Teck Resources Ltd $TECK Shares Sold by Drummond Knight Asset Management Pty Ltd

Key Points

• Drummond Knight Asset Management reduced its holdings in Teck Resources Ltd by 48.8% in the first quarter, now owning 243,228 shares valued at approximately $8.86 million.
• Teck Resources has declared a quarterly dividend increase to $0.0918 per share, with the ex-dividend date set for September 15th.
• Teck Resources' stock has seen a 3.1% increase recently, with a current market cap of $20.03 billion and earnings per share exceeding analysts' estimates.

Drummond Knight Asset Management Pty Ltd decreased its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 48.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 243,228 shares of the basic materials company's stock after selling 231,772 shares during the quarter. Teck Resources comprises approximately 4.4% of Drummond Knight Asset Management Pty Ltd's investment portfolio, making the stock its 11th largest holding. Drummond Knight Asset Management Pty Ltd's holdings in Teck Resources were worth $8,861,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Smartleaf Asset Management LLC grew its position in Teck Resources by 69.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company's stock valued at $32,000 after purchasing an additional 350 shares during the period. Costello Asset Management INC bought a new stake in shares of Teck Resources during the 1st quarter worth $33,000. Banque Cantonale Vaudoise bought a new stake in shares of Teck Resources during the 1st quarter worth $36,000. Golden State Wealth Management LLC raised its stake in shares of Teck Resources by 7,560.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock worth $42,000 after purchasing an additional 1,134 shares during the period. Finally, Ameriflex Group Inc. purchased a new stake in Teck Resources in the 4th quarter worth about $50,000. Institutional investors and hedge funds own 78.06% of the company's stock.

Teck Resources Price Performance

NYSE:TECK traded up $0.02 during trading hours on Monday, reaching $41.91. The stock had a trading volume of 5,959,506 shares, compared to its average volume of 4,152,700. 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 Ltd has a 52 week low of $28.32 and a 52 week high of $54.13. The company has a 50 day moving average price of $35.00 and a two-hundred day moving average price of $36.46. The stock has a market capitalization of $20.13 billion, a PE ratio of 110.29, a PEG ratio of 0.62 and a beta of 0.78.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.07. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The firm had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter in the previous year, the company posted $0.79 EPS. The company's revenue for the quarter was up 12.3% compared to the same quarter last year. As a group, 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 issued a $0.0918 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.37 annualized dividend and a dividend yield of 0.9%. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's dividend payout ratio (DPR) is currently 94.74%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TECK. Cibc World Mkts lowered Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Morgan Stanley lowered Teck Resources from an "overweight" rating to an "equal weight" rating and increased their price objective for the company from $42.00 to $44.00 in a research note on Tuesday, July 15th. Scotiabank reiterated an "outperform" rating on shares of Teck Resources in a report on Wednesday, September 10th. Stifel Canada upgraded Teck Resources to a "hold" rating in a report on Tuesday, July 8th. Finally, UBS Group upgraded Teck Resources from a "neutral" rating to a "buy" rating in a report on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $56.88.

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.