Levin Capital Strategies L.P. Sells 65,362 Shares of Teck Resources Ltd (NYSE:TECK)

Key Points

• Levin Capital Strategies L.P. reduced its holdings in Teck Resources by 18.5%, selling 65,362 shares and retaining 288,668 shares valued at approximately $10.5 million.
• Teck Resources reported $0.27 EPS for the last quarter, exceeding analyst expectations of $0.20, with a net margin of 2.51% and a revenue of $1.49 billion.
• The company announced a quarterly dividend increase to $0.0918 per share, reflecting a rise from its previous dividend of $0.09 and a 1.1% dividend yield.

Levin Capital Strategies L.P. lessened its holdings in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 18.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 288,668 shares of the basic materials company's stock after selling 65,362 shares during the quarter. Levin Capital Strategies L.P. owned 0.06% of Teck Resources worth $10,516,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Costello Asset Management INC bought a new stake in Teck Resources during the 1st quarter valued at $33,000. Banque Cantonale Vaudoise purchased a new position in shares of Teck Resources in the first quarter valued at about $36,000. Golden State Wealth Management LLC raised its stake in shares of Teck Resources by 7,560.0% during 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 acquiring an additional 1,134 shares during the last quarter. Ameriflex Group Inc. purchased a new stake in shares of Teck Resources during the fourth quarter worth about $50,000. Finally, Bruce G. Allen Investments LLC grew its stake in shares of Teck Resources by 104.8% in the first 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 last quarter. 78.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TECK has been the subject of several research reports. B. Riley lowered Teck Resources from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. Wall Street Zen upgraded Teck Resources from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Stifel Canada upgraded shares of Teck Resources to a "hold" rating in a report on Tuesday, July 8th. BMO Capital Markets assumed coverage on shares of Teck Resources in a research report on Wednesday, April 16th. They issued an "outperform" rating on the stock. Finally, National Bank Financial raised shares of Teck Resources from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 24th. Thirteen investment 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 stock. Based on data from MarketBeat.com, Teck Resources presently has an average rating of "Hold" and a consensus target price of $60.11.

Teck Resources Stock Performance

Shares of TECK stock traded up $0.77 during trading hours on Thursday, reaching $33.15. The company had a trading volume of 2,704,482 shares, compared to its average volume of 5,479,649. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.45 and a current ratio of 3.47. The business has a fifty day moving average price of $37.47 and a 200-day moving average price of $37.97. Teck Resources Ltd has a one year low of $28.32 and a one year high of $54.13. The firm has a market cap of $16.01 billion, a PE ratio of 87.23, a price-to-earnings-growth ratio of 0.52 and a beta of 0.81.

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 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.07. The business had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $2.25 billion. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The firm's revenue was up 12.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.79 EPS. Sell-side analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued a $0.0918 dividend. 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%. The ex-dividend date of this dividend is Monday, September 15th. Teck Resources's dividend payout ratio is currently 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.