Ninety One UK Ltd Lowers Stock Position in Teck Resources Ltd $TECK

Key Points

• Ninety One UK Ltd cut its stake in Teck Resources by 20.7% in Q4, selling 330,106 shares and retaining 1,260,797 shares worth about $60.4 million (0.26% ownership).
• Institutional ownership stands at 78.06%, with several other hedge funds and asset managers making small buy/sell adjustments, suggesting mixed institutional interest.
• Analysts hold a consensus rating of "Hold" with an average price target of $59.67; Teck also recently beat quarterly EPS estimates ($0.98 vs. $0.59) while revenue was up 9.8% year-over-year.

Ninety One UK Ltd cut its position in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 20.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,260,797 shares of the basic materials company's stock after selling 330,106 shares during the period. Ninety One UK Ltd owned 0.26% of Teck Resources worth $60,397,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Versant Capital Management Inc purchased a new stake in Teck Resources during the third quarter worth $26,000. Smartleaf Asset Management LLC boosted its holdings in Teck Resources by 72.4% during the third quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company's stock worth $37,000 after buying an additional 351 shares in the last quarter. SouthState Bank Corp purchased a new stake in Teck Resources during the third quarter worth $50,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Teck Resources by 43.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,741 shares of the basic materials company's stock worth $76,000 after buying an additional 524 shares in the last quarter. Finally, Tobam boosted its holdings in Teck Resources by 30.9% during the third quarter. Tobam now owns 2,011 shares of the basic materials company's stock worth $88,000 after buying an additional 475 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Zacks Research raised shares of Teck Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, March 23rd. Raymond James Financial downgraded shares of Teck Resources from an "outperform" rating to a "market perform" rating in a report on Wednesday, January 14th. Veritas raised shares of Teck Resources from a "strong sell" rating to a "strong-buy" rating in a report on Thursday, January 15th. TD Securities restated a "hold" rating on shares of Teck Resources in a research report on Monday, February 23rd. Finally, Truist Financial set a $67.00 price objective on shares of Teck Resources in a research report on Monday, February 23rd. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, Teck Resources presently has a consensus rating of "Hold" and an average price target of $59.67.

Teck Resources Stock Performance

NYSE:TECK opened at $59.31 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.54. The company has a fifty day moving average of $54.55 and a two-hundred day moving average of $48.95. The stock has a market capitalization of $28.59 billion, a PE ratio of 29.36, a P/E/G ratio of 2.93 and a beta of 0.85. Teck Resources Ltd has a fifty-two week low of $30.98 and a fifty-two week high of $62.41.

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

Teck Resources Dividend Announcement

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

Teck Resources Company 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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