Envestnet Asset Management Inc. Decreases Stake in Teck Resources Ltd (NYSE:TECK)

Envestnet Asset Management Inc. decreased its position in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 5.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 530,988 shares of the basic materials company's stock after selling 28,885 shares during the period. Envestnet Asset Management Inc. owned about 0.11% of Teck Resources worth $19,344,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TECK. Community Bank N.A. bought a new stake in Teck Resources during the fourth quarter worth about $33,000. Golden State Wealth Management LLC lifted its holdings in shares of Teck Resources by 7,560.0% during the first quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock valued at $42,000 after purchasing an additional 1,134 shares during the last quarter. Ameriflex Group Inc. bought a new stake in shares of Teck Resources in the 4th quarter worth approximately $50,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Teck Resources in the 4th quarter worth approximately $55,000. Finally, Bruce G. Allen Investments LLC increased its position in Teck Resources by 104.8% during the 1st quarter. Bruce G. Allen Investments LLC now owns 1,636 shares of the basic materials company's stock valued at $60,000 after buying an additional 837 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company's stock.

Teck Resources Trading Down 1.3%

Shares of NYSE TECK traded down $0.50 during midday trading on Friday, hitting $37.55. The company's stock had a trading volume of 2,475,005 shares, compared to its average volume of 3,251,424. Teck Resources Ltd has a 12-month low of $28.32 and a 12-month high of $54.13. The company has a current ratio of 3.36, a quick ratio of 2.57 and a debt-to-equity ratio of 0.15. The firm has a market cap of $18.14 billion, a P/E ratio of 64.74, a price-to-earnings-growth ratio of 0.58 and a beta of 0.80. The business's 50 day moving average is $38.17 and its two-hundred day moving average is $38.75.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its earnings results on Thursday, April 24th. The basic materials company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.18. The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $2.19 billion. Teck Resources had a net margin of 3.48% and a return on equity of 4.53%. The company's revenue for the quarter was up 41.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.75 EPS. As a group, equities research analysts expect that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid a $0.0901 dividend. The ex-dividend date of this dividend was Monday, June 16th. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.36 dividend on an annualized basis and a yield of 0.96%. Teck Resources's dividend payout ratio is 62.07%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on TECK shares. Desjardins downgraded Teck Resources from a "buy" rating to a "hold" rating in a report on Friday. Morgan Stanley cut shares of Teck Resources from an "overweight" rating to an "equal weight" rating and upped their price target for the stock from $42.00 to $44.00 in a research note on Tuesday. Stifel Canada upgraded shares of Teck Resources to a "hold" rating in a research note on Tuesday, July 8th. UBS Group reaffirmed a "neutral" rating on shares of Teck Resources in a report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. increased their price target on shares of Teck Resources from $41.00 to $46.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. Nine equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $60.75.

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.