Truist Financial Corp Cuts Holdings in Teck Resources Ltd $TECK

Key Points

• Truist Financial Corp has reduced its holdings in Teck Resources Ltd by 27.1%, selling 11,299 shares, bringing its total ownership to 30,450 shares valued at approximately $1.23 million.
• Several hedge funds have increased their investments in Teck Resources recently, with Vanguard Group Inc. and Principal Financial Group Inc. among the notable investors boosting their stakes significantly.
• Teck Resources recently announced a quarterly dividend increase, now at $0.0918 per share, raising its annual yield to 0.9%, with a payout ratio of 94.74%.

Truist Financial Corp trimmed its holdings in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 27.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,450 shares of the basic materials company's stock after selling 11,299 shares during the period. Truist Financial Corp's holdings in Teck Resources were worth $1,230,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Teck Resources by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 19,531,542 shares of the basic materials company's stock valued at $711,475,000 after purchasing an additional 215,410 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Teck Resources by 56.9% during the 1st quarter. Principal Financial Group Inc. now owns 11,530,742 shares of the basic materials company's stock valued at $419,970,000 after buying an additional 4,180,623 shares during the last quarter. Boston Partners boosted its holdings in shares of Teck Resources by 1.9% during the first quarter. Boston Partners now owns 9,251,775 shares of the basic materials company's stock worth $337,042,000 after purchasing an additional 173,203 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Teck Resources by 2.3% during the first quarter. Mackenzie Financial Corp now owns 6,020,429 shares of the basic materials company's stock worth $219,297,000 after purchasing an additional 137,886 shares during the last quarter. Finally, TD Asset Management Inc boosted its holdings in shares of Teck Resources by 0.6% during the first quarter. TD Asset Management Inc now owns 6,006,865 shares of the basic materials company's stock worth $218,781,000 after purchasing an additional 33,475 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on TECK shares. Royal Bank Of Canada reduced their target price on Teck Resources from $82.00 to $67.00 and set an "outperform" rating on the stock in a report on Friday, July 25th. Benchmark reduced their price objective on Teck Resources from $55.00 to $48.00 and set a "buy" rating on the stock in a research note on Monday, July 28th. Cibc World Mkts lowered Teck Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Raymond James Financial restated an "outperform" rating on shares of Teck Resources in a research note on Friday. Finally, CIBC cut Teck Resources from a "sector outperform" rating to a "neutral" rating in a research note on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Teck Resources currently has an average rating of "Hold" and an average target price of $54.00.

Teck Resources Trading Down 4.5%

Shares of NYSE TECK opened at $41.90 on Monday. The stock's 50 day moving average price is $37.04 and its two-hundred day moving average price is $36.58. Teck Resources Ltd has a 52-week low of $28.32 and a 52-week high of $51.58. The stock has a market capitalization of $20.13 billion, a P/E ratio of 110.28, a PEG ratio of 0.59 and a beta of 0.92. 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 (NYSE:TECK - Get Free Report) TSE: TECK last posted its earnings results on Thursday, July 24th. The basic materials company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.20 by $0.07. The company had revenue of $1.49 billion during 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%.The business's revenue was up 12.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.79 earnings per share. On average, analysts anticipate that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were issued a dividend of $0.0918 per share. This represents a $0.37 annualized dividend and a dividend yield of 0.9%. This is a boost from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Monday, September 15th. Teck Resources's dividend payout ratio is currently 94.74%.

Teck Resources 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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