Swedbank AB Sells 230,196 Shares of Teck Resources Ltd $TECK

Key Points

• Swedbank AB sold 230,196 shares of Teck Resources Ltd, reducing its holdings by 9% to approximately 2.33 million shares valued at $84.98 million.
• Teck Resources recently beat analyst expectations with quarterly earnings of $0.27 per share, while its revenue was reported at $1.49 billion.
• The company declared a quarterly dividend of $0.0918, marking an increase from its previous dividend, with a payout ratio of 94.74%.

Swedbank AB decreased its holdings in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 9.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,332,804 shares of the basic materials company's stock after selling 230,196 shares during the period. Swedbank AB owned about 0.48% of Teck Resources worth $84,984,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Smartleaf Asset Management LLC increased its holdings in shares of Teck Resources by 69.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company's stock worth $32,000 after purchasing an additional 350 shares in the last quarter. Vontobel Holding Ltd. boosted its stake in shares of Teck Resources by 0.5% in the 1st quarter. Vontobel Holding Ltd. now owns 88,303 shares of the basic materials company's stock worth $3,217,000 after buying an additional 400 shares during the last quarter. Assetmark Inc. boosted its stake in shares of Teck Resources by 2.4% in the 1st quarter. Assetmark Inc. now owns 19,945 shares of the basic materials company's stock worth $727,000 after buying an additional 471 shares during the last quarter. Ervin Investment Management LLC boosted its stake in shares of Teck Resources by 5.1% in the 1st quarter. Ervin Investment Management LLC now owns 10,980 shares of the basic materials company's stock worth $400,000 after buying an additional 535 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Teck Resources by 1.0% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 53,616 shares of the basic materials company's stock worth $1,953,000 after buying an additional 535 shares during the last quarter. Institutional investors own 78.06% of the company's stock.

Analyst Upgrades and Downgrades

TECK has been the topic of a number of research reports. Cibc World Mkts downgraded Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Desjardins downgraded Teck Resources from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $41.00 target price (down from $46.00) on shares of Teck Resources in a research report on Friday, July 25th. Wall Street Zen upgraded Teck Resources from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, CIBC downgraded Teck Resources from a "sector outperform" rating to a "neutral" rating in a research report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $56.88.

Teck Resources Price Performance

Shares of Teck Resources stock traded up $0.02 during trading hours on Monday, hitting $41.91. The company's stock had a trading volume of 5,959,506 shares, compared to its average volume of 6,798,962. The business has a 50 day moving average price of $35.03 and a two-hundred day moving average price of $36.47. Teck Resources Ltd has a 12-month low of $28.32 and a 12-month high of $54.13. The company has a market cap of $20.13 billion, a PE ratio of 110.29, a PEG ratio of 0.62 and a beta of 0.78. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.45 and a current ratio of 3.47.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its quarterly earnings data on Thursday, July 24th. The basic materials company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.20 by $0.07. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The business had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same period in the previous year, the business earned $0.79 earnings per share. The business's revenue was up 12.3% on a year-over-year basis. Analysts expect that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal 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 given a $0.0918 dividend. The ex-dividend date is Monday, September 15th. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.37 annualized dividend and a dividend yield of 0.9%. Teck Resources's dividend payout ratio (DPR) is presently 94.74%.

Teck Resources Company 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.