Teck Resources Limited (NYSE:TECK) Shares Sold by TD Asset Management Inc.
TD Asset Management Inc. lessened its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 3.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,441,445 shares of the basic materials company’s stock after selling 142,883 shares during the quarter. TD Asset Management Inc. owned approximately 0.85% of Teck Resources worth $61,647,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. One Capital Management LLC raised its stake in shares of Teck Resources by 0.6% during the 3rd quarter. One Capital Management LLC now owns 207,165 shares of the basic materials company’s stock worth $2,884,000 after buying an additional 1,161 shares during the last quarter. Wells Fargo & Company MN raised its stake in Teck Resources by 16.0% in the 1st quarter. Wells Fargo & Company MN now owns 12,540 shares of the basic materials company’s stock valued at $95,000 after purchasing an additional 1,729 shares during the last quarter. State of Tennessee Treasury Department raised its stake in Teck Resources by 0.7% in the 2nd quarter. State of Tennessee Treasury Department now owns 365,280 shares of the basic materials company’s stock valued at $3,815,000 after purchasing an additional 2,438 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its stake in Teck Resources by 19.0% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 16,300 shares of the basic materials company’s stock valued at $227,000 after purchasing an additional 2,600 shares during the last quarter. Finally, Banque Cantonale Vaudoise acquired a new position in Teck Resources in the 3rd quarter valued at about $44,000. 45.84% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently weighed in on TECK. BMO Capital Markets cut their target price on shares of Teck Resources from $23.00 to $21.00 and set a “market perform” rating for the company in a research note on Wednesday, October 28th. National Bank Financial raised shares of Teck Resources from a “sector perform” rating to an “outperform” rating in a research note on Monday, September 28th. Benchmark lowered their price target on Teck Resources from $18.00 to $17.00 and set a “buy” rating for the company in a report on Wednesday, October 28th. Raymond James lifted their price target on Teck Resources from $23.00 to $23.50 and gave the company an “outperform” rating in a report on Wednesday, October 28th. Finally, Credit Suisse Group lifted their price target on Teck Resources from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, July 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company. Teck Resources presently has a consensus rating of “Buy” and an average target price of $20.06.
Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Tuesday, October 27th. The basic materials company reported $0.24 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.07. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.33 billion. Teck Resources had a positive return on equity of 3.65% and a negative net margin of 10.04%. Teck Resources’s quarterly revenue was down 24.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.72 EPS. Sell-side analysts anticipate that Teck Resources Limited will post 0.69 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be issued a $0.0382 dividend. This represents a $0.15 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend is Monday, December 14th. This is a boost from Teck Resources’s previous quarterly dividend of $0.04. Teck Resources’s dividend payout ratio is currently 6.76%.
Teck Resources Profile
Teck Resources Limited researches, explores for, develops, and produces natural resources in the Asia Pacific, the Americas, and Europe. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company's principal products include steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead and molybdenum concentrates.
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