Hartree Partners LP Sells 164,568 Shares of Teck Resources Ltd $TECK

Key Points

• Hartree Partners LP reduced its stake in Teck Resources Ltd by 63.3%, bringing its holdings down to 95,219 shares worth $3.47 million, making it the firm's 23rd largest investment.
• Teck Resources has seen various institutional investors adjusting their positions, including Smartleaf Asset Management which increased its holdings by 69.2% in the same quarter.
• The company announced an increase in its quarterly dividend to $0.0918, effective September 29th, reflecting a commitment to return value to shareholders despite recent stock performance fluctuations.

Hartree Partners LP trimmed its position in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 63.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 95,219 shares of the basic materials company's stock after selling 164,568 shares during the period. Teck Resources accounts for approximately 1.2% of Hartree Partners LP's investment portfolio, making the stock its 23rd biggest position. Hartree Partners LP's holdings in Teck Resources were worth $3,469,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Smartleaf Asset Management LLC increased its holdings in 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 buying an additional 350 shares during the last quarter. Costello Asset Management INC acquired a new stake in Teck Resources during the 1st quarter valued at $33,000. Banque Cantonale Vaudoise acquired a new stake in Teck Resources during the 1st quarter valued at $36,000. Golden State Wealth Management LLC lifted its holdings in 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 valued at $42,000 after purchasing an additional 1,134 shares during the last quarter. Finally, Ameriflex Group Inc. acquired a new stake in Teck Resources during the 4th quarter valued at $50,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Price Performance

Shares of NYSE:TECK traded down $0.06 during trading on Tuesday, reaching $33.25. 3,589,313 shares of the company traded hands, compared to its average volume of 3,691,517. The company's 50 day moving average is $35.97 and its two-hundred day moving average is $37.06. The firm has a market capitalization of $16.06 billion, a PE ratio of 22.82, a PEG ratio of 0.52 and a beta of 0.81. The company has a quick ratio of 2.45, a current ratio of 3.47 and a debt-to-equity ratio of 0.15. Teck Resources Ltd has a 52 week low of $28.32 and a 52 week high of $54.13.

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 analysts' consensus estimates of $0.20 by $0.07. The firm had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $2.25 billion. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The company's revenue was up 12.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.79 EPS. As a group, sell-side analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be given a $0.0918 dividend. This is a boost from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.37 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Monday, September 15th. Teck Resources's dividend payout ratio (DPR) is presently 94.74%.

Wall Street Analyst Weigh In

TECK has been the subject of several research reports. Royal Bank Of Canada cut their price target on Teck Resources from $82.00 to $67.00 and set an "outperform" rating for the company in a report on Friday, July 25th. Cibc World Mkts cut Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Morgan Stanley downgraded Teck Resources from an "overweight" rating to an "equal weight" rating and upped their target price for the company from $42.00 to $44.00 in a research report on Tuesday, July 15th. Desjardins lowered Teck Resources from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and set a $41.00 price target (down from $46.00) on shares of Teck Resources in a report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $60.11.

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.