Thornburg Investment Management Inc. Lowers Stock Position in Teck Resources Ltd (NYSE:TECK)

Key Points

• Thornburg Investment Management Inc. reduced its stake in Teck Resources by 16.2%, selling 60,767 shares during the first quarter, holding approximately 314,848 shares valued at $11.47 million.
• Teck Resources has reported a quarterly profit of $0.27 EPS, surpassing the consensus estimate of $0.20, although its revenue of $1.49 billion fell short of expectations.
• The company announced an increase in its quarterly dividend to $0.0918 per share, with an annualized dividend yield of 1.09%.

Thornburg Investment Management Inc. reduced its position in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 16.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 314,848 shares of the basic materials company's stock after selling 60,767 shares during the quarter. Thornburg Investment Management Inc. owned approximately 0.06% of Teck Resources worth $11,470,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sequoia Financial Advisors LLC grew its holdings in Teck Resources by 5.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 10,354 shares of the basic materials company's stock valued at $377,000 after buying an additional 545 shares in the last quarter. Golden State Wealth Management LLC lifted its stake in Teck Resources by 7,560.0% in the first quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company's stock worth $42,000 after acquiring an additional 1,134 shares during the period. Pictet Asset Management Holding SA lifted its position in shares of Teck Resources by 102.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 309,987 shares of the basic materials company's stock valued at $12,563,000 after buying an additional 156,980 shares during the last quarter. Cetera Investment Advisers lifted its position in shares of Teck Resources by 20.6% during the fourth quarter. Cetera Investment Advisers now owns 57,793 shares of the basic materials company's stock valued at $2,342,000 after buying an additional 9,887 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its holdings in shares of Teck Resources by 22.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 12,141 shares of the basic materials company's stock valued at $442,000 after acquiring an additional 2,240 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Stock Performance

Shares of Teck Resources stock traded down $0.85 during mid-day trading on Friday, hitting $31.61. 4,309,159 shares of the stock were exchanged, compared to its average volume of 3,823,007. The company has a 50-day simple moving average of $37.94 and a 200 day simple moving average of $38.33. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.57 and a current ratio of 3.47. Teck Resources Ltd has a 12 month low of $28.32 and a 12 month high of $54.13. The company has a market capitalization of $15.27 billion, a P/E ratio of 83.19, a P/E/G ratio of 0.51 and a beta of 0.80.

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, topping the consensus estimate of $0.20 by $0.07. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The business had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $2.25 billion. During the same period in the previous year, the firm posted $0.79 earnings per share. The firm's revenue for the quarter was up 12.3% on a year-over-year basis. Sell-side analysts anticipate that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be given a dividend of $0.0918 per share. This represents a $0.37 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Monday, September 15th. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's payout ratio is 94.74%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on TECK shares. JPMorgan Chase & Co. restated a "neutral" rating and issued a $41.00 price objective (down previously from $46.00) on shares of Teck Resources in a research report on Friday, July 25th. Cibc World Mkts lowered shares of Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. B. Riley downgraded Teck Resources from a "buy" rating to a "neutral" rating in a report on Monday. Wall Street Zen upgraded Teck Resources from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, Veritas raised Teck Resources to a "hold" rating in a research note on Friday, April 11th. Thirteen research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Teck Resources currently has an average rating of "Hold" and a consensus target price of $60.11.

About Teck Resources

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.