Teck Resources Ltd $TECK Stock Holdings Cut by 1832 Asset Management L.P.

Key Points

• 1832 Asset Management L.P. has reduced its holdings in Teck Resources Ltd by 55.0%, selling 423,144 shares and now owning approximately 346,550 shares worth $12.6 million.
• The company has announced a quarterly dividend increase to $0.0918 per share, leading to an annualized dividend of $0.37 and a yield of 1.1%.
• Teck Resources reported $0.27 earnings per share for the last quarter, surpassing expectations, but their revenue of $1.49 billion fell short of the projected $2.25 billion.

1832 Asset Management L.P. lessened its position in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 55.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 346,550 shares of the basic materials company's stock after selling 423,144 shares during the period. 1832 Asset Management L.P. owned approximately 0.07% of Teck Resources worth $12,625,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. grew its holdings 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. Carrhae Capital LLP acquired a new position in shares of Teck Resources in the 1st quarter worth approximately $46,478,000. D. E. Shaw & Co. Inc. grew its stake in shares of Teck Resources by 18.8% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 5,882,044 shares of the basic materials company's stock worth $238,381,000 after purchasing an additional 932,058 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Teck Resources by 38.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 2,638,973 shares of the basic materials company's stock worth $107,135,000 after purchasing an additional 736,721 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in Teck Resources by 1,611.2% during the first quarter. Wellington Management Group LLP now owns 751,146 shares of the basic materials company's stock valued at $27,358,000 after purchasing an additional 707,249 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company's stock.

Teck Resources Stock Performance

Shares of Teck Resources stock opened at $33.60 on Friday. The stock has a market cap of $16.23 billion, a PE ratio of 88.42, a price-to-earnings-growth ratio of 0.53 and a beta of 0.81. The business has a fifty day simple moving average of $36.19 and a 200-day simple moving average of $37.20. 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 Ltd has a 12 month low of $28.32 and a 12 month high of $54.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted 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 analyst estimates of $2.25 billion. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.Teck Resources's quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.79 earnings per share. On average, sell-side analysts anticipate that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently announced 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. The ex-dividend date is Monday, September 15th. This represents a $0.37 dividend on an annualized basis and a dividend yield of 1.1%. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's dividend payout ratio is currently 94.74%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on TECK shares. B. Riley lowered shares of Teck Resources from a "buy" rating to a "neutral" rating in a research report on Monday, July 28th. Stifel Nicolaus initiated coverage on Teck Resources in a report on Wednesday, July 9th. They issued a "hold" rating on the stock. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $41.00 target price (down from $46.00) on shares of Teck Resources in a report on Friday, July 25th. Royal Bank Of Canada decreased their price target on Teck Resources from $82.00 to $67.00 and set an "outperform" rating for the company in a research report on Friday, July 25th. Finally, Benchmark cut 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 issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $60.11.

Teck Resources Company 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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