. JPMorgan Chase & Co. restated a "neutral" rating and issued a $41.00 target price (down from $46.00) on shares of Teck Resources in a research note on Friday, July 25th. CIBC downgraded Teck Resources from a "sector outperform" rating to a "neutral" rating in a research note on Friday, July 25th. Benchmark cut their price target on Teck Resources from $55.00 to $48.00 and set a "buy" rating for the company in a research note on Monday, July 28th. B. Riley downgraded Teck Resources from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. Finally, Stifel Canada upgraded Teck Resources to a "hold" rating in a research note on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $60.11.

Teck Resources 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.