Teck Resources Limited (NYSE:TECK) Shares Sold by Ninety One UK Ltd

Ninety One UK Ltd lowered its holdings in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 5.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,112,727 shares of the basic materials company's stock after selling 67,377 shares during the quarter. Ninety One UK Ltd owned about 0.22% of Teck Resources worth $47,035,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Teck Resources in the 4th quarter valued at about $291,283,000. Alliancebernstein L.P. boosted its position in shares of Teck Resources by 1,833.3% in the 2nd quarter. Alliancebernstein L.P. now owns 3,234,380 shares of the basic materials company's stock valued at $136,167,000 after purchasing an additional 3,067,080 shares during the period. Mackenzie Financial Corp boosted its position in shares of Teck Resources by 45.7% in the 4th quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company's stock valued at $280,491,000 after purchasing an additional 2,080,295 shares during the period. Cowa LLC boosted its position in shares of Teck Resources by 9,975.4% in the 1st quarter. Cowa LLC now owns 2,008,935 shares of the basic materials company's stock valued at $811,000 after purchasing an additional 1,988,996 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in shares of Teck Resources by 209.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,391,712 shares of the basic materials company's stock valued at $96,601,000 after purchasing an additional 1,618,412 shares during the period. Hedge funds and other institutional investors own 78.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on TECK shares. Morgan Stanley reaffirmed an "overweight" rating and set a $55.00 price objective on shares of Teck Resources in a research report on Thursday, April 11th. Benchmark increased their price objective on Teck Resources from $50.00 to $52.00 and gave the stock a "buy" rating in a research report on Monday, April 8th. JPMorgan Chase & Co. increased their price objective on Teck Resources from $44.00 to $50.00 and gave the stock an "overweight" rating in a research report on Wednesday. Finally, UBS Group started coverage on Teck Resources in a research report on Tuesday, January 16th. They set a "buy" rating for the company. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $64.36.

Teck Resources Price Performance

Shares of TECK traded down $0.59 during mid-day trading on Friday, hitting $47.13. The company's stock had a trading volume of 3,643,899 shares, compared to its average volume of 3,955,185. The company has a current ratio of 1.10, a quick ratio of 0.60 and a debt-to-equity ratio of 0.21. The firm has a 50-day simple moving average of $42.99 and a 200 day simple moving average of $40.16. The firm has a market capitalization of $24.06 billion, a P/E ratio of 13.74, a P/E/G ratio of 6.64 and a beta of 1.15. Teck Resources Limited has a 1-year low of $34.38 and a 1-year high of $50.46.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, beating the consensus estimate of $1.01 by $0.01. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%. The business had revenue of $3.02 billion during the quarter, compared to analysts' expectations of $3.11 billion. Analysts predict that Teck Resources Limited will post 3.43 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a $0.0925 dividend. This represents a $0.37 annualized dividend and a yield of 0.79%. The ex-dividend date of this dividend was Thursday, March 14th. Teck Resources's payout ratio is currently 10.79%.

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.