Wellington Management Group LLP Decreases Holdings in Teck Resources Limited (NYSE:TECK)

Wellington Management Group LLP cut its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 86.2% during the 4th quarter, HoldingsChannel reports. The firm owned 84,298 shares of the basic materials company’s stock after selling 525,384 shares during the quarter. Wellington Management Group LLP’s holdings in Teck Resources were worth $3,581,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of TECK. Creekmur Asset Management LLC purchased a new position in shares of Teck Resources in the fourth quarter valued at $35,000. Chelsea Counsel Co. grew its stake in shares of Teck Resources by 28.8% during the fourth quarter. Chelsea Counsel Co. now owns 13,975 shares of the basic materials company’s stock valued at $591,000 after acquiring an additional 3,125 shares in the last quarter. FIL Ltd increased its position in shares of Teck Resources by 98.8% during the fourth quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock worth $504,588,000 after acquiring an additional 5,933,226 shares during the last quarter. Greenlight Capital Inc. lifted its stake in shares of Teck Resources by 6.2% in the fourth quarter. Greenlight Capital Inc. now owns 1,552,063 shares of the basic materials company’s stock worth $65,606,000 after acquiring an additional 90,240 shares in the last quarter. Finally, Groupama Asset Managment purchased a new position in Teck Resources in the fourth quarter valued at about $59,019,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

Analyst Upgrades and Downgrades

TECK has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price objective on Teck Resources from $44.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Benchmark increased their price objective on shares of Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Finally, Morgan Stanley boosted their target price on shares of Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, June 21st. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.57.

Teck Resources Price Performance

TECK opened at $47.90 on Monday. The company has a quick ratio of 0.86, a current ratio of 1.49 and a debt-to-equity ratio of 0.20. The company’s 50-day moving average price is $49.72 and its 200 day moving average price is $44.49. Teck Resources Limited has a fifty-two week low of $34.38 and a fifty-two week high of $55.13. The firm has a market cap of $24.47 billion, a price-to-earnings ratio of 21.19, a price-to-earnings-growth ratio of 10.35 and a beta of 1.08.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.31). The company had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $2.99 billion. Teck Resources had a return on equity of 7.52% and a net margin of 10.59%. As a group, sell-side analysts expect that Teck Resources Limited will post 2.24 earnings per share for the current year.

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 17th were given a dividend of $0.0911 per share. The ex-dividend date was Monday, June 17th. This represents a $0.36 annualized dividend and a dividend yield of 0.76%. Teck Resources’s dividend payout ratio is currently 15.93%.

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.