Teck Resources Ltd $TECK Shares Sold by Victory Capital Management Inc.

Key Points

• Victory Capital Management cut its stake in Teck by 88.8% in Q3, selling 10,535,910 shares and ending the quarter with 1,326,669 shares (about 0.28% of the company) valued at roughly $58.2 million.
• Other large institutional moves included Principal Financial increasing its holdings to 16,879,229 shares (~$740.6M) and Norges Bank initiating a new position worth about $437.7M, leaving institutions with about 78.06% of Teck's stock.
• Teck has a market cap of roughly $24.3B, recently reported an EPS beat ($0.98 vs. $0.59 expected), and announced a quarterly dividend of $0.125 per share (annualized yield ≈1.0%).

Victory Capital Management Inc. decreased its stake in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 88.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,326,669 shares of the basic materials company's stock after selling 10,535,910 shares during the quarter. Victory Capital Management Inc. owned about 0.28% of Teck Resources worth $58,228,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Principal Financial Group Inc. grew its holdings in shares of Teck Resources by 36.1% during the third quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company's stock valued at $740,604,000 after buying an additional 4,474,637 shares during the last quarter. Norges Bank purchased a new position in shares of Teck Resources in the second quarter worth about $437,657,000. Northwest & Ethical Investments L.P. lifted its holdings in shares of Teck Resources by 16.1% during the second quarter. Northwest & Ethical Investments L.P. now owns 157,645 shares of the basic materials company's stock worth $6,402,000 after purchasing an additional 21,900 shares during the period. Alps Advisors Inc. boosted its position in Teck Resources by 37.3% in the third quarter. Alps Advisors Inc. now owns 166,334 shares of the basic materials company's stock valued at $7,300,000 after buying an additional 45,194 shares during the last quarter. Finally, Swiss National Bank increased its holdings in Teck Resources by 6.0% in the 2nd quarter. Swiss National Bank now owns 1,428,679 shares of the basic materials company's stock worth $57,555,000 after buying an additional 80,300 shares during the period. Hedge funds and other institutional investors own 78.06% of the company's stock.

Teck Resources Trading Down 5.5%

TECK stock opened at $50.51 on Friday. The company has a quick ratio of 1.91, a current ratio of 2.54 and a debt-to-equity ratio of 0.13. Teck Resources Ltd has a 52-week low of $28.32 and a 52-week high of $62.41. The company's 50-day simple moving average is $54.44 and its 200-day simple moving average is $45.75. The firm has a market cap of $24.32 billion, a P/E ratio of 25.01, a PEG ratio of 3.26 and a beta of 0.77.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its quarterly earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.39. The company had revenue of $2.23 billion during the quarter, compared to analysts' expectations of $2.28 billion. Teck Resources had a return on equity of 5.90% and a net margin of 12.98%.Teck Resources's quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 EPS. As a group, equities analysts forecast that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, March 13th. Teck Resources's dividend payout ratio is presently 17.82%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TECK. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $46.00 price objective on shares of Teck Resources in a report on Wednesday, November 26th. Veritas raised shares of Teck Resources from a "strong sell" rating to a "strong-buy" rating in a report on Thursday, January 15th. National Bank Financial downgraded Teck Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, December 5th. Raymond James Financial cut Teck Resources from an "outperform" rating to a "market perform" rating in a report on Wednesday, January 14th. Finally, Benchmark upped their target price on Teck Resources from $48.00 to $67.00 and gave the stock a "buy" rating in a research note on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $58.00.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company's operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.

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