Teck Resources Ltd $TECK Shares Sold by APG Asset Management N.V.

Key Points

• APG Asset Management N.V. reduced its stake in Teck Resources Ltd by 4.4% during the first quarter, owning approximately 0.06% of the company's shares worth $9,270,000.
• Teck Resources recently announced a quarterly dividend increase to $0.0918, with a dividend yield of 1.1%, reflecting a shift from the previous dividend of $0.09.
• Analysts are mixed on Teck Resources, with the stock currently holding an average rating of "Hold" and an average target price of $60.11, despite downgrades from several brokerages.

APG Asset Management N.V. decreased its stake in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 4.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 274,937 shares of the basic materials company's stock after selling 12,730 shares during the quarter. APG Asset Management N.V. owned approximately 0.06% of Teck Resources worth $9,270,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Teck Resources by 1.1% in the first quarter. Vanguard Group Inc. now owns 19,531,542 shares of the basic materials company's stock worth $711,475,000 after buying an additional 215,410 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Teck Resources by 56.9% in the first 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. Boston Partners boosted its stake in shares of Teck Resources by 1.9% in the first quarter. Boston Partners now owns 9,251,775 shares of the basic materials company's stock worth $337,042,000 after buying an additional 173,203 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of Teck Resources by 2.3% in the first quarter. Mackenzie Financial Corp now owns 6,020,429 shares of the basic materials company's stock worth $219,297,000 after buying an additional 137,886 shares during the last quarter. Finally, TD Asset Management Inc boosted its stake in shares of Teck Resources by 0.6% in the first quarter. TD Asset Management Inc now owns 6,006,865 shares of the basic materials company's stock worth $218,781,000 after buying an additional 33,475 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TECK. Cibc World Mkts downgraded Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. CIBC downgraded Teck Resources from a "sector outperform" rating to a "neutral" rating in a research note on Friday, July 25th. Morgan Stanley downgraded Teck Resources from an "overweight" rating to an "equal weight" rating and increased their price target for the stock from $42.00 to $44.00 in a research report on Tuesday, July 15th. Stifel Canada raised Teck Resources to a "hold" rating in a report on Tuesday, July 8th. Finally, Benchmark dropped their price objective on Teck Resources from $55.00 to $48.00 and set a "buy" rating on the stock in a report on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $60.11.

Teck Resources Stock Down 0.9%

Shares of TECK opened at $33.2960 on Tuesday. 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 $54.13. The stock's 50 day moving average is $36.07 and its two-hundred day moving average is $37.09. The firm has a market cap of $16.08 billion, a P/E ratio of 87.62, a PEG ratio of 0.53 and a beta of 0.81.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released 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 the consensus estimate of $2.25 billion. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The business's quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.79 earnings per share. 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. Stockholders of record on Monday, September 15th will be given a $0.0918 dividend. This represents a $0.37 annualized dividend and a dividend yield of 1.1%. This is a boost from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date is Monday, September 15th. Teck Resources's dividend payout ratio (DPR) is 94.74%.

About Teck Resources

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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