Thornburg Investment Management Inc. Sells 60,767 Shares of 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. trimmed its position in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 16.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of TECK. Banque Cantonale Vaudoise purchased a new stake in shares of Teck Resources in the first quarter worth about $36,000. Golden State Wealth Management LLC lifted its holdings in shares of 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 buying an additional 1,134 shares in the last quarter. Ameriflex Group Inc. purchased a new stake in shares of Teck Resources in the fourth quarter worth about $50,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Teck Resources in the fourth quarter worth about $55,000. Finally, Bruce G. Allen Investments LLC lifted its holdings in shares of Teck Resources by 104.8% in the first quarter. Bruce G. Allen Investments LLC now owns 1,636 shares of the basic materials company's stock worth $60,000 after buying an additional 837 shares in the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Price Performance

NYSE TECK traded down $0.85 on Friday, reaching $31.61. 4,309,159 shares of the company's stock traded hands, compared to its average volume of 5,734,360. Teck Resources Ltd has a 12 month low of $28.32 and a 12 month high of $54.13. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.47 and a quick ratio of 2.57. The stock has a 50-day simple moving average of $37.84 and a 200 day simple moving average of $38.26. The stock has a market cap of $15.27 billion, a PE ratio of 83.19, a P/E/G ratio of 0.51 and a beta of 0.81.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $0.27 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $2.25 billion. During the same period last year, the business earned $0.79 earnings per share. The business's quarterly revenue was up 12.3% on a year-over-year basis. As a group, research analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The company 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. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.37 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Monday, September 15th. Teck Resources's dividend payout ratio (DPR) is 94.74%.

Analysts Set New Price Targets

TECK has been the topic of a number of recent analyst reports. B. Riley downgraded shares of Teck Resources from a "buy" rating to a "neutral" rating in a report on Monday, July 28th. Desjardins downgraded shares of Teck Resources from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. BMO Capital Markets started coverage on shares of Teck Resources in a research note on Wednesday, April 16th. They issued an "outperform" rating on the stock. Veritas raised shares of Teck Resources to a "hold" rating in a research note on Friday, April 11th. Finally, National Bank Financial raised shares of Teck Resources from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 24th. Thirteen investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target 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.