Mirabella Financial Services LLP Sells 19,412 Shares of Teck Resources Limited (NYSE:TECK)

Mirabella Financial Services LLP reduced its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 31.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 43,264 shares of the basic materials company’s stock after selling 19,412 shares during the period. Mirabella Financial Services LLP’s holdings in Teck Resources were worth $2,260,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in TECK. AMF Tjanstepension AB increased its stake in shares of Teck Resources by 846.6% in the 2nd quarter. AMF Tjanstepension AB now owns 4,383,031 shares of the basic materials company’s stock worth $210,034,000 after purchasing an additional 3,919,984 shares in the last quarter. TD Asset Management Inc raised its stake in shares of Teck Resources by 49.0% in the second quarter. TD Asset Management Inc now owns 4,950,816 shares of the basic materials company’s stock worth $237,202,000 after buying an additional 1,629,149 shares during the period. Principal Financial Group Inc. raised its stake in shares of Teck Resources by 21.7% in the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock worth $388,507,000 after buying an additional 1,326,241 shares during the period. National Bank of Canada FI lifted its position in shares of Teck Resources by 48.4% during the 2nd quarter. National Bank of Canada FI now owns 3,934,663 shares of the basic materials company’s stock valued at $188,111,000 after buying an additional 1,283,876 shares in the last quarter. Finally, Cibc World Market Inc. increased its holdings in Teck Resources by 26.1% in the 2nd quarter. Cibc World Market Inc. now owns 4,779,715 shares of the basic materials company’s stock worth $228,948,000 after acquiring an additional 989,612 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on TECK shares. Scotiabank lifted their price target on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a report on Tuesday, October 8th. JPMorgan Chase & Co. dropped their target price on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Deutsche Bank Aktiengesellschaft lowered Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target for the company. in a research note on Friday, October 25th. StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, Citigroup upgraded Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. Five equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $65.29.

Teck Resources Price Performance

NYSE:TECK opened at $46.81 on Monday. The business’s 50-day moving average is $48.90 and its 200 day moving average is $48.56. Teck Resources Limited has a 12 month low of $35.25 and a 12 month high of $55.13. The company has a market capitalization of $23.55 billion, a P/E ratio of 70.93 and a beta of 1.04. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.24. The business had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The company’s revenue for the quarter was down 20.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.57 EPS. On average, equities research analysts forecast that Teck Resources Limited will post 1.86 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $0.0895 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date of this dividend is Friday, December 13th. Teck Resources’s payout ratio is 56.06%.

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.