Davis Selected Advisers Sells 108,192 Shares of Teck Resources Ltd (NYSE:TECK)

Key Points

• Davis Selected Advisers has reduced its stake in Teck Resources Ltd by 1.0%, selling 108,192 shares, leaving them with approximately 11.19 million shares valued at $407.68 million.
• Teck Resources has recently declared a quarterly dividend of $0.0918 per share, reflecting a positive change from the previous dividend, with a 1.1% yield.
• An analysis of Teck Resources shows varied analyst ratings, with thirteen analysts giving a "hold" rating, indicating a consensus average target price of $60.11.

Davis Selected Advisers cut its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 1.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,190,628 shares of the basic materials company's stock after selling 108,192 shares during the quarter. Teck Resources makes up approximately 2.3% of Davis Selected Advisers' portfolio, making the stock its 16th biggest position. Davis Selected Advisers owned 2.27% of Teck Resources worth $407,675,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Costello Asset Management INC bought a new stake in Teck Resources in the 1st quarter valued at about $33,000. Banque Cantonale Vaudoise purchased a new position in shares of Teck Resources in the 1st quarter worth approximately $36,000. Golden State Wealth Management LLC boosted its stake in shares of 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 worth $42,000 after buying an additional 1,134 shares during the last quarter. Ameriflex Group Inc. purchased a new position in Teck Resources in the fourth quarter valued at approximately $50,000. Finally, Bruce G. Allen Investments LLC lifted its stake in Teck Resources by 104.8% in the first quarter. Bruce G. Allen Investments LLC now owns 1,636 shares of the basic materials company's stock valued at $60,000 after purchasing an additional 837 shares during the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on TECK. Veritas upgraded Teck Resources to a "hold" rating in a research note on Friday, April 11th. National Bank Financial raised shares of Teck Resources from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 24th. Benchmark reduced their target price on Teck Resources from $55.00 to $48.00 and set a "buy" rating on the stock in a research note on Monday, July 28th. BMO Capital Markets began coverage on Teck Resources in a research note on Wednesday, April 16th. They issued an "outperform" rating on the stock. Finally, Stifel Canada upgraded shares of Teck Resources to a "hold" rating in a research report on Tuesday, July 8th. Thirteen investment 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 stock. Based on data from MarketBeat.com, Teck Resources presently has an average rating of "Hold" and an average target price of $60.11.

Teck Resources Stock Down 0.5%

TECK traded down $0.17 on Friday, hitting $33.03. The company had a trading volume of 3,807,747 shares, compared to its average volume of 5,356,843. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.47 and a quick ratio of 2.45. Teck Resources Ltd has a 52-week low of $28.32 and a 52-week high of $54.13. The stock has a fifty day simple moving average of $37.39 and a 200-day simple moving average of $37.86. The firm has a market capitalization of $15.95 billion, a P/E ratio of 86.92, a P/E/G ratio of 0.53 and a beta of 0.81.

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

Teck Resources Increases Dividend

The company 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 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. The ex-dividend date of this dividend is 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.