Davis Selected Advisers Decreases Holdings in Teck Resources Ltd $TECK

Davis Selected Advisers reduced its position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 1.4% during the 2nd quarter, Holdings Channel.com reports. The firm owned 11,034,993 shares of the basic materials company’s stock after selling 155,635 shares during the period. Teck Resources accounts for about 2.4% of Davis Selected Advisers’ portfolio, making the stock its 15th biggest position. Davis Selected Advisers’ holdings in Teck Resources were worth $445,593,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also made changes to their positions in TECK. Cerity Partners LLC lifted its holdings in shares of Teck Resources by 76.8% during the 1st quarter. Cerity Partners LLC now owns 59,300 shares of the basic materials company’s stock valued at $2,160,000 after purchasing an additional 25,763 shares during the last quarter. Stephens Inc. AR increased its position in Teck Resources by 9.8% during the 1st quarter. Stephens Inc. AR now owns 6,860 shares of the basic materials company’s stock valued at $250,000 after buying an additional 610 shares in the last quarter. Signaturefd LLC raised its stake in Teck Resources by 6.4% in the first quarter. Signaturefd LLC now owns 17,762 shares of the basic materials company’s stock valued at $647,000 after buying an additional 1,068 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Teck Resources by 20.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,308,019 shares of the basic materials company’s stock worth $47,651,000 after acquiring an additional 220,603 shares in the last quarter. Finally, Legacy Capital Wealth Partners LLC purchased a new stake in shares of Teck Resources during the first quarter worth about $248,000. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Stock Down 4.2%

TECK stock opened at $41.91 on Friday. The company has a market capitalization of $20.14 billion, a P/E ratio of 23.54, a price-to-earnings-growth ratio of 0.74 and a beta of 0.90. Teck Resources Ltd has a 12 month low of $28.32 and a 12 month high of $48.47. The firm’s fifty day simple moving average is $41.84 and its 200-day simple moving average is $38.09. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.78 and a quick ratio of 2.08.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Wednesday, October 22nd. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.16. The firm had revenue of $2.43 billion during the quarter, compared to analysts’ expectations of $2.93 billion. Teck Resources had a net margin of 11.93% and a return on equity of 4.14%. The firm’s revenue was up 18.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.60 earnings per share. As a group, equities research analysts forecast that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Monday, December 15th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is 19.66%.

Analyst Ratings Changes

Several equities analysts recently commented on TECK shares. Raymond James Financial reaffirmed an “outperform” rating on shares of Teck Resources in a research report on Friday, October 10th. Veritas cut shares of Teck Resources from a “hold” rating to a “strong sell” rating in a report on Tuesday, October 14th. Royal Bank Of Canada lowered their price objective on shares of Teck Resources from $82.00 to $67.00 and set an “outperform” rating for the company in a research note on Friday, July 25th. CIBC downgraded Teck Resources from a “sector outperform” rating to a “neutral” rating in a research report on Friday, July 25th. Finally, Deutsche Bank Aktiengesellschaft upgraded Teck Resources from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Monday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $54.00.

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.