Intact Investment Management Inc. Sells 398,980 Shares of Teck Resources Limited (NYSE:TECK)

Intact Investment Management Inc. cut its holdings in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 61.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 248,686 shares of the basic materials company's stock after selling 398,980 shares during the quarter. Intact Investment Management Inc.'s holdings in Teck Resources were worth $10,512,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Russell Investments Group Ltd. raised its position in Teck Resources by 52.5% in the fourth quarter. Russell Investments Group Ltd. now owns 417,857 shares of the basic materials company's stock valued at $17,748,000 after purchasing an additional 143,831 shares during the last quarter. OLD National Bancorp IN bought a new position in Teck Resources in the fourth quarter valued at about $222,000. Verdence Capital Advisors LLC raised its position in Teck Resources by 11.1% in the fourth quarter. Verdence Capital Advisors LLC now owns 10,628 shares of the basic materials company's stock valued at $449,000 after purchasing an additional 1,061 shares during the last quarter. Ninety One SA PTY Ltd raised its position in Teck Resources by 45.1% in the fourth quarter. Ninety One SA PTY Ltd now owns 147,093 shares of the basic materials company's stock valued at $6,236,000 after purchasing an additional 45,750 shares during the last quarter. Finally, Federated Hermes Inc. raised its position in Teck Resources by 44.4% in the fourth quarter. Federated Hermes Inc. now owns 116,064 shares of the basic materials company's stock valued at $4,906,000 after purchasing an additional 35,680 shares during the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on TECK shares. Morgan Stanley reiterated an "overweight" rating and issued a $55.00 target price on shares of Teck Resources in a research report on Thursday, April 11th. UBS Group assumed coverage on Teck Resources in a research report on Tuesday, January 16th. They set a "buy" rating for the company. JPMorgan Chase & Co. raised 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, April 17th. Finally, Benchmark raised 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. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $62.80.

Teck Resources Stock Performance

Teck Resources stock traded up $0.84 during mid-day trading on Friday, reaching $50.38. 4,965,983 shares of the company's stock were exchanged, compared to its average volume of 4,763,129. The business's fifty day simple moving average is $43.94 and its 200 day simple moving average is $40.41. The firm has a market capitalization of $25.72 billion, a PE ratio of 22.29, a P/E/G ratio of 8.34 and a beta of 1.15. Teck Resources Limited has a one year low of $34.38 and a one year high of $50.93. The company has a quick ratio of 0.60, a current ratio of 1.10 and a debt-to-equity ratio of 0.21.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, topping analysts' consensus estimates of $1.01 by $0.01. The business had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.11 billion. Teck Resources had a return on equity of 7.70% and a net margin of 10.59%. On average, sell-side analysts expect that Teck Resources Limited will post 2.87 earnings per share for the current year.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a $0.0925 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.37 annualized dividend and a dividend yield of 0.73%. Teck Resources's payout ratio is presently 16.37%.

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.