Synergy Asset Management LLC Reduces Holdings in Teck Resources Ltd (NYSE:TECK)

Synergy Asset Management LLC cut its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 63.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,194 shares of the basic materials company's stock after selling 10,698 shares during the period. Synergy Asset Management LLC's holdings in Teck Resources were worth $226,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of TECK. FPC Investment Advisory Inc. purchased a new stake in Teck Resources during the 4th quarter valued at $27,000. Community Bank N.A. purchased a new stake in shares of Teck Resources in the fourth quarter valued at $33,000. Ameriflex Group Inc. purchased a new stake in shares of Teck Resources in the fourth quarter valued at $50,000. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Teck Resources in the 4th quarter worth about $55,000. Finally, Bruce G. Allen Investments LLC boosted its stake in shares of 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 purchasing an additional 837 shares during the period. 78.06% of the stock is owned by institutional investors.

Teck Resources Stock Up 8.5%

Shares of NYSE TECK traded up $3.26 during mid-day trading on Thursday, reaching $41.51. 6,054,806 shares of the company were exchanged, compared to its average volume of 3,183,972. Teck Resources Ltd has a 1 year low of $28.32 and a 1 year high of $54.13. The firm has a 50-day moving average of $36.72 and a 200 day moving average of $39.03. The stock has a market cap of $20.18 billion, a price-to-earnings ratio of 71.58, a P/E/G ratio of 0.56 and a beta of 0.79. The company has a quick ratio of 2.57, a current ratio of 3.36 and a debt-to-equity ratio of 0.15.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.24 by $0.18. Teck Resources had a net margin of 3.48% and a return on equity of 4.53%. The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same period in the prior year, the firm posted $0.75 earnings per share. The company's quarterly revenue was up 41.4% on a year-over-year basis. On average, research analysts expect that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.0901 per share. The ex-dividend date of this dividend is Monday, June 16th. This is an increase from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.87%. Teck Resources's dividend payout ratio is presently 62.07%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on TECK shares. Veritas raised shares of Teck Resources to a "hold" rating in a research note on Friday, April 11th. JPMorgan Chase & Co. cut their price target on shares of Teck Resources from $50.00 to $41.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. National Bank Financial raised shares of Teck Resources from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 24th. Desjardins began coverage on shares of Teck Resources in a research report on Friday, April 4th. They issued a "buy" rating for the company. Finally, UBS Group reaffirmed a "neutral" rating on shares of Teck Resources in a research report on Tuesday, April 15th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $64.63.

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.