Barings LLC Lowers Stock Holdings in Teck Resources Ltd (NYSE:TECK)

Key Points

• Barings LLC reduced its stake in Teck Resources Ltd by 28.8%, now holding 106,356 shares valued at approximately $3.88 million after selling nearly 43,000 shares in the first quarter.
• Teck Resources recently announced a quarterly dividend of $0.0918, scheduled for payment on September 29th, which marks an increase from its previous quarterly dividend.
• The company reported a net margin of 2.51% and a revenue of $1.49 billion for the last quarter, significantly below the analysts' expectations of $2.25 billion.

Barings LLC trimmed its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 28.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,356 shares of the basic materials company's stock after selling 42,944 shares during the quarter. Barings LLC's holdings in Teck Resources were worth $3,875,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of TECK. Principal Financial Group Inc. lifted its holdings in Teck Resources by 56.9% during the 1st quarter. Principal Financial Group Inc. now owns 11,530,742 shares of the basic materials company's stock worth $419,970,000 after buying an additional 4,180,623 shares during the last quarter. Carrhae Capital LLP purchased a new stake in shares of Teck Resources in the 1st quarter valued at about $46,478,000. FMR LLC lifted its holdings in shares of Teck Resources by 29.7% in the 4th quarter. FMR LLC now owns 4,715,144 shares of the basic materials company's stock valued at $191,133,000 after purchasing an additional 1,080,714 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its holdings in shares of Teck Resources by 18.8% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 5,882,044 shares of the basic materials company's stock valued at $238,381,000 after purchasing an additional 932,058 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Teck Resources by 38.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 2,638,973 shares of the basic materials company's stock valued at $107,135,000 after purchasing an additional 736,721 shares during the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on TECK shares. National Bankshares raised Teck Resources from a "sector perform" rating to an "outperform" rating in a report on Thursday, April 24th. Wall Street Zen raised Teck Resources from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Desjardins downgraded Teck Resources from a "buy" rating to a "hold" rating in a report on Friday, July 18th. BMO Capital Markets began coverage on Teck Resources in a research note on Wednesday, April 16th. They set an "outperform" rating for the company. Finally, Stifel Canada raised Teck Resources to a "hold" rating in a research note on Tuesday, July 8th. Thirteen research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $60.11.

Teck Resources Price Performance

Shares of TECK traded down $0.17 on Wednesday, reaching $32.42. The stock had a trading volume of 2,099,281 shares, compared to its average volume of 3,794,516. The firm has a market capitalization of $15.66 billion, a PE ratio of 85.33, a PEG ratio of 0.51 and a beta of 0.81. The company has a quick ratio of 2.45, a current ratio of 3.47 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average of $37.66 and a 200 day moving average of $38.08. Teck Resources Ltd has a twelve month low of $28.32 and a twelve month high of $54.13.

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, topping analysts' consensus estimates of $0.20 by $0.07. The business had revenue of $1.49 billion for the quarter, compared to analysts' expectations of $2.25 billion. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%. The company's revenue was up 12.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.79 EPS. Sell-side analysts expect that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The firm 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 $0.0918 dividend. This is an increase from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.37 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Monday, September 15th. Teck Resources's dividend payout ratio (DPR) is presently 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.