Teck Resources Ltd (NYSE:TECK) Stake Cut by Barings LLC

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 cut its position in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 28.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC boosted its stake in Teck Resources by 2.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 13,959 shares of the basic materials company's stock valued at $566,000 after purchasing an additional 302 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in Teck Resources by 2.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 13,511 shares of the basic materials company's stock valued at $548,000 after purchasing an additional 335 shares in the last quarter. Vontobel Holding Ltd. boosted its stake in Teck Resources by 0.5% during the 1st quarter. Vontobel Holding Ltd. now owns 88,303 shares of the basic materials company's stock valued at $3,217,000 after purchasing an additional 400 shares in the last quarter. Assetmark Inc. boosted its stake in Teck Resources by 2.4% during the 1st quarter. Assetmark Inc. now owns 19,945 shares of the basic materials company's stock valued at $727,000 after purchasing an additional 471 shares in the last quarter. Finally, Ervin Investment Management LLC boosted its stake in Teck Resources by 5.1% during the 1st quarter. Ervin Investment Management LLC now owns 10,980 shares of the basic materials company's stock valued at $400,000 after purchasing an additional 535 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors.

Teck Resources Trading Down 2.6%

Teck Resources stock opened at $31.61 on Friday. The company has a 50 day moving average price of $37.84 and a 200 day moving average price of $38.26. Teck Resources Ltd has a 52 week low of $28.32 and a 52 week high of $54.13. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.57 and a current ratio of 3.47. The firm has a market capitalization of $15.27 billion, a price-to-earnings ratio of 83.19, a P/E/G ratio of 0.51 and a beta of 0.81.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its quarterly earnings data 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 firm had revenue of $1.49 billion during the quarter, compared to analyst estimates of $2.25 billion. During the same quarter last year, the business posted $0.79 EPS. The company's revenue was up 12.3% on a year-over-year basis. Research analysts forecast that Teck Resources Ltd will post 1.53 EPS for the current 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 given a $0.0918 dividend. This represents a $0.37 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Monday, September 15th. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's payout ratio is currently 94.74%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TECK. Cibc World Mkts lowered Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. CIBC lowered Teck Resources from a "sector outperform" rating to a "neutral" rating in a research note on Friday, July 25th. Wall Street Zen raised Teck Resources from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. BMO Capital Markets initiated coverage on Teck Resources in a report on Wednesday, April 16th. They issued an "outperform" rating on the stock. Finally, Veritas raised Teck Resources to a "hold" rating in a report on Friday, April 11th. Thirteen 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. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target 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.

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