AGF Management Ltd. Sells 118,163 Shares of Teck Resources Limited (NYSE:TECK)

Posted by on Jul 31st, 2023

AGF Management Ltd. lessened its holdings in Teck Resources Limited (NYSE:TECK – Free Report) (TSE:TECK) by 62.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 71,680 shares of the basic materials company’s stock after selling 118,163 shares during the period. AGF Management Ltd.’s holdings in Teck Resources were worth $2,617,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Mendota Financial Group LLC acquired a new stake in shares of Teck Resources in the fourth quarter worth $28,000. Money Concepts Capital Corp acquired a new position in Teck Resources during the 4th quarter worth $29,000. EverSource Wealth Advisors LLC boosted its holdings in Teck Resources by 1,423.8% during the fourth quarter. EverSource Wealth Advisors LLC now owns 960 shares of the basic materials company’s stock valued at $36,000 after acquiring an additional 897 shares during the period. Achmea Investment Management B.V. acquired a new stake in shares of Teck Resources in the first quarter valued at about $37,000. Finally, Hollencrest Capital Management bought a new position in shares of Teck Resources in the fourth quarter worth about $38,000. 56.42% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. B. Riley decreased their target price on Teck Resources from C$68.00 to C$67.00 in a research note on Monday, June 26th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Teck Resources from $46.00 to $48.00 in a research note on Wednesday, July 5th. StockNews.com began coverage on shares of Teck Resources in a report on Friday. They issued a “hold” rating for the company. 888 restated a “maintains” rating on shares of Teck Resources in a report on Wednesday, May 3rd. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $53.00 price objective on shares of Teck Resources in a research report on Monday, July 24th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Teck Resources has an average rating of “Moderate Buy” and a consensus target price of $62.21.

Teck Resources Stock Performance

NYSE TECK opened at $43.69 on Monday. The firm has a market cap of $22.43 billion, a price-to-earnings ratio of 17.69 and a beta of 1.07. The company has a current ratio of 1.28, a quick ratio of 0.80 and a debt-to-equity ratio of 0.24. Teck Resources Limited has a 1-year low of $27.50 and a 1-year high of $49.34. The company has a 50 day moving average of $41.47 and a 200-day moving average of $41.59.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a $0.094 dividend. This represents a $0.38 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend is Thursday, September 14th. Teck Resources’s dividend payout ratio is currently 14.98%.

Teck Resources Profile

(Free Report)

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company's principal products include copper, zinc, steelmaking coal, and blended bitumen.

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Institutional Ownership by Quarter for Teck Resources (NYSE:TECK)

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