Zurich Insurance Group Ltd FI Trims Stake in Teck Resources Limited (NYSE:TECK)

Zurich Insurance Group Ltd FI decreased its holdings in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 83.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 227,260 shares of the basic materials company's stock after selling 1,122,055 shares during the period. Zurich Insurance Group Ltd FI's holdings in Teck Resources were worth $9,205,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Stonebridge Financial Group LLC purchased a new stake in shares of Teck Resources in the fourth quarter worth about $25,000. Global Trust Asset Management LLC bought a new stake in Teck Resources in the 4th quarter worth approximately $27,000. FPC Investment Advisory Inc. bought a new position in Teck Resources during the fourth quarter valued at approximately $27,000. Community Bank N.A. purchased a new position in shares of Teck Resources during the fourth quarter worth approximately $33,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in Teck Resources during the fourth quarter valued at about $55,000. Institutional investors own 78.06% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TECK. Bank of America raised their target price on shares of Teck Resources from $62.00 to $64.00 and gave the stock a "buy" rating in a report on Monday, March 10th. JPMorgan Chase & Co. dropped their target price on shares of Teck Resources from $50.00 to $41.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Veritas raised Teck Resources to a "hold" rating in a research report on Friday, April 11th. UBS Group reiterated a "neutral" rating on shares of Teck Resources in a research report on Tuesday, April 15th. Finally, BMO Capital Markets assumed coverage on shares of Teck Resources in a report on Wednesday, April 16th. They issued an "outperform" rating on the stock. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Teck Resources currently has an average rating of "Moderate Buy" and a consensus target price of $64.11.

Teck Resources Stock Performance

TECK stock traded up $1.15 during midday trading on Monday, reaching $36.62. 2,992,306 shares of the company's stock traded hands, compared to its average volume of 3,145,832. The stock's 50-day moving average is $35.54 and its 200 day moving average is $40.29. The stock has a market cap of $18.04 billion, a P/E ratio of 66.58 and a beta of 0.79. Teck Resources Limited has a 52-week low of $28.32 and a 52-week high of $54.13. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last announced its earnings results on Thursday, April 24th. The basic materials company reported $0.42 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.18. The company had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $2.19 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. Teck Resources's revenue for the quarter was up 41.4% compared to the same quarter last year. During the same period last year, the firm earned $0.75 EPS. As a group, analysts anticipate that Teck Resources Limited will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a dividend of $0.0901 per share. The ex-dividend date of this dividend is Monday, June 16th. This is an increase from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.98%. Teck Resources's payout ratio is 58.62%.

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.