NewEdge Advisors LLC Sells 20,344 Shares of Teck Resources Ltd $TECK

Key Points

• NewEdge Advisors reduced its Teck Resources stake by 54.8%, selling 20,344 shares during the second quarter and retaining 16,799 shares valued at approximately $999,000.
• Institutional investors own 78.06% of Teck Resources, while analyst sentiment remains mixed: six analysts rate the stock a Buy and seven rate it a Hold, for a consensus Hold rating and a $62.25 price target.
• Teck reported quarterly EPS of $1.35, exceeding estimates of $0.95, with revenue up 78.2% year over year to $2.54 billion. The company also declared a quarterly dividend of $0.125 per share, equivalent to a 0.7% annual yield.

NewEdge Advisors LLC cut its holdings in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 54.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,799 shares of the basic materials company's stock after selling 20,344 shares during the period. NewEdge Advisors LLC's holdings in Teck Resources were worth $999,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of TECK. Principal Financial Group Inc. boosted its position in Teck Resources by 17.1% during the first quarter. Principal Financial Group Inc. now owns 22,044,284 shares of the basic materials company's stock valued at $1,139,051,000 after purchasing an additional 3,211,985 shares in the last quarter. Hancock Prospecting Pty Ltd grew its holdings in Teck Resources by 31.7% in the fourth quarter. Hancock Prospecting Pty Ltd now owns 10,298,293 shares of the basic materials company's stock valued at $493,185,000 after purchasing an additional 2,477,344 shares during the period. Norges Bank purchased a new position in Teck Resources during the fourth quarter valued at $404,880,000. Goldman Sachs Group Inc. lifted its stake in Teck Resources by 11.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 7,939,413 shares of the basic materials company's stock valued at $380,218,000 after buying an additional 836,879 shares in the last quarter. Finally, Temasek Holdings Private Ltd boosted its stake in shares of Teck Resources by 7.1% in the first quarter. Temasek Holdings Private Ltd now owns 5,685,453 shares of the basic materials company's stock worth $294,015,000 after acquiring an additional 378,069 shares during the last quarter. 78.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Scotiabank reiterated a "sector perform" rating on shares of Teck Resources in a research report on Monday, June 15th. Weiss Ratings raised shares of Teck Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, August 4th. JPMorgan Chase & Co. lifted their price objective on shares of Teck Resources from $46.00 to $47.00 and gave the company a "neutral" rating in a report on Tuesday, July 28th. Deutsche Bank Aktiengesellschaft lifted their target price on Teck Resources from $64.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. Finally, Veritas cut Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 4th. Six analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $62.25.

Teck Resources Stock Up 1.9%

Shares of NYSE TECK opened at $66.76 on Tuesday. The business has a 50-day moving average of $64.52 and a two-hundred day moving average of $60.60. The company has a market capitalization of $32.24 billion, a price-to-earnings ratio of 18.09, a price-to-earnings-growth ratio of 2.03 and a beta of 0.94. Teck Resources Ltd has a 1 year low of $38.00 and a 1 year high of $72.56. The company has a debt-to-equity ratio of 0.12, a current ratio of 3.12 and a quick ratio of 2.33.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.40. The company had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.38 billion. Teck Resources had a net margin of 17.85% and a return on equity of 10.42%. Teck Resources's revenue for the quarter was up 78.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.38 earnings per share. On average, analysts forecast that Teck Resources Ltd will post 4.03 earnings per share for the current fiscal year.

Teck Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Tuesday, September 15th. Teck Resources's payout ratio is 9.76%.

Teck Resources Profile

Teck Resources Limited is a Canadian mining and metals company focused primarily on the exploration, development and production of base metals. Its principal products include copper, zinc and lead, along with associated by-products such as molybdenum, silver and germanium. Copper is an increasingly important part of Teck's business as the metal is used in electrical infrastructure, renewable energy systems, transportation and industrial applications.

Teck operates and develops mining assets in Canada, Chile and Peru.

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