Merrion Investment Management Co LLC Cuts Stock Position in Teck Resources Ltd (NYSE:TECK)

Merrion Investment Management Co LLC cut its holdings in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 2.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,394 shares of the basic materials company’s stock after selling 341 shares during the quarter. Merrion Investment Management Co LLC’s holdings in Teck Resources were worth $524,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of TECK. Principal Securities Inc. grew its holdings in shares of 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 in the last quarter. Sanctuary Advisors LLC lifted its position in Teck Resources by 1.6% in the fourth quarter. Sanctuary Advisors LLC now owns 31,319 shares of the basic materials company’s stock worth $1,306,000 after buying an additional 479 shares during the last quarter. Allianz Asset Management GmbH lifted its position in Teck Resources by 31.1% in the fourth quarter. Allianz Asset Management GmbH now owns 1,513,304 shares of the basic materials company’s stock worth $61,324,000 after buying an additional 358,927 shares during the last quarter. FPC Investment Advisory Inc. bought a new stake in Teck Resources in the fourth quarter worth $27,000. Finally, Union Bancaire Privee UBP SA bought a new stake in Teck Resources in the fourth quarter worth $214,000. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Trading Down 0.6%

Teck Resources stock opened at $38.25 on Thursday. The company has a quick ratio of 2.57, a current ratio of 3.36 and a debt-to-equity ratio of 0.15. Teck Resources Ltd has a 52 week low of $28.32 and a 52 week high of $54.13. The company has a market capitalization of $18.72 billion, a price-to-earnings ratio of 65.95, a price-to-earnings-growth ratio of 0.50 and a beta of 0.79. The stock has a 50-day moving average price of $36.06 and a 200 day moving average price of $39.32.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.18. The company had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $2.19 billion. Teck Resources had a return on equity of 4.53% and a net margin of 3.48%. Teck Resources’s revenue for the quarter was up 41.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.75 earnings per share. Sell-side analysts anticipate that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $0.0901 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.94%. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Monday, June 16th. Teck Resources’s payout ratio is presently 62.07%.

Analyst Ratings Changes

TECK has been the subject of a number of analyst reports. National Bankshares upgraded Teck Resources from a “sector perform” rating to an “outperform” rating in a research report on Thursday, April 24th. Bank of America raised their price target on Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. BMO Capital Markets initiated coverage on Teck Resources in a research report on Wednesday, April 16th. They issued an “outperform” rating for the company. JPMorgan Chase & Co. lowered their price target on Teck Resources from $50.00 to $41.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Finally, Desjardins initiated coverage on Teck Resources in a research report on Friday, April 4th. They issued a “buy” rating for the company. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Teck Resources currently has a consensus rating of “Moderate Buy” and a consensus price target 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.