Teck Resources Ltd $TECK Stock Holdings Cut by Perpetual Ltd

Key Points

• Perpetual Ltd. cut its Teck Resources stake by 16.1% in the third quarter, selling 76,040 shares and retaining 397,434 shares valued at approximately $26.1 million. Institutional investors collectively own 78.06% of the company.
• Analyst sentiment remains positive, with six Buy ratings and six Hold ratings, producing a consensus “Moderate Buy” rating and an average price target of $62.25.
• Teck reported quarterly earnings of $1.35 per share, exceeding estimates by $0.40, while revenue rose 78.2% year over year to $2.54 billion. The company also paid a quarterly dividend of C$0.12, equivalent to a 0.7% annual yield.

Perpetual Ltd lowered its holdings in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 16.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 397,434 shares of the basic materials company's stock after selling 76,040 shares during the quarter. Perpetual Ltd owned 0.08% of Teck Resources worth $26,147,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Pacifica Partners Inc. lifted its stake in shares of Teck Resources by 25.4% in the third quarter. Pacifica Partners Inc. now owns 32,623 shares of the basic materials company's stock valued at $2,119,000 after buying an additional 6,615 shares during the period. GAMMA Investing LLC grew its position in Teck Resources by 6,611.1% during the third quarter. GAMMA Investing LLC now owns 3,020 shares of the basic materials company's stock worth $199,000 after buying an additional 2,975 shares in the last quarter. Farther Finance Advisors LLC increased its stake in Teck Resources by 23.5% during the third quarter. Farther Finance Advisors LLC now owns 7,276 shares of the basic materials company's stock valued at $479,000 after acquiring an additional 1,384 shares during the period. Central Pacific Bank Trust Division increased its stake in Teck Resources by 740.0% during the third quarter. Central Pacific Bank Trust Division now owns 2,520 shares of the basic materials company's stock valued at $166,000 after acquiring an additional 2,220 shares during the period. Finally, HBK Investments L P increased its stake in Teck Resources by 264.2% during the second quarter. HBK Investments L P now owns 5,773,121 shares of the basic materials company's stock valued at $343,270,000 after acquiring an additional 4,188,029 shares during the period. Institutional investors and hedge funds own 78.06% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on TECK. Deutsche Bank Aktiengesellschaft upped their price target on Teck Resources from $64.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. Raymond James Financial upgraded Teck Resources from a "market perform" rating to an "outperform" rating in a research note on Thursday, July 23rd. Scotiabank reiterated a "sector perform" rating on shares of Teck Resources in a research report on Monday, June 15th. Wall Street Zen lowered Teck Resources from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 26th. Finally, Weiss Ratings upgraded Teck Resources from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday. Six analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, Teck Resources has an average rating of "Moderate Buy" and an average price target of $62.25.

Teck Resources Trading Down 0.8%

Shares of TECK stock opened at $67.54 on Tuesday. The company has a market capitalization of $32.63 billion, a P/E ratio of 18.30, a P/E/G ratio of 1.99 and a beta of 1.01. Teck Resources Ltd has a 12-month low of $38.00 and a 12-month high of $72.56. The company has a quick ratio of 2.33, a current ratio of 3.12 and a debt-to-equity ratio of 0.12. The firm has a 50-day moving average price of $66.96 and a 200 day moving average price of $62.31.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $1.35 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.40. The firm had revenue of $2.54 billion for the quarter, compared to analysts' expectations of $2.38 billion. Teck Resources had a net margin of 17.85% and a return on equity of 10.42%. The company's quarterly revenue was up 78.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.38 earnings per share. Research analysts forecast that Teck Resources Ltd will post 4.28 earnings per share for the current fiscal year.

Teck Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th were issued a C$0.12 dividend. This represents a $0.50 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Tuesday, September 15th. Teck Resources's payout ratio is presently 9.76%.

Teck Resources Company Profile

Teck Resources Limited is a Canadian mining and metals company headquartered in Vancouver, British Columbia. The company focuses primarily on the exploration, development and production of copper and zinc, which are used in construction, infrastructure, manufacturing and the global energy transition.

Teck's copper operations include the Highland Valley Copper mine in British Columbia, the Carmen de Andacollo mine in Chile and the Quebrada Blanca operation in northern Chile. Its zinc business includes the Red Dog mine in Alaska, one of the world's significant zinc-producing operations.

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