Drummond Knight Asset Management Pty Ltd Sells 434,077 Shares of Teck Resources Ltd $TECK

Key Points

• Drummond Knight Asset Management sold 434,077 shares of Teck Resources in the fourth quarter, cutting its stake by 49.3% to 445,923 shares worth about $21.36 million, with Teck representing 6.0% of the firm's portfolio (its 7th largest holding).
• Wall Street sentiment is positive-to-moderate: Teck has a consensus rating of "Moderate Buy" with a $57.00 consensus price target, while several firms (including Benchmark and Truist) have set targets as high as $67 and multiple analysts have upgraded or reaffirmed buy ratings.
• Recent results showed an earnings beat—Q4 EPS of $0.98 vs. $0.59 expected and revenue up 9.8% year-over-year—and the company pays a quarterly dividend of $0.125 (annualized yield ~0.9%), with a market cap of about $25.5 billion.

Drummond Knight Asset Management Pty Ltd reduced its position in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 49.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 445,923 shares of the basic materials company's stock after selling 434,077 shares during the period. Teck Resources comprises 6.0% of Drummond Knight Asset Management Pty Ltd's portfolio, making the stock its 7th largest position. Drummond Knight Asset Management Pty Ltd owned 0.09% of Teck Resources worth $21,355,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. ASR Vermogensbeheer N.V. increased its stake in shares of Teck Resources by 1.6% in the third quarter. ASR Vermogensbeheer N.V. now owns 16,721 shares of the basic materials company's stock worth $734,000 after buying an additional 270 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Teck Resources by 72.4% in the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company's stock worth $37,000 after buying an additional 351 shares during the last quarter. CWM LLC increased its stake in shares of Teck Resources by 22.7% in the third quarter. CWM LLC now owns 2,078 shares of the basic materials company's stock worth $91,000 after buying an additional 384 shares during the last quarter. GSA Capital Partners LLP increased its stake in shares of Teck Resources by 1.0% in the third quarter. GSA Capital Partners LLP now owns 40,941 shares of the basic materials company's stock worth $1,797,000 after buying an additional 409 shares during the last quarter. Finally, NewEdge Advisors LLC increased its stake in shares of Teck Resources by 5.5% in the third quarter. NewEdge Advisors LLC now owns 8,635 shares of the basic materials company's stock worth $379,000 after buying an additional 452 shares during the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TECK has been the subject of a number of research analyst reports. Truist Financial set a $67.00 price target on shares of Teck Resources in a research note on Monday, February 23rd. Benchmark lifted their price target on shares of Teck Resources from $48.00 to $67.00 and gave the stock a "buy" rating in a research note on Monday, February 23rd. UBS Group restated a "buy" rating on shares of Teck Resources in a research note on Tuesday, January 27th. Citigroup upgraded shares of Teck Resources from a "neutral" rating to a "buy" rating in a research note on Monday, February 2nd. Finally, TD Securities restated a "hold" rating on shares of Teck Resources in a research note on Monday, February 23rd. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat.com, Teck Resources has a consensus rating of "Moderate Buy" and a consensus price target of $57.00.

Teck Resources Stock Performance

Teck Resources stock opened at $52.86 on Tuesday. The company has a market cap of $25.47 billion, a PE ratio of 26.17, a P/E/G ratio of 2.76 and a beta of 0.85. The company has a fifty day moving average price of $54.40 and a two-hundred day moving average price of $48.03. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.54 and a quick ratio of 1.91. Teck Resources Ltd has a 12 month low of $28.32 and a 12 month high of $62.41.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released 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 firm 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%. The firm's revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.45 earnings per share. Research analysts expect that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Friday, March 13th. Teck Resources's payout ratio is currently 18.32%.

Teck Resources Company 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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