Zurich Insurance Group Ltd FI Sells 1,122,055 Shares of Teck Resources Limited (NYSE:TECK)

Zurich Insurance Group Ltd FI decreased its stake in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 83.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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.

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. BMO Capital Markets assumed coverage on Teck Resources in a research note on Wednesday, April 16th. They issued an "outperform" rating for the company. JPMorgan Chase & Co. reduced their price target on Teck Resources from $50.00 to $41.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Veritas raised Teck Resources to a "hold" rating in a research report on Friday, April 11th. National Bankshares raised Teck Resources from a "sector perform" rating to an "outperform" rating in a report on Thursday, April 24th. Finally, Desjardins started coverage on Teck Resources in a report on Friday, April 4th. They set a "buy" rating for the company. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $64.11.

Teck Resources Stock Performance

TECK stock traded up $1.15 during trading hours on Friday, hitting $36.62. 2,992,306 shares of the stock were exchanged, compared to its average volume of 3,140,421. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $18.04 billion, a P/E ratio of 66.58 and a beta of 0.79. The company has a 50-day simple moving average of $35.54 and a two-hundred day simple moving average of $40.43. Teck Resources Limited has a 12 month low of $28.32 and a 12 month high of $54.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly 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. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The company had revenue of $1.60 billion for the quarter, compared to analysts' expectations of $2.19 billion. During the same quarter last year, the business earned $0.75 earnings per share. Teck Resources's revenue was up 41.4% on a year-over-year basis. On average, analysts forecast that Teck Resources Limited will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The firm 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 $0.0901 dividend. The ex-dividend date is Monday, June 16th. This is a positive change from Teck Resources's previous quarterly dividend of $0.09. This represents a $0.36 annualized dividend and a yield of 0.98%. Teck Resources's dividend payout ratio (DPR) is 58.62%.

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.