Alberta Investment Management Corp Sells 450,900 Shares of Teck Resources Ltd (NYSE:TECK)

Key Points

• Alberta Investment Management Corp reduced its holdings in Teck Resources Ltd by 19.5%, selling 450,900 shares, and now owns around 1.86 million shares valued at approximately $67.86 million.
• Teck Resources recently increased its quarterly dividend to $0.0918 per share, reflecting an annualized yield of 1.1%, with a payout ratio of 94.74%.
• Analyst ratings for Teck Resources have been mixed, with CIBC downgrading the stock from "strong-buy" to "hold," while the average target price is currently set at $60.11.

Alberta Investment Management Corp reduced its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 19.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,863,117 shares of the basic materials company's stock after selling 450,900 shares during the period. Alberta Investment Management Corp owned 0.38% of Teck Resources worth $67,858,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Sequoia Financial Advisors LLC increased its holdings in shares of Teck Resources by 5.6% in the first quarter. Sequoia Financial Advisors LLC now owns 10,354 shares of the basic materials company's stock valued at $377,000 after purchasing an additional 545 shares in the last quarter. Golden State Wealth Management LLC increased its holdings in shares of Teck Resources by 7,560.0% in 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 in the last quarter. Cetera Investment Advisers increased its holdings in shares of Teck Resources by 20.6% in the fourth quarter. Cetera Investment Advisers now owns 57,793 shares of the basic materials company's stock valued at $2,342,000 after purchasing an additional 9,887 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of Teck Resources by 22.6% in the first quarter. Oppenheimer Asset Management Inc. now owns 12,141 shares of the basic materials company's stock valued at $442,000 after purchasing an additional 2,240 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Teck Resources by 13,171.4% in the first quarter. GAMMA Investing LLC now owns 3,716 shares of the basic materials company's stock valued at $135,000 after acquiring an additional 3,688 shares during the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Trading Down 0.4%

Shares of Teck Resources stock traded down $0.13 on Tuesday, hitting $32.39. 1,873,898 shares of the company's stock traded hands, compared to its average volume of 3,801,345. 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 one year low of $28.32 and a one year high of $54.13. The firm's 50-day moving average price is $37.76 and its two-hundred day moving average price is $38.12. The stock has a market capitalization of $15.64 billion, a PE ratio of 85.16, a price-to-earnings-growth ratio of 0.50 and a beta of 0.81.

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

Teck Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid 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 dividend on an annualized basis and a yield of 1.1%. Teck Resources's dividend payout ratio is presently 94.74%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. UBS Group reaffirmed a "neutral" rating on shares of Teck Resources in a research note on Tuesday, April 15th. Morgan Stanley lowered shares of Teck Resources from an "overweight" rating to an "equal weight" rating and lifted their price target for the company from $42.00 to $44.00 in a research note on Tuesday, July 15th. Desjardins downgraded shares of Teck Resources from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Wall Street Zen raised shares of Teck Resources from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, National Bankshares upgraded shares of Teck Resources from a "sector perform" rating to an "outperform" rating in a report on Thursday, April 24th. Thirteen equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $60.11.

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.