Letko Brosseau & Associates Inc. Has $88.48 Million Stake in Teck Resources Limited (NYSE:TECK)

Letko Brosseau & Associates Inc. trimmed its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 44.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,846,696 shares of the basic materials company’s stock after selling 1,503,305 shares during the period. Teck Resources accounts for 1.7% of Letko Brosseau & Associates Inc.’s holdings, making the stock its 20th largest position. Letko Brosseau & Associates Inc.’s holdings in Teck Resources were worth $88,478,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hexagon Capital Partners LLC increased its stake in Teck Resources by 143.0% in the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 386 shares during the last quarter. Creekmur Asset Management LLC bought a new position in Teck Resources in the fourth quarter valued at approximately $35,000. Optiver Holding B.V. increased its stake in Teck Resources by 81.9% in the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 438 shares during the last quarter. Blue Trust Inc. increased its stake in Teck Resources by 583.1% in the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after acquiring an additional 898 shares during the last quarter. Finally, Pathway Financial Advisers LLC bought a new position in Teck Resources in the first quarter valued at approximately $74,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. BMO Capital Markets began coverage on shares of Teck Resources in a research note on Monday, July 15th. They issued an “outperform” rating on the stock. TD Securities raised shares of Teck Resources to a “strong-buy” rating in a research note on Tuesday, July 16th. Eight Capital cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 11th. Benchmark reaffirmed a “buy” rating and set a $55.00 target price on shares of Teck Resources in a research note on Thursday, July 25th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Teck Resources from $56.00 to $54.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $65.00.

Teck Resources Trading Down 2.7 %

Shares of NYSE TECK traded down $1.22 during trading on Friday, reaching $43.49. The company had a trading volume of 3,588,917 shares, compared to its average volume of 2,175,032. The company’s fifty day moving average price is $47.45 and its 200-day moving average price is $47.08. Teck Resources Limited has a 12 month low of $34.38 and a 12 month high of $55.13. The stock has a market cap of $22.25 billion, a P/E ratio of 19.24 and a beta of 1.01. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.32. Teck Resources had a return on equity of 6.52% and a net margin of 9.40%. The firm had revenue of $3.87 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same quarter in the previous year, the company posted $0.91 EPS. The business’s revenue was up 10.1% on a year-over-year basis. As a group, research analysts expect that Teck Resources Limited will post 2.01 earnings per share for the current year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 5.75%. The ex-dividend date of this dividend is Friday, September 13th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is 16.37%.

Teck Resources Company 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.