Teck Resources Ltd $TECK Shares Sold by Korea Investment CORP

Key Points

• Korea Investment CORP reduced its stake in Teck Resources Ltd by 24.9% in Q1, now holding 0.05% of the company's shares valued at approximately $9.82 million.
• Teck Resources recently declared a quarterly dividend of $0.0918, an increase from the previous $0.09, with a yield of 1.2%.
• Teck Resources reported quarterly earnings of $0.27 EPS, exceeding estimates, but with revenue of $1.49 billion, below projections of $2.25 billion.

Korea Investment CORP lowered its position in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 24.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 269,624 shares of the basic materials company's stock after selling 89,167 shares during the period. Korea Investment CORP owned about 0.05% of Teck Resources worth $9,820,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Northern Trust Corp raised its position in shares of Teck Resources by 1.7% in the first quarter. Northern Trust Corp now owns 397,940 shares of the basic materials company's stock worth $14,497,000 after acquiring an additional 6,570 shares during the period. Aviso Financial Inc. raised its position in shares of Teck Resources by 15.0% in the first quarter. Aviso Financial Inc. now owns 17,448 shares of the basic materials company's stock worth $636,000 after acquiring an additional 2,277 shares during the period. Northwest & Ethical Investments L.P. raised its position in shares of Teck Resources by 53.6% in the first quarter. Northwest & Ethical Investments L.P. now owns 135,745 shares of the basic materials company's stock worth $4,948,000 after acquiring an additional 47,347 shares during the period. Raymond James Financial Inc. raised its position in shares of Teck Resources by 6.6% in the first quarter. Raymond James Financial Inc. now owns 377,109 shares of the basic materials company's stock worth $13,738,000 after acquiring an additional 23,204 shares during the period. Finally, American Century Companies Inc. raised its position in shares of Teck Resources by 2.3% in the first quarter. American Century Companies Inc. now owns 839,524 shares of the basic materials company's stock worth $30,583,000 after acquiring an additional 18,825 shares during the period. Institutional investors and hedge funds own 78.06% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on TECK. Morgan Stanley downgraded 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 report on Tuesday, July 15th. Cibc World Mkts downgraded shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Benchmark reduced their price target on shares of Teck Resources from $55.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, July 28th. CIBC downgraded shares of Teck Resources from a "sector outperform" rating to a "neutral" rating in a research report on Friday, July 25th. Finally, JPMorgan Chase & Co. restated 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. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $60.11.

Teck Resources Price Performance

TECK stock traded up $1.84 during mid-day trading on Friday, reaching $33.60. The company's stock had a trading volume of 4,897,497 shares, compared to its average volume of 4,039,920. The stock has a market cap of $16.23 billion, a PE ratio of 88.42, a P/E/G ratio of 0.53 and a beta of 0.81. The company has a current ratio of 3.47, a quick ratio of 2.45 and a debt-to-equity ratio of 0.15. Teck Resources Ltd has a fifty-two week low of $28.32 and a fifty-two week high of $54.13. The company's 50 day moving average is $36.19 and its two-hundred day moving average is $37.16.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $0.27 EPS for the quarter, beating analysts' consensus estimates of $0.20 by $0.07. The company had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $2.25 billion. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. Teck Resources's quarterly revenue was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.79 EPS. 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 will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued a $0.0918 dividend. This represents a $0.37 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Monday, September 15th. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's payout ratio is currently 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.