FNY Investment Advisers LLC Sells 22,500 Shares of Teck Resources Ltd $TECK

Key Points

• FNY Investment Advisers LLC significantly reduced its stake in Teck Resources by selling 22,500 shares, representing an 89.4% decrease in its holdings during the second quarter.
• The company also announced a new quarterly dividend of $0.125 per share, set to be paid on December 31st, which marks an increase from its previous dividend of $0.09.
• Teck Resources' stock is currently rated as "Hold" on average by analysts, with a target price of $54.00, while recent earnings surpassed expectations with an EPS of $0.55 against a consensus estimate of $0.39.

FNY Investment Advisers LLC trimmed its position in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 89.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,680 shares of the basic materials company's stock after selling 22,500 shares during the quarter. FNY Investment Advisers LLC's holdings in Teck Resources were worth $108,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TECK. Smartleaf Asset Management LLC boosted its position in shares of Teck Resources by 69.2% during the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company's stock worth $32,000 after purchasing an additional 350 shares in the last quarter. Costello Asset Management INC acquired a new stake in Teck Resources in the 1st quarter valued at $33,000. Banque Cantonale Vaudoise acquired a new stake in Teck Resources in the 1st quarter valued at $36,000. Golden State Wealth Management LLC increased its stake in 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 valued at $42,000 after buying an additional 1,134 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Teck Resources in the 2nd quarter valued at $49,000. 78.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

TECK has been the topic of several recent research reports. UBS Group upgraded shares of Teck Resources from a "neutral" rating to a "buy" rating in a research note on Wednesday, September 3rd. B. Riley lowered shares of Teck Resources from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. JPMorgan Chase & Co. boosted their price objective on shares of Teck Resources from $41.00 to $43.00 and gave the stock a "neutral" rating in a research note on Thursday, October 9th. Cibc World Mkts lowered shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Finally, Royal Bank Of Canada lowered their price objective on shares of Teck Resources from $82.00 to $67.00 and set an "outperform" rating on the stock in a research note on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $54.00.

Teck Resources Stock Performance

Shares of TECK stock opened at $42.47 on Friday. The company has a market capitalization of $20.40 billion, a price-to-earnings ratio of 23.86, a PEG ratio of 0.61 and a beta of 0.92. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.45 and a current ratio of 3.47. The company has a 50-day simple moving average of $38.99 and a 200 day simple moving average of $37.09. Teck Resources Ltd has a 52 week low of $28.32 and a 52 week high of $51.34.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.39 by $0.16. The business had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.93 billion. Teck Resources had a net margin of 11.93% and a return on equity of 4.13%. Teck Resources's revenue was up 18.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.60 EPS. On average, sell-side analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, December 15th. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's payout ratio is presently 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.

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