The Manufacturers Life Insurance Company Has $72.43 Million Stake in Teck Resources Ltd $TECK

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Teck Resources by 25.1%, selling 661,479 shares and maintaining 1,977,494 shares at the end of the first quarter.
• Teck Resources recently increased its quarterly dividend to $0.0918, a boost from the previous $0.09 dividend, with a yield of 1.1%.
• Several analysts have downgraded Teck Resources' stock ratings, with B. Riley and CIBC World Markets both lowering their ratings to "neutral" and "hold", respectively.

The Manufacturers Life Insurance Company reduced its holdings in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 25.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,977,494 shares of the basic materials company's stock after selling 661,479 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.40% of Teck Resources worth $72,428,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of TECK. Smartleaf Asset Management LLC increased its holdings in shares of Teck Resources by 69.2% in the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company's stock valued at $32,000 after purchasing an additional 350 shares in the last quarter. Vontobel Holding Ltd. increased its holdings in shares of Teck Resources by 0.5% in the first quarter. Vontobel Holding Ltd. now owns 88,303 shares of the basic materials company's stock valued at $3,217,000 after purchasing an additional 400 shares in the last quarter. Assetmark Inc. increased its holdings in shares of Teck Resources by 2.4% in the first quarter. Assetmark Inc. now owns 19,945 shares of the basic materials company's stock valued at $727,000 after purchasing an additional 471 shares in the last quarter. Ervin Investment Management LLC increased its holdings in shares of Teck Resources by 5.1% in the first quarter. Ervin Investment Management LLC now owns 10,980 shares of the basic materials company's stock valued at $400,000 after purchasing an additional 535 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Teck Resources by 1.0% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 53,616 shares of the basic materials company's stock valued at $1,953,000 after purchasing an additional 535 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 topic of several analyst reports. Morgan Stanley lowered shares of Teck Resources from an "overweight" rating to an "equal weight" rating and increased their price objective for the company from $42.00 to $44.00 in a report on Tuesday, July 15th. Wall Street Zen upgraded shares of Teck Resources from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Cibc World Mkts lowered shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $41.00 price objective (down from $46.00) on shares of Teck Resources in a report on Friday, July 25th. Finally, Desjardins lowered shares of Teck Resources from a "buy" rating to a "hold" rating in a report on Friday, July 18th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Teck Resources presently has a consensus rating of "Moderate Buy" and a consensus target price of $57.88.

Teck Resources Stock Down 2.5%

TECK stock traded down $0.83 during mid-day trading on Thursday, hitting $32.90. 10,004,186 shares of the company were exchanged, compared to its average volume of 3,786,926. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.45 and a current ratio of 3.47. The firm has a market cap of $15.89 billion, a P/E ratio of 86.36, a P/E/G ratio of 0.53 and a beta of 0.78. The firm's 50 day simple moving average is $35.43 and its 200 day simple moving average is $36.72. Teck Resources Ltd has a 1-year low of $28.32 and a 1-year high of $54.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its earnings results on Thursday, July 24th. The basic materials company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.20 by $0.07. The firm had revenue of $1.49 billion for 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%. The business's quarterly revenue was up 12.3% on a year-over-year basis. During the same period last year, the company posted $0.79 EPS. On average, sell-side analysts predict that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be given a dividend of $0.0918 per share. This is an increase from Teck Resources's previous quarterly dividend of $0.09. 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 1.1%. Teck Resources's payout ratio is currently 94.74%.

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.