Orion Portfolio Solutions LLC Decreases Stake in Teck Resources Limited (NYSE:TECK)

Orion Portfolio Solutions LLC cut its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 9.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 6,818 shares of the basic materials company’s stock after selling 715 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Teck Resources were worth $356,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in TECK. Headlands Technologies LLC acquired a new stake in Teck Resources during the 2nd quarter worth about $38,000. Eastern Bank acquired a new stake in shares of Teck Resources during the third quarter worth about $39,000. Bruce G. Allen Investments LLC boosted its position in Teck Resources by 77.4% in the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after buying an additional 383 shares during the last quarter. Blue Trust Inc. increased its holdings in Teck Resources by 583.1% in the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after buying an additional 898 shares during the period. Finally, Massmutual Trust Co. FSB ADV raised its position in Teck Resources by 69.7% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock worth $52,000 after buying an additional 409 shares during the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on TECK shares. Scotiabank upped their price objective on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a report on Tuesday, October 8th. JPMorgan Chase & Co. lowered their price target on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. Deutsche Bank Aktiengesellschaft lowered Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research note on Friday, October 25th. StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, UBS Group cut Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Six analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.29.

Teck Resources Stock Down 4.7 %

Shares of NYSE TECK opened at $40.12 on Thursday. Teck Resources Limited has a 52-week low of $36.50 and a 52-week 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’s 50-day simple moving average is $47.27 and its 200-day simple moving average is $47.78. The firm has a market cap of $20.55 billion, a price-to-earnings ratio of 60.79 and a beta of 1.03.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.24. The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The business’s quarterly revenue was down 20.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.57 earnings per share. Equities analysts predict that Teck Resources Limited will post 1.81 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.0895 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a yield of 0.89%. Teck Resources’s payout ratio is presently 56.06%.

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.