Teck Resources Ltd $TECK Shares Sold by AMF Tjanstepension AB

Key Points

• AMF Tjanstepension AB reduced its holdings in Teck Resources by 56.1% during Q2, selling over 3 million shares and now owning approximately 0.52% of the company, valued at $101 million.
• Teck Resources reported earnings of $0.27 per share for the latest quarter, exceeding analyst expectations, with year-over-year revenue growth of 12.3%.
• The company recently declared a quarterly dividend of $0.0918 per share, representing a slight increase from the previous amount, with a dividend yield of 0.9%.

AMF Tjanstepension AB lessened its holdings in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 56.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,499,693 shares of the basic materials company's stock after selling 3,196,543 shares during the period. AMF Tjanstepension AB owned approximately 0.52% of Teck Resources worth $101,251,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of TECK. Smartleaf Asset Management LLC lifted its stake in shares of Teck Resources by 69.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company's stock valued at $32,000 after purchasing an additional 350 shares during the last quarter. Costello Asset Management INC acquired a new position in shares of Teck Resources in the 1st quarter valued at $33,000. Banque Cantonale Vaudoise acquired a new position in shares of Teck Resources in the 1st quarter valued at $36,000. Golden State Wealth Management LLC lifted its stake in shares of Teck Resources by 7,560.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock valued at $42,000 after purchasing an additional 1,134 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Teck Resources in the 2nd quarter valued at $49,000. Institutional investors and hedge funds own 78.06% of the company's stock.

Teck Resources Price Performance

TECK opened at $43.19 on Friday. The stock's 50-day moving average price is $36.02 and its 200 day moving average price is $36.60. The company has a current ratio of 3.47, a quick ratio of 2.45 and a debt-to-equity ratio of 0.15. Teck Resources Ltd has a 12-month low of $28.32 and a 12-month high of $52.37. The firm has a market cap of $20.74 billion, a price-to-earnings ratio of 113.65, a PEG ratio of 0.54 and a beta of 0.92.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.07. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter in the prior year, the business earned $0.79 EPS. Teck Resources's revenue was up 12.3% on a year-over-year basis. As a group, sell-side analysts expect that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were issued a dividend of $0.0918 per share. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date was Monday, September 15th. This represents a $0.37 annualized dividend and a yield of 0.9%. Teck Resources's dividend payout ratio (DPR) is currently 94.74%.

Analyst Ratings Changes

Several brokerages have recently commented on TECK. Deutsche Bank Aktiengesellschaft raised Teck Resources from a "hold" rating to a "buy" rating and set a $42.00 price target on the stock in a research note on Monday, September 8th. B. Riley lowered Teck Resources from a "buy" rating to a "neutral" rating in a research note on Monday, July 28th. Wall Street Zen raised Teck Resources from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Scotiabank reissued an "outperform" rating on shares of Teck Resources in a research note on Wednesday, September 10th. Finally, Stifel Canada raised Teck Resources to a "hold" rating in a research note on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $56.88.

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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