Teck Resources Limited (NYSE:TECK) Position Trimmed by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. decreased its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 16.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,523,438 shares of the basic materials company’s stock after selling 296,558 shares during the period. Letko Brosseau & Associates Inc. owned about 0.31% of Teck Resources worth $61,734,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Stonebridge Financial Group LLC acquired a new position in shares of Teck Resources during the fourth quarter valued at $25,000. Global Trust Asset Management LLC acquired a new position in shares of Teck Resources during the fourth quarter valued at $27,000. FPC Investment Advisory Inc. acquired a new position in shares of Teck Resources during the fourth quarter valued at $27,000. Community Bank N.A. acquired a new position in shares of Teck Resources during the fourth quarter valued at $33,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Teck Resources during the third quarter valued at $40,000. Institutional investors own 78.06% of the company’s stock.

Teck Resources Price Performance

Shares of NYSE TECK opened at $35.81 on Monday. Teck Resources Limited has a twelve month low of $28.32 and a twelve month high of $55.13. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $17.64 billion, a price-to-earnings ratio of 65.11 and a beta of 0.79. The firm has a 50-day moving average of $36.36 and a two-hundred day moving average of $41.10.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.18. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the prior year, the company earned $0.75 EPS. Teck Resources’s revenue was up 41.4% on a year-over-year basis. As a group, analysts expect that Teck Resources Limited will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be paid a dividend of $0.0901 per share. The ex-dividend date is Monday, June 16th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.36 dividend on an annualized basis and a yield of 1.01%. Teck Resources’s dividend payout ratio is currently 58.62%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on TECK shares. UBS Group reissued a “neutral” rating on shares of Teck Resources in a report on Tuesday, April 15th. National Bank Financial raised shares of Teck Resources from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 24th. Raymond James reduced their price objective on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Wednesday, January 22nd. BMO Capital Markets started coverage on shares of Teck Resources in a report on Wednesday, April 16th. They issued an “outperform” rating for the company. Finally, Desjardins started coverage on shares of Teck Resources in a report on Friday, April 4th. They issued a “buy” rating for the company. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $64.11.

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.