Teck Resources Ltd (NYSE:TECK) Shares Sold by Alberta Investment Management Corp

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 decreased its holdings in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 19.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 about 0.38% of Teck Resources worth $67,858,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of TECK. Banque Cantonale Vaudoise bought a new stake in shares of Teck Resources in the 1st quarter worth approximately $36,000. Golden State Wealth Management LLC increased its position in 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 worth $42,000 after buying an additional 1,134 shares during the period. Ameriflex Group Inc. acquired a new stake in Teck Resources in the fourth quarter worth $50,000. Pilgrim Partners Asia Pte Ltd bought a new stake in Teck Resources in the fourth quarter valued at $55,000. Finally, Bruce G. Allen Investments LLC boosted its holdings in shares of Teck Resources by 104.8% during the first quarter. Bruce G. Allen Investments LLC now owns 1,636 shares of the basic materials company's stock valued at $60,000 after acquiring an additional 837 shares during the period. 78.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TECK has been the topic of a number of analyst reports. Cibc World Mkts cut shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Royal Bank Of Canada decreased their target price on shares of Teck Resources from $82.00 to $67.00 and set an "outperform" rating for the company in a research report on Friday, July 25th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $41.00 price target (down previously from $46.00) on shares of Teck Resources in a research note on Friday, July 25th. BMO Capital Markets began coverage on Teck Resources in a report on Wednesday, April 16th. They set an "outperform" rating on the stock. Finally, CIBC downgraded Teck Resources from a "sector outperform" rating to a "neutral" rating in a research report on Friday, July 25th. Thirteen analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $60.11.

Teck Resources Price Performance

Shares of NYSE TECK opened at $32.50 on Friday. Teck Resources Ltd has a twelve month low of $28.32 and a twelve month high of $54.13. The company has a current ratio of 3.47, a quick ratio of 2.57 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average of $37.94 and a two-hundred day moving average of $38.33. The company has a market capitalization of $15.70 billion, a price-to-earnings ratio of 85.53, a PEG ratio of 0.51 and a beta of 0.80.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its earnings results on Thursday, July 24th. The basic materials company reported $0.27 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.07. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. 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 firm earned $0.79 EPS. The business's revenue for the quarter was up 12.3% on a year-over-year basis. As a group, analysts expect that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The business 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 dividend of $0.0918 per share. This is a boost from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date is Monday, September 15th. This represents a $0.37 dividend on an annualized basis and a dividend yield of 1.1%. Teck Resources's payout ratio is currently 94.74%.

Teck Resources 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.

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