Teck Resources Ltd $TECK Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC reduced its stake in Teck Resources by 3.8%, holding 319,400 shares valued at approximately $11.63 million after selling 12,753 shares in the first quarter.
• Analysts have recently downgraded Teck Resources' price targets, with Benchmark lowering it from $55 to $48 while maintaining a "buy" rating.
• Teck Resources increased its quarterly dividend to $0.0918, representing a 1.1% yield, higher than the previous $0.09 dividend, with a payout ratio of 94.74%.

Hsbc Holdings PLC cut its position in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 3.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 319,400 shares of the basic materials company's stock after selling 12,753 shares during the quarter. Hsbc Holdings PLC owned 0.06% of Teck Resources worth $11,633,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Teck Resources by 1.1% during the first quarter. Vanguard Group Inc. now owns 19,531,542 shares of the basic materials company's stock worth $711,475,000 after purchasing an additional 215,410 shares during the period. Principal Financial Group Inc. raised its stake in Teck Resources by 56.9% during 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 acquiring an additional 4,180,623 shares during the period. Boston Partners boosted its stake in Teck Resources by 1.9% in the first quarter. Boston Partners now owns 9,251,775 shares of the basic materials company's stock valued at $337,042,000 after acquiring an additional 173,203 shares during the period. Mackenzie Financial Corp grew its holdings in shares of Teck Resources by 2.3% during the first quarter. Mackenzie Financial Corp now owns 6,020,429 shares of the basic materials company's stock valued at $219,297,000 after purchasing an additional 137,886 shares during the last quarter. Finally, TD Asset Management Inc raised its position in shares of Teck Resources by 0.6% during the 1st quarter. TD Asset Management Inc now owns 6,006,865 shares of the basic materials company's stock worth $218,781,000 after purchasing an additional 33,475 shares during the period. Institutional investors and hedge funds own 78.06% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Benchmark reduced their price objective on Teck Resources from $55.00 to $48.00 and set a "buy" rating for the company in a research report on Monday, July 28th. Royal Bank Of Canada cut their target price on Teck Resources from $82.00 to $67.00 and set an "outperform" rating on the stock in a research note on Friday, July 25th. Wall Street Zen upgraded shares of Teck Resources from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $41.00 price objective (down from $46.00) on shares of Teck Resources in a research report on Friday, July 25th. Finally, Cibc World Mkts lowered shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have assigned a Hold rating to the company's stock. According to MarketBeat.com, Teck Resources has a consensus rating of "Hold" and an average price target of $60.11.

Teck Resources Price Performance

Shares of TECK opened at $33.60 on Monday. Teck Resources Ltd has a one year low of $28.32 and a one year high of $54.13. The stock's fifty day moving average is $36.19 and its 200-day moving average is $37.16. 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 firm has a market capitalization of $16.23 billion, a price-to-earnings ratio of 88.42, a price-to-earnings-growth ratio of 0.53 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 earnings per share for the quarter, topping the consensus estimate 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 company's quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.79 earnings per share. Equities analysts anticipate that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued 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 payout ratio is 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.

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