Dodge & Cox Sells 596,100 Shares of Teck Resources Ltd $TECK

Key Points

• Dodge & Cox reduced its stake in Teck by 7.0%, selling 596,100 shares and ending the quarter with 7,871,440 shares worth about $345.5 million (≈1.64% ownership).
• Analyst sentiment is mixed: the consensus rating is Hold with an average target of $57, though several firms (Deutsche Bank, UBS, Citigroup) have issued Buy ratings or upgrades.
• Teck reported stronger-than-expected EPS of $0.98 vs. $0.59 consensus, announced a quarterly dividend of $0.125 (annualized $0.50, ~1.0% yield), yet the stock was trading down about 4.6% near $49.51.

Dodge & Cox cut its holdings in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 7.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,871,440 shares of the basic materials company's stock after selling 596,100 shares during the quarter. Dodge & Cox owned 1.64% of Teck Resources worth $345,478,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of TECK. Marshall Wace LLP lifted its position in Teck Resources by 386.7% during the third quarter. Marshall Wace LLP now owns 1,062,210 shares of the basic materials company's stock valued at $46,620,000 after purchasing an additional 843,968 shares during the last quarter. Twin Tree Management LP grew its stake in shares of Teck Resources by 159.5% in the 3rd quarter. Twin Tree Management LP now owns 88,228 shares of the basic materials company's stock worth $3,872,000 after buying an additional 236,599 shares in the last quarter. Entropy Technologies LP increased its holdings in shares of Teck Resources by 44.7% in the 3rd quarter. Entropy Technologies LP now owns 68,284 shares of the basic materials company's stock worth $2,997,000 after buying an additional 21,099 shares during the last quarter. Quantitative Investment Management LLC purchased a new stake in shares of Teck Resources during the 3rd quarter valued at about $1,015,000. Finally, Invesco Ltd. raised its position in shares of Teck Resources by 1.7% during the 3rd quarter. Invesco Ltd. now owns 5,659,725 shares of the basic materials company's stock valued at $248,405,000 after buying an additional 93,770 shares in the last quarter. Institutional investors own 78.06% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on TECK. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $46.00 price target on shares of Teck Resources in a research report on Wednesday, November 26th. UBS Group restated a "buy" rating on shares of Teck Resources in a research report on Tuesday, January 27th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Teck Resources in a research note on Wednesday, January 21st. Citigroup upgraded Teck Resources from a "neutral" rating to a "buy" rating in a report on Monday, February 2nd. Finally, Scotiabank reiterated a "sector perform" rating on shares of Teck Resources in a report on Tuesday, February 24th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $57.00.

Teck Resources Trading Down 4.6%

NYSE:TECK opened at $49.51 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.54. The firm has a 50-day simple moving average of $54.81 and a 200-day simple moving average of $46.42. Teck Resources Ltd has a one year low of $28.32 and a one year high of $62.41. The firm has a market cap of $23.83 billion, a P/E ratio of 24.51, a P/E/G ratio of 3.16 and a beta of 0.77.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings data on Thursday, February 19th. The basic materials company reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.39. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.28 billion. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. Teck Resources's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.45 earnings per share. Equities analysts anticipate that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, March 13th. Teck Resources's payout ratio is presently 17.82%.

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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