Letko Brosseau & Associates Inc. Has $53.24 Million Stake in Teck Resources Ltd (NYSE:TECK)

Key Points

• Letko Brosseau & Associates Inc. reduced its stake in Teck Resources by 4.1%, selling 61,725 shares and retaining 1,461,713 shares worth approximately $53.2 million.
• Teck Resources experienced a 12.3% increase in revenue year-over-year, reporting $1.49 billion in revenue for the quarter, while earnings per share exceeded expectations at $0.27.
• The company declared a quarterly dividend increase to $0.0918 per share, resulting in an annualized yield of 1.11% and a dividend payout ratio of 94.74%.

Letko Brosseau & Associates Inc. cut its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 4.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,461,713 shares of the basic materials company's stock after selling 61,725 shares during the quarter. Letko Brosseau & Associates Inc. owned approximately 0.30% of Teck Resources worth $53,238,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Banque Cantonale Vaudoise bought a new position in Teck Resources in the 1st quarter worth approximately $36,000. Golden State Wealth Management LLC grew its holdings 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 worth $42,000 after buying an additional 1,134 shares in the last quarter. Ameriflex Group Inc. bought a new position in Teck Resources in the 4th quarter worth approximately $50,000. Pilgrim Partners Asia Pte Ltd bought a new position in Teck Resources in the 4th quarter worth approximately $55,000. Finally, Bruce G. Allen Investments LLC grew its holdings in Teck Resources by 104.8% in the 1st quarter. Bruce G. Allen Investments LLC now owns 1,636 shares of the basic materials company's stock worth $60,000 after buying an additional 837 shares in the last quarter. 78.06% of the stock is owned by institutional investors.

Teck Resources Price Performance

Shares of TECK traded down $0.85 during trading hours on Friday, hitting $31.61. 4,309,159 shares of the company were exchanged, compared to its average volume of 5,734,360. The firm has a fifty day simple moving average of $37.84 and a 200-day simple moving average of $38.26. The company has a market capitalization of $15.27 billion, a PE ratio of 83.19, a PEG ratio of 0.51 and a beta of 0.81. Teck Resources Ltd has a one year low of $28.32 and a one year high of $54.13. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.47 and a quick ratio of 2.57.

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 company had revenue of $1.49 billion during 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.79 earnings per share. 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 company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be issued a dividend of $0.0918 per share. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.37 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Monday, September 15th. Teck Resources's dividend payout ratio is 94.74%.

Analyst Ratings Changes

A number of brokerages recently issued reports on TECK. National Bank Financial raised Teck Resources from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 24th. CIBC lowered Teck Resources from a "sector outperform" rating to a "neutral" rating in a research note on Friday, July 25th. B. Riley lowered Teck Resources from a "buy" rating to a "neutral" rating in a research note on Monday. National Bankshares raised Teck Resources from a "sector perform" rating to an "outperform" rating in a research note on Thursday, April 24th. Finally, Cibc World Mkts lowered Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Thirteen research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $60.11.

Teck Resources 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.