Sumitomo Mitsui Trust Group Inc. Sells 26,577 Shares of Teck Resources Ltd $TECK

Key Points

• Sumitomo Mitsui Trust Group cut its Teck Resources stake by 53.3% in the first quarter, selling 26,577 shares and leaving it with 23,316 shares valued at about $1.21 million.
• Other institutions were mixed on TECK: some, like Temasek Holdings and ABN Amro Investment Solutions, increased holdings, while overall 78.06% of the stock remains owned by institutional investors.
• Analyst sentiment is cautious, with the stock carrying an average "Hold" rating and a consensus price target of $63.00; Teck also recently paid a quarterly dividend of $0.125 per share.

Sumitomo Mitsui Trust Group Inc. lowered its stake in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 53.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,316 shares of the basic materials company's stock after selling 26,577 shares during the period. Sumitomo Mitsui Trust Group Inc.'s holdings in Teck Resources were worth $1,207,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in TECK. Temasek Holdings Private Ltd boosted its holdings in shares of Teck Resources by 1.1% in the 4th quarter. Temasek Holdings Private Ltd now owns 5,307,384 shares of the basic materials company's stock worth $254,171,000 after purchasing an additional 57,380 shares during the period. Union Bancaire Privee UBP SA raised its holdings in Teck Resources by 172.8% during the 4th quarter. Union Bancaire Privee UBP SA now owns 23,560 shares of the basic materials company's stock valued at $1,128,000 after buying an additional 14,924 shares during the period. New York Life Investment Management LLC purchased a new stake in Teck Resources during the 4th quarter valued at $11,014,000. Cardinal Point Capital Management ULC bought a new stake in Teck Resources in the fourth quarter worth $379,000. Finally, ABN Amro Investment Solutions lifted its position in Teck Resources by 156.4% in the fourth quarter. ABN Amro Investment Solutions now owns 510,989 shares of the basic materials company's stock worth $24,471,000 after buying an additional 311,694 shares during the last quarter. 78.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Zacks Research cut shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, April 22nd. Deutsche Bank Aktiengesellschaft raised their target price on shares of Teck Resources from $64.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, July 2nd. Weiss Ratings upgraded shares of Teck Resources from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday, April 24th. Wall Street Zen raised shares of Teck Resources to a "buy" rating in a research report on Saturday, May 16th. Finally, Veritas downgraded shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Thursday, June 4th. Five investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $63.00.

Teck Resources Stock Down 3.4%

NYSE:TECK opened at $58.03 on Thursday. Teck Resources Ltd has a twelve month low of $30.98 and a twelve month high of $71.25. The company has a market cap of $28.01 billion, a price-to-earnings ratio of 21.26, a price-to-earnings-growth ratio of 1.78 and a beta of 0.92. The stock has a fifty day simple moving average of $62.48 and a 200-day simple moving average of $57.10. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13.

Teck Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Monday, June 15th. Teck Resources's payout ratio is 13.19%.

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.

Want to see what other hedge funds are holding TECK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.