LGT Group Foundation Cuts Stock Position in Teck Resources Limited (NYSE:TECK)

LGT Group Foundation lessened its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 4.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 87,228 shares of the basic materials company’s stock after selling 4,204 shares during the quarter. LGT Group Foundation’s holdings in Teck Resources were worth $4,181,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hexagon Capital Partners LLC raised its holdings in shares of Teck Resources by 143.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after buying an additional 386 shares during the period. Creekmur Asset Management LLC purchased a new stake in Teck Resources during the 4th quarter worth about $35,000. Optiver Holding B.V. increased its holdings in Teck Resources by 81.9% during the 4th quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 438 shares during the period. Blue Trust Inc. increased its holdings in Teck Resources by 583.1% during the 2nd quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after purchasing an additional 898 shares during the period. Finally, Pathway Financial Advisers LLC purchased a new stake in Teck Resources during the 1st quarter worth about $74,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Up 1.7 %

Shares of NYSE TECK opened at $44.24 on Tuesday. The stock has a market cap of $22.60 billion, a PE ratio of 19.58 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 Limited has a 52-week low of $34.38 and a 52-week high of $55.13. The business has a 50-day moving average price of $47.37 and a 200 day moving average price of $47.25.

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

Teck Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 5.65%. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, September 13th. Teck Resources’s dividend payout ratio (DPR) is presently 15.93%.

Analyst Upgrades and Downgrades

TECK has been the topic of several recent research reports. UBS Group upgraded Teck Resources from a “neutral” rating to a “buy” rating and upped their price target for the stock from $76.00 to $78.00 in a report on Wednesday, September 4th. StockNews.com downgraded Teck Resources from a “hold” rating to a “sell” rating in a report on Monday. Morgan Stanley upped their price target on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, June 21st. JPMorgan Chase & Co. dropped their price objective on Teck Resources from $56.00 to $54.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Finally, BMO Capital Markets initiated coverage on Teck Resources in a report on Monday, July 15th. They issued an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $65.00.

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.