Teck Resources Ltd $TECK Shares Sold by Swedbank AB

Key Points

• Swedbank AB reduced its stake in Teck Resources by 4.7%, selling 109,804 shares and now owning approximately 0.46% of the company valued at $89.8 million.
• Recent institutional activity indicates increased interest, with several firms significantly increasing their holdings or establishing new positions in Teck Resources.
• The company announced a quarterly dividend increase, now set at $0.0918, reflecting an annualized payout of $0.37, with a dividend yield of 0.9%.

Swedbank AB lessened its stake in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 4.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,223,000 shares of the basic materials company's stock after selling 109,804 shares during the period. Swedbank AB owned 0.46% of Teck Resources worth $89,765,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in TECK. Smartleaf Asset Management LLC increased its stake in Teck Resources by 69.2% in the 1st quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company's stock worth $32,000 after buying an additional 350 shares during the period. Costello Asset Management INC purchased a new position in Teck Resources in the 1st quarter worth about $33,000. Banque Cantonale Vaudoise purchased a new position in Teck Resources in the 1st quarter worth about $36,000. Golden State Wealth Management LLC increased its stake in 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 worth $42,000 after buying an additional 1,134 shares during the period. Finally, Ameriflex Group Inc. purchased a new position in Teck Resources in the 4th quarter worth about $50,000. Hedge funds and other institutional investors own 78.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on TECK shares. Deutsche Bank Aktiengesellschaft raised shares of Teck Resources from a "hold" rating to a "buy" rating and set a $42.00 target price on the stock in a research report on Monday, September 8th. Stifel Nicolaus started coverage on shares of Teck Resources in a research report on Wednesday, July 9th. They set a "hold" rating on the stock. Benchmark cut their target price on shares of Teck Resources from $55.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, July 28th. Morgan Stanley downgraded shares of Teck Resources from an "overweight" rating to an "equal weight" rating and raised their target price for the company from $42.00 to $44.00 in a research report on Tuesday, July 15th. Finally, B. Riley downgraded shares of Teck Resources from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, Teck Resources presently has a consensus rating of "Moderate Buy" and a consensus price target of $56.88.

Teck Resources Price Performance

Shares of Teck Resources stock traded down $0.25 during trading hours on Friday, reaching $39.19. 4,048,855 shares of the company's stock were exchanged, compared to its average volume of 7,405,480. Teck Resources Ltd has a 1 year low of $28.32 and a 1 year high of $54.13. The company has a market capitalization of $18.83 billion, a P/E ratio of 103.13, a price-to-earnings-growth ratio of 0.58 and a beta of 0.78. The business has a fifty day moving average of $35.11 and a two-hundred day moving average of $36.48. The company has a quick ratio of 2.45, a current ratio of 3.47 and a debt-to-equity ratio of 0.15.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its quarterly 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 firm had revenue of $1.49 billion for the quarter, compared to analysts' expectations of $2.25 billion. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The company's revenue was up 12.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.79 EPS. As a group, research analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

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