Wellington Management Group LLP Lowers Position in Teck Resources Limited (NYSE:TECK)

Wellington Management Group LLP reduced its stake in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 57.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,897 shares of the basic materials company's stock after selling 60,404 shares during the quarter. Wellington Management Group LLP's holdings in Teck Resources were worth $1,779,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in TECK. Stonebridge Financial Group LLC purchased a new stake in shares of Teck Resources in the fourth quarter worth $25,000. Global Trust Asset Management LLC purchased a new stake in Teck Resources during the 4th quarter valued at about $27,000. FPC Investment Advisory Inc. bought a new stake in Teck Resources during the 4th quarter valued at about $27,000. Community Bank N.A. bought a new stake in Teck Resources during the 4th quarter valued at about $33,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Teck Resources in the third quarter worth about $40,000. Hedge funds and other institutional investors own 78.06% of the company's stock.

Teck Resources Stock Performance

TECK traded down $0.55 during midday trading on Friday, reaching $32.90. The company had a trading volume of 2,714,398 shares, compared to its average volume of 3,184,502. Teck Resources Limited has a 1 year low of $28.32 and a 1 year high of $55.13. 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 company has a market cap of $16.28 billion, a P/E ratio of 59.82 and a beta of 0.81. The business has a 50-day moving average of $38.60 and a two-hundred day moving average of $42.95.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.07. The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2.58 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. As a group, equities research analysts predict that Teck Resources Limited will post 1.53 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a $0.0879 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.35 annualized dividend and a dividend yield of 1.07%. Teck Resources's payout ratio is 61.82%.

Analyst Upgrades and Downgrades

TECK has been the subject of several analyst reports. Raymond James reduced their price target on shares of Teck Resources from $75.00 to $70.00 and set an "outperform" rating for the company in a research report on Wednesday, January 22nd. UBS Group reissued a "neutral" rating on shares of Teck Resources in a report on Tuesday. National Bankshares reaffirmed a "sector perform" rating on shares of Teck Resources in a report on Wednesday, April 2nd. Bank of America lifted their price objective on Teck Resources from $62.00 to $64.00 and gave the stock a "buy" rating in a report on Monday, March 10th. Finally, BMO Capital Markets began coverage on Teck Resources in a research report on Wednesday. They issued an "outperform" rating for the company. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus 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.