Pictet Asset Management SA trimmed its position in shares of Teck Resources Limited (NYSE:TECK – Free Report) (TSE:TECK) by 14.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 156,767 shares of the basic materials company’s stock after selling 25,750 shares during the quarter. Pictet Asset Management SA’s holdings in Teck Resources were worth $5,717,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Teck Resources by 1.9% during the 3rd quarter. Vanguard Group Inc. now owns 15,602,373 shares of the basic materials company’s stock valued at $474,468,000 after purchasing an additional 297,156 shares in the last quarter. Davis Selected Advisers increased its holdings in Teck Resources by 2.0% in the 4th quarter. Davis Selected Advisers now owns 13,008,612 shares of the basic materials company’s stock worth $491,986,000 after acquiring an additional 253,832 shares in the last quarter. Norges Bank purchased a new stake in Teck Resources in the 4th quarter worth $291,283,000. Dimensional Fund Advisors LP increased its holdings in Teck Resources by 5.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,418,574 shares of the basic materials company’s stock worth $242,758,000 after acquiring an additional 343,370 shares in the last quarter. Finally, Mackenzie Financial Corp increased its holdings in Teck Resources by 21.8% in the 1st quarter. Mackenzie Financial Corp now owns 4,488,647 shares of the basic materials company’s stock worth $163,891,000 after acquiring an additional 802,341 shares in the last quarter. 56.42% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on TECK. Scotiabank cut their price target on shares of Teck Resources from C$70.00 to C$69.00 in a report on Friday, July 28th. StockNews.com assumed coverage on shares of Teck Resources in a report on Monday. They issued a “hold” rating for the company. 888 reaffirmed a “maintains” rating on shares of Teck Resources in a report on Wednesday, May 3rd. TD Securities decreased their price target on shares of Teck Resources from C$80.00 to C$78.00 in a research note on Thursday, April 27th. Finally, Wolfe Research cut shares of Teck Resources from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, July 11th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $62.21.
Teck Resources Trading Up 0.8 %
TECK opened at $40.71 on Thursday. Teck Resources Limited has a one year low of $28.41 and a one year high of $49.34. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.72 and a current ratio of 1.29. The stock has a market capitalization of $20.84 billion, a PE ratio of 16.48 and a beta of 1.07. The business’s 50 day moving average price is $41.39 and its 200 day moving average price is $41.43.
Teck Resources (NYSE:TECK – Get Free Report) (TSE:TECK) last released its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.06). Teck Resources had a net margin of 11.39% and a return on equity of 11.24%. The company had revenue of $2.62 billion during the quarter, compared to analysts’ expectations of $2.77 billion. As a group, equities research analysts expect that Teck Resources Limited will post 4.19 EPS for the current year.
Teck Resources Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.094 per share. This represents a $0.38 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date of this dividend is Thursday, September 14th. Teck Resources’s dividend payout ratio (DPR) is 14.98%.
About Teck Resources
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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