TFG Asset Management GP Ltd Decreases Stock Holdings in Teck Resources Limited (NYSE:TECK)

TFG Asset Management GP Ltd reduced its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 75.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,368 shares of the basic materials company’s stock after selling 19,119 shares during the period. Teck Resources comprises approximately 0.1% of TFG Asset Management GP Ltd’s portfolio, making the stock its 23rd largest position. TFG Asset Management GP Ltd’s holdings in Teck Resources were worth $258,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Synergy Asset Management LLC lifted its position in shares of Teck Resources by 77.7% during the 4th quarter. Synergy Asset Management LLC now owns 16,892 shares of the basic materials company’s stock worth $685,000 after purchasing an additional 7,387 shares during the last quarter. Blue Trust Inc. lifted its position in Teck Resources by 31.5% in the fourth quarter. Blue Trust Inc. now owns 3,848 shares of the basic materials company’s stock valued at $156,000 after acquiring an additional 921 shares during the last quarter. Pictet Asset Management Holding SA lifted its position in Teck Resources by 102.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 309,987 shares of the basic materials company’s stock valued at $12,563,000 after acquiring an additional 156,980 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in Teck Resources by 7.2% in the fourth quarter. Exchange Traded Concepts LLC now owns 4,897 shares of the basic materials company’s stock valued at $198,000 after purchasing an additional 327 shares during the period. Finally, Principal Securities Inc. increased its stake in Teck Resources by 49.9% in the fourth quarter. Principal Securities Inc. now owns 2,858 shares of the basic materials company’s stock valued at $116,000 after purchasing an additional 952 shares during the period. 78.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TECK has been the topic of a number of recent research reports. Desjardins initiated coverage on shares of Teck Resources in a research note on Friday, April 4th. They issued a “buy” rating on the stock. UBS Group restated a “neutral” rating on shares of Teck Resources in a research note on Tuesday, April 15th. Bank of America lifted their price objective on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Raymond James dropped their price target on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. dropped their price target on shares of Teck Resources from $50.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $64.11.

Teck Resources Trading Down 2.3%

Shares of TECK opened at $35.65 on Friday. 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 firm’s 50-day moving average is $36.10 and its two-hundred day moving average is $40.78. Teck Resources Limited has a twelve month low of $28.32 and a twelve month high of $55.13. The firm has a market capitalization of $17.57 billion, a P/E ratio of 64.82 and a beta of 0.79.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $2.19 billion. During the same period in the prior year, the business posted $0.75 earnings per share. The firm’s revenue for the quarter was up 41.4% compared to the same quarter last year. On average, research analysts predict that Teck Resources Limited will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a $0.0901 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.01%. The ex-dividend date is Monday, June 16th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio is 58.62%.

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.