Massachusetts Financial Services Co. MA Has $58.89 Million Position in Teck Resources Ltd $TECK

Key Points

• Massachusetts Financial Services Co. reduced its Teck stake by 34.4%, selling 644,715 shares and now holds 1,229,686 shares valued at $58.89 million (about 0.26% of the company).
• Teck beat quarterly EPS with $0.98 versus $0.59 and reported revenue up 9.8% year-over-year; shares trade around $58.87 near a 12-month high, and analysts hold a consensus Moderate Buy with an average target of $57.00.

Massachusetts Financial Services Co. MA lowered its holdings in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 34.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,229,686 shares of the basic materials company's stock after selling 644,715 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.26% of Teck Resources worth $58,890,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Douglas Lane & Associates LLC boosted its stake in Teck Resources by 1.4% in the fourth quarter. Douglas Lane & Associates LLC now owns 1,165,917 shares of the basic materials company's stock worth $55,836,000 after purchasing an additional 15,841 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new position in Teck Resources in the fourth quarter worth $103,000. Rathbones Group PLC acquired a new position in Teck Resources in the fourth quarter worth $229,000. Myriad Asset Management US LP acquired a new position in Teck Resources in the fourth quarter worth $466,000. Finally, Signaturefd LLC boosted its stake in Teck Resources by 3.6% in the fourth quarter. Signaturefd LLC now owns 19,458 shares of the basic materials company's stock worth $932,000 after purchasing an additional 682 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on TECK shares. Citigroup raised Teck Resources from a "neutral" rating to a "buy" rating in a research note on Monday, February 2nd. Scotiabank reissued a "sector perform" rating on shares of Teck Resources in a research note on Tuesday. Zacks Research raised Teck Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 23rd. UBS Group reaffirmed a "buy" rating on shares of Teck Resources in a research note on Tuesday, January 27th. Finally, Raymond James Financial lowered Teck Resources from an "outperform" rating to a "market perform" rating in a research note on Wednesday, January 14th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $57.00.

Teck Resources Trading Up 2.6%

Shares of TECK opened at $58.87 on Wednesday. The company has a quick ratio of 1.91, a current ratio of 2.54 and a debt-to-equity ratio of 0.13. Teck Resources Ltd has a 12-month low of $30.98 and a 12-month high of $62.41. The firm has a market capitalization of $28.37 billion, a PE ratio of 29.14, a price-to-earnings-growth ratio of 2.91 and a beta of 0.85. The stock's fifty day simple moving average is $54.33 and its 200-day simple moving average is $48.71.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.39. Teck Resources had a return on equity of 5.90% and a net margin of 12.98%.The business had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same quarter in the prior year, the firm posted $0.45 earnings per share. The firm's revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, research analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, March 13th. Teck Resources's dividend payout ratio is 18.32%.

Teck Resources Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company's operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.

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