Paloma Partners Management Co Sells 1,691,700 Shares of Teck Resources Ltd $TECK

Key Points

• Paloma Partners Management Co significantly reduced its holdings in Teck Resources Ltd by 94.8%, dropping to 93,500 shares worth approximately $3.41 million.
• Teck Resources recently declared a quarterly dividend of $0.0918 per share, representing an increase from its previous dividend and reflecting a 1.1% yield.
• Analyst ratings for Teck Resources show mixed sentiments, with ratings ranging from a Strong Buy to a Hold, and an average target price set at $60.11.

Paloma Partners Management Co decreased its holdings in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 94.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 93,500 shares of the basic materials company's stock after selling 1,691,700 shares during the quarter. Paloma Partners Management Co's holdings in Teck Resources were worth $3,406,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Smartleaf Asset Management LLC grew its holdings in shares of Teck Resources by 69.2% during the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company's stock valued at $32,000 after buying an additional 350 shares in the last quarter. Costello Asset Management INC acquired a new stake in Teck Resources during the first quarter valued at $33,000. Banque Cantonale Vaudoise acquired a new stake in Teck Resources during the first quarter valued at $36,000. Golden State Wealth Management LLC boosted its position in Teck Resources by 7,560.0% during the first quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock valued at $42,000 after purchasing an additional 1,134 shares during the last quarter. Finally, Ameriflex Group Inc. acquired a new stake in Teck Resources during the fourth quarter valued at $50,000. Hedge funds and other institutional investors own 78.06% of the company's stock.

Teck Resources Stock Up 4.7%

Shares of NYSE:TECK traded up $1.54 on Friday, reaching $34.31. The company had a trading volume of 5,199,901 shares, compared to its average volume of 3,702,271. Teck Resources Ltd has a twelve month low of $28.32 and a twelve month high of $54.13. The stock has a 50-day moving average price of $35.13 and a 200 day moving average price of $36.59. The stock has a market capitalization of $16.48 billion, a P/E ratio of 90.29, a P/E/G ratio of 0.51 and a beta of 0.78. The company has a quick ratio of 2.45, a current ratio of 3.47 and a debt-to-equity ratio of 0.15.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its quarterly earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.20 by $0.07. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The company had revenue of $1.49 billion during the quarter, compared to analysts' expectations of $2.25 billion. During the same quarter in the previous year, the firm earned $0.79 earnings per share. The business's quarterly revenue was up 12.3% compared to the same quarter last year. On average, equities analysts expect that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The firm also recently disclosed 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. The ex-dividend date is Monday, September 15th. This is a boost from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.37 dividend on an annualized basis and a dividend yield of 1.1%. Teck Resources's dividend payout ratio is presently 94.74%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. UBS Group raised Teck Resources from a "neutral" rating to a "buy" rating in a research report on Wednesday. Cibc World Mkts cut Teck Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Wall Street Zen raised Teck Resources from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Morgan Stanley cut Teck Resources from an "overweight" rating to an "equal weight" rating and lifted their price objective for the company from $42.00 to $44.00 in a research report on Tuesday, July 15th. Finally, Benchmark reduced their price objective on Teck Resources from $55.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $57.88.

About Teck Resources

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.