Teck Resources Ltd $TECK Shares Sold by Sonora Investment Management Group LLC

Key Points

• Sonora Investment Management Group LLC reduced its stake in Teck Resources Ltd by 23.6%, now holding 97,548 shares valued at approximately $3.94 million.
• Teck Resources' recent earnings report revealed an EPS of $0.27, surpassing analysts' expectations, but revenue fell short with $1.49 billion compared to the expected $2.25 billion.
• The company announced a quarterly dividend of $0.0918 per share, increasing the yield to 0.9%, payable on September 29th to shareholders of record as of September 15th.

Sonora Investment Management Group LLC cut its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 23.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 97,548 shares of the basic materials company's stock after selling 30,205 shares during the quarter. Sonora Investment Management Group LLC's holdings in Teck Resources were worth $3,939,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. grew its position 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 buying an additional 215,410 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of 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 buying an additional 4,180,623 shares in the last quarter. Boston Partners grew its position in shares of Teck Resources by 1.9% during 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 in the last quarter. Mackenzie Financial Corp grew its position 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 worth $219,297,000 after buying an additional 137,886 shares in the last quarter. Finally, TD Asset Management Inc grew its position in shares of Teck Resources by 0.6% during 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 in the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TECK has been the subject of a number of research analyst reports. B. Riley downgraded Teck Resources from a "buy" rating to a "neutral" rating in a report on Monday, July 28th. Benchmark lowered their price target on Teck Resources from $55.00 to $48.00 and set a "buy" rating for the company in a report on Monday, July 28th. Desjardins downgraded Teck Resources from a "buy" rating to a "hold" rating in a report on Friday, July 18th. Morgan Stanley downgraded Teck Resources from an "overweight" rating to an "equal weight" rating and upped their price target for the company from $42.00 to $44.00 in a report on Tuesday, July 15th. Finally, Wall Street Zen raised Teck Resources from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $56.88.

Teck Resources Price Performance

Shares of NYSE TECK opened at $41.41 on Friday. The stock has a 50 day moving average of $35.31 and a two-hundred day moving average of $36.50. Teck Resources Ltd has a twelve month low of $28.32 and a twelve month high of $53.63. The company has a current ratio of 3.47, a quick ratio of 2.45 and a debt-to-equity ratio of 0.15. The stock has a market cap of $19.89 billion, a P/E ratio of 108.98, a P/E/G ratio of 0.61 and a beta of 0.78.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced 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. The company 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%. Teck Resources's quarterly revenue was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.79 EPS. On average, research analysts forecast that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued a $0.0918 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.37 dividend on an annualized basis and a yield of 0.9%. This is a boost from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's dividend payout ratio is presently 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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