BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Decreases Holdings in Teck Resources Limited (NYSE:TECK)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 74.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 641,940 shares of the basic materials company’s stock after selling 1,825,381 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned 0.13% of Teck Resources worth $30,767,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of TECK. Janney Montgomery Scott LLC boosted its stake in shares of Teck Resources by 4.7% during the 4th quarter. Janney Montgomery Scott LLC now owns 40,702 shares of the basic materials company’s stock worth $1,721,000 after acquiring an additional 1,810 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Teck Resources by 8.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,357 shares of the basic materials company’s stock valued at $480,000 after buying an additional 865 shares in the last quarter. Corient Private Wealth LLC lifted its stake in Teck Resources by 7.4% in the 4th quarter. Corient Private Wealth LLC now owns 38,713 shares of the basic materials company’s stock valued at $1,636,000 after buying an additional 2,653 shares in the last quarter. Trexquant Investment LP purchased a new stake in Teck Resources in the 4th quarter valued at approximately $737,000. Finally, Franklin Resources Inc. lifted its stake in Teck Resources by 4.8% in the 4th quarter. Franklin Resources Inc. now owns 294,513 shares of the basic materials company’s stock valued at $12,449,000 after buying an additional 13,503 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on TECK shares. Eight Capital lowered Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 11th. UBS Group raised Teck Resources from a “neutral” rating to a “buy” rating and upped their target price for the company from $76.00 to $78.00 in a research note on Wednesday, September 4th. StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a report on Tuesday, September 17th. TD Securities upgraded Teck Resources to a “strong-buy” rating in a report on Tuesday, July 16th. Finally, BMO Capital Markets began coverage on Teck Resources in a report on Monday, July 15th. They issued an “outperform” rating for the company. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.00.

Teck Resources Trading Up 0.4 %

TECK stock opened at $49.09 on Tuesday. The company has a market cap of $25.08 billion, a price-to-earnings ratio of 21.72 and a beta of 1.01. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. The business has a fifty day simple moving average of $46.83 and a 200-day simple moving average of $47.81. Teck Resources Limited has a 52 week low of $34.38 and a 52 week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.32. The business had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $2.67 billion. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.91 EPS. On average, equities research analysts expect that Teck Resources Limited will post 2.02 EPS for the current year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a $0.625 dividend. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. This represents a $2.50 annualized dividend and a yield of 5.09%. The ex-dividend date is Friday, September 13th. Teck Resources’s dividend payout ratio is currently 16.37%.

Teck Resources 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.