Invesco Ltd. Decreases Stake in Teck Resources Ltd $TECK

Key Points

• Invesco Ltd. reduced its stake in Teck Resources by 34.9%, now holding approximately 5 million shares valued at about $182.97 million as of the latest SEC filing.
• Teck Resources has recently declared a quarterly dividend of $0.0918 per share, up from the previous $0.09, with an annualized yield of 1.1%.
• Despite a decrease in stock ratings from some analysts, Teck Resources maintains an average rating of "Hold" with a price target of $60.11.

Invesco Ltd. lowered its position in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 34.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,022,401 shares of the basic materials company's stock after selling 2,689,326 shares during the quarter. Invesco Ltd. owned approximately 1.02% of Teck Resources worth $182,966,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Teck Resources by 27.1% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 698,918 shares of the basic materials company's stock worth $25,464,000 after acquiring an additional 149,009 shares in the last quarter. Forsta AP Fonden raised its position in shares of Teck Resources by 7.1% during the 1st quarter. Forsta AP Fonden now owns 98,600 shares of the basic materials company's stock worth $3,591,000 after acquiring an additional 6,500 shares in the last quarter. Swiss National Bank raised its position in shares of Teck Resources by 2.0% during the 1st quarter. Swiss National Bank now owns 1,348,379 shares of the basic materials company's stock worth $49,153,000 after acquiring an additional 26,000 shares in the last quarter. Maryland State Retirement & Pension System raised its position in shares of Teck Resources by 3.1% during the 1st quarter. Maryland State Retirement & Pension System now owns 57,717 shares of the basic materials company's stock worth $2,102,000 after acquiring an additional 1,756 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Teck Resources during the 1st quarter worth about $553,000. Hedge funds and other institutional investors own 78.06% of the company's stock.

Teck Resources Stock Performance

Shares of NYSE:TECK traded down $0.45 during trading on Monday, reaching $31.79. The company had a trading volume of 905,853 shares, compared to its average volume of 3,754,129. The firm has a market capitalization of $15.36 billion, a price-to-earnings ratio of 83.67, a price-to-earnings-growth ratio of 0.51 and a beta of 0.81. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.47 and a quick ratio of 2.45. The stock's fifty day moving average price is $36.86 and its 200 day moving average price is $37.50. Teck Resources Ltd has a fifty-two week low of $28.32 and a fifty-two 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 (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.07. The business had revenue of $1.49 billion for the quarter, compared to analyst estimates 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 for the quarter was up 12.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.79 earnings per share. As a group, equities research analysts predict that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be paid a $0.0918 dividend. This represents a $0.37 dividend on an annualized basis and a dividend yield of 1.2%. This is a boost from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date is Monday, September 15th. Teck Resources's dividend payout ratio (DPR) is presently 94.74%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Stifel Nicolaus assumed coverage on Teck Resources in a research report on Wednesday, July 9th. They set a "hold" rating on the stock. Wall Street Zen raised Teck Resources from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Royal Bank Of Canada cut their target price on Teck Resources from $82.00 to $67.00 and set an "outperform" rating on the stock in a research report on Friday, July 25th. Cibc World Mkts lowered Teck Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $41.00 price target (down previously from $46.00) on shares of Teck Resources in a research report on Friday, July 25th. Thirteen research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $60.11.

About Teck Resources

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.