Massachusetts Financial Services Co. MA Has $62.29 Million Stock Holdings in Teck Resources Limited (NYSE:TECK)

Massachusetts Financial Services Co. MA lowered its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 0.8% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,192,296 shares of the basic materials company’s stock after selling 9,416 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Teck Resources were worth $62,286,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Eastern Bank bought a new position in Teck Resources during the third quarter worth about $39,000. Headlands Technologies LLC bought a new position in shares of Teck Resources during the second quarter worth approximately $38,000. Bruce G. Allen Investments LLC raised its position in shares of 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 in the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in shares of Teck Resources by 69.7% in the third quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock valued at $52,000 after buying an additional 409 shares during the period. Finally, Blue Trust Inc. grew its position in Teck Resources by 583.1% during the second 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 in the last quarter. Institutional investors own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TECK. Citigroup raised Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. dropped their target price on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft lowered shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a research report on Friday, October 25th. StockNews.com upgraded shares of Teck Resources from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, Scotiabank raised their target price on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a report on Tuesday, October 8th. Five equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Teck Resources presently has a consensus rating of “Moderate Buy” and an average price target of $65.29.

Teck Resources Stock Down 0.8 %

Shares of TECK opened at $46.81 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. Teck Resources Limited has a 52 week low of $35.25 and a 52 week high of $55.13. The stock has a market capitalization of $23.55 billion, a price-to-earnings ratio of 70.92 and a beta of 1.04. The stock has a fifty day moving average of $48.90 and a 200-day moving average of $48.56.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.36 by $0.24. The firm had revenue of $2.86 billion during 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% on a year-over-year basis. During the same period last year, the company earned $0.57 earnings per share. As a group, sell-side analysts anticipate that Teck Resources Limited will post 1.86 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.0895 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date of this dividend is Friday, December 13th. Teck Resources’s payout ratio is 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.