Federated Hermes Inc. Decreases Stock Position in Teck Resources Ltd (NYSE:TECK)

Key Points

• Federated Hermes Inc. reduced its stake in Teck Resources Ltd by 28.8%, selling 59,203 shares in the first quarter, leaving it with a total of 146,505 shares valued at $5.34 million.
• Teck Resources recently announced a quarterly dividend of $0.0918 per share, resulting in a 1.1% yield, up from its previous dividend of $0.09.
• Despite recent downgrades from several analysts, Teck Resources maintains an average rating of "Hold" with a consensus price target of $60.11.

Federated Hermes Inc. lowered its holdings in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 28.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 146,505 shares of the basic materials company's stock after selling 59,203 shares during the quarter. Federated Hermes Inc.'s holdings in Teck Resources were worth $5,337,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in TECK. Mackenzie Financial Corp boosted its stake in shares of Teck Resources by 2.3% during the 1st quarter. Mackenzie Financial Corp now owns 6,020,429 shares of the basic materials company's stock valued at $219,297,000 after purchasing an additional 137,886 shares in the last quarter. LPL Financial LLC increased its holdings in Teck Resources by 5.2% in the first quarter. LPL Financial LLC now owns 160,256 shares of the basic materials company's stock valued at $5,838,000 after buying an additional 7,929 shares in the last quarter. RWC Asset Management LLP increased its position in shares of Teck Resources by 7.0% in the first quarter. RWC Asset Management LLP now owns 342,249 shares of the basic materials company's stock worth $12,468,000 after acquiring an additional 22,402 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Teck Resources by 1.3% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 186,512 shares of the basic materials company's stock valued at $6,793,000 after buying an additional 2,445 shares during the last quarter. Finally, Kapitalo Investimentos Ltda acquired a new position in Teck Resources in the 1st quarter worth approximately $22,284,000. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Stock Performance

NYSE:TECK traded up $0.71 during midday trading on Thursday, hitting $33.09. The company's stock had a trading volume of 1,643,693 shares, compared to its average volume of 3,786,387. The firm's 50 day moving average is $37.56 and its 200-day moving average is $38.04. Teck Resources Ltd has a fifty-two week low of $28.32 and a fifty-two week high of $54.13. The firm has a market cap of $15.98 billion, a P/E ratio of 87.07, a P/E/G ratio of 0.52 and a beta of 0.81. 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 (NYSE:TECK - Get Free Report) TSE: TECK last posted its 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 business had revenue of $1.49 billion for the quarter, compared to analyst estimates of $2.25 billion. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The business's quarterly revenue was up 12.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.79 EPS. Equities analysts anticipate that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be paid a $0.0918 dividend. 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 yield of 1.1%. Teck Resources's dividend payout ratio (DPR) is currently 94.74%.

Analyst Upgrades and Downgrades

TECK has been the subject of several research analyst reports. CIBC downgraded shares of Teck Resources from a "sector outperform" rating to a "neutral" rating in a report on Friday, July 25th. B. Riley downgraded Teck Resources from a "buy" rating to a "neutral" rating in a report on Monday, July 28th. Royal Bank Of Canada dropped their price objective on shares of Teck Resources from $82.00 to $67.00 and set an "outperform" rating for the company in a report on Friday, July 25th. Wall Street Zen raised shares of Teck Resources from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Stifel Nicolaus started coverage on shares of Teck Resources in a report on Wednesday, July 9th. They set a "hold" rating for the company. Thirteen investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $60.11.

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.