Teck Resources Ltd (NYSE:TECK) Shares Sold by Letko Brosseau & Associates Inc.

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. decreased its position in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 4.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in TECK. Commonwealth Equity Services LLC raised its stake in shares of Teck Resources by 2.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 13,959 shares of the basic materials company's stock worth $566,000 after buying an additional 302 shares during the period. Rockefeller Capital Management L.P. raised its stake in shares of Teck Resources by 2.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 13,511 shares of the basic materials company's stock worth $548,000 after buying an additional 335 shares during the period. Vontobel Holding Ltd. raised its stake in shares of Teck Resources by 0.5% in the first quarter. Vontobel Holding Ltd. now owns 88,303 shares of the basic materials company's stock worth $3,217,000 after buying an additional 400 shares during the period. Assetmark Inc. raised its stake in shares of Teck Resources by 2.4% in the first quarter. Assetmark Inc. now owns 19,945 shares of the basic materials company's stock worth $727,000 after buying an additional 471 shares during the period. Finally, Ervin Investment Management LLC raised its stake in shares of Teck Resources by 5.1% in the first quarter. Ervin Investment Management LLC now owns 10,980 shares of the basic materials company's stock worth $400,000 after buying an additional 535 shares during the period. Institutional investors own 78.06% of the company's stock.

Teck Resources Stock Down 2.6%

Shares of TECK traded down $0.85 during trading hours on Friday, hitting $31.61. The company had a trading volume of 4,309,159 shares, compared to its average volume of 5,734,360. The company has a market capitalization of $15.27 billion, a PE ratio of 83.19, a price-to-earnings-growth ratio of 0.50 and a beta of 0.81. The company has a current ratio of 3.47, a quick ratio of 2.57 and a debt-to-equity ratio of 0.15. Teck Resources Ltd has a one year low of $28.32 and a one year high of $54.13. The company's fifty day moving average price is $37.84 and its two-hundred day moving average price is $38.22.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings results on Thursday, July 24th. The basic materials company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.20 by $0.07. The firm 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 business's revenue for the quarter was up 12.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.79 EPS. As a group, equities analysts forecast that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on TECK shares. Royal Bank Of Canada decreased their target price on Teck Resources from $82.00 to $67.00 and set an "outperform" rating on the stock in a research note on Friday, July 25th. Benchmark cut their price target on Teck Resources from $55.00 to $48.00 and set a "buy" rating for the company in a report on Monday, July 28th. Stifel Nicolaus initiated coverage on Teck Resources in a report on Wednesday, July 9th. They issued a "hold" rating for the company. B. Riley cut Teck Resources from a "buy" rating to a "neutral" rating in a report on Monday, July 28th. Finally, Cibc World Mkts cut Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Thirteen investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price 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.