New Vernon Investment Management LLC Decreases Stake in Teck Resources Limited (NYSE:TECK)

New Vernon Investment Management LLC decreased its holdings in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 39.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,735 shares of the basic materials company's stock after selling 7,565 shares during the quarter. Teck Resources comprises about 0.3% of New Vernon Investment Management LLC's portfolio, making the stock its 28th biggest position. New Vernon Investment Management LLC's holdings in Teck Resources were worth $476,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its holdings in Teck Resources by 2.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the basic materials company's stock worth $471,000 after purchasing an additional 243 shares during the period. Sequoia Financial Advisors LLC increased its position in shares of Teck Resources by 2.9% in the fourth quarter. Sequoia Financial Advisors LLC now owns 9,809 shares of the basic materials company's stock valued at $398,000 after buying an additional 279 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its position in shares of Teck Resources by 6.5% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,844 shares of the basic materials company's stock valued at $196,000 after buying an additional 297 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in Teck Resources by 2.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 13,959 shares of the basic materials company's stock valued at $566,000 after purchasing an additional 302 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its holdings in Teck Resources by 7.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 4,897 shares of the basic materials company's stock valued at $198,000 after purchasing an additional 327 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company's stock.

Teck Resources Trading Down 5.0 %

NYSE TECK traded down $1.76 during trading on Wednesday, hitting $33.47. The stock had a trading volume of 3,807,482 shares, compared to its average volume of 3,131,175. The company has a market capitalization of $16.49 billion, a PE ratio of 60.86 and a beta of 0.81. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The firm has a 50 day moving average price of $37.25 and a 200 day moving average price of $41.99. Teck Resources Limited has a twelve month low of $28.32 and a twelve month high of $55.13.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last released its earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.18. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate 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 was up 41.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.75 EPS. As a group, equities research analysts forecast that Teck Resources Limited will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a $0.0901 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.08%. The ex-dividend date is Monday, June 16th. This is a boost from Teck Resources's previous quarterly dividend of $0.09. Teck Resources's dividend payout ratio (DPR) is presently 58.62%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TECK. Bank of America raised their price objective on Teck Resources from $62.00 to $64.00 and gave the company a "buy" rating in a report on Monday, March 10th. Desjardins began coverage on Teck Resources in a report on Friday, April 4th. They issued a "buy" rating on the stock. UBS Group restated a "neutral" rating on shares of Teck Resources in a report on Tuesday, April 15th. BMO Capital Markets assumed coverage on Teck Resources in a research note on Wednesday, April 16th. They issued an "outperform" rating for the company. Finally, Raymond James cut their target price on Teck Resources from $75.00 to $70.00 and set an "outperform" rating for the company in a research note on Wednesday, January 22nd. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $64.11.

Teck Resources Company 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.