Northwestern Mutual Wealth Management Co. Sells 717,841 Shares of Teck Resources Ltd $TECK

Key Points

• Northwestern Mutual Wealth Management Co. significantly reduced its stake in Teck Resources by 92.9%, selling 717,841 shares, and now holds only 55,114 shares valued at approximately $2 million.
• Analysts have downgraded their ratings for Teck Resources, with Morgan Stanley and JPMorgan Chase lowering their price targets, indicating a cautious outlook, despite the stock's recent performance.
• Teck Resources has announced an increase in its quarterly dividend to $0.0918, reflecting a commitment to returning value to shareholders despite a high payout ratio of 94.74%.

Northwestern Mutual Wealth Management Co. cut its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 92.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 55,114 shares of the basic materials company's stock after selling 717,841 shares during the quarter. Northwestern Mutual Wealth Management Co.'s holdings in Teck Resources were worth $2,008,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Costello Asset Management INC bought a new stake in Teck Resources during the 1st quarter worth approximately $33,000. Banque Cantonale Vaudoise bought a new stake in Teck Resources during the 1st quarter worth approximately $36,000. Golden State Wealth Management LLC grew its holdings in Teck Resources by 7,560.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock worth $42,000 after acquiring an additional 1,134 shares during the last quarter. Ameriflex Group Inc. bought a new stake in Teck Resources during the 4th quarter worth approximately $50,000. Finally, Bruce G. Allen Investments LLC grew its holdings in Teck Resources by 104.8% during the 1st quarter. Bruce G. Allen Investments LLC now owns 1,636 shares of the basic materials company's stock worth $60,000 after acquiring an additional 837 shares during the last quarter. 78.06% of the stock is owned by institutional investors.

Teck Resources Stock Up 1.6%

Shares of Teck Resources stock traded up $0.53 during trading on Wednesday, reaching $34.08. 5,908,800 shares of the company traded hands, compared to its average volume of 3,734,929. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.47 and a quick ratio of 2.45. Teck Resources Ltd has a 1-year low of $28.32 and a 1-year high of $54.13. The company has a 50 day moving average price of $35.52 and a 200-day moving average price of $36.74. The firm has a market capitalization of $16.46 billion, a PE ratio of 89.88, a P/E/G ratio of 0.53 and a beta of 0.78.

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. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter in the previous year, the company earned $0.79 EPS. Teck Resources's quarterly revenue was up 12.3% compared to the same quarter last year. As a group, equities research analysts expect that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a $0.0918 dividend. This represents a $0.37 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Monday, September 15th. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's dividend payout ratio (DPR) is currently 94.74%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Stifel Nicolaus started coverage on shares of Teck Resources in a report on Wednesday, July 9th. They set a "hold" rating on the stock. Royal Bank Of Canada dropped their price target on shares of Teck Resources from $82.00 to $67.00 and set an "outperform" rating on the stock in a research report on Friday, July 25th. Benchmark dropped their price target on shares of Teck Resources from $55.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, July 28th. Wall Street Zen upgraded shares of Teck Resources from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Cibc World Mkts downgraded shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" 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.