Teck Resources Limited (NYSE:TECK) Stake Reduced by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC decreased its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 25.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,175 shares of the basic materials company’s stock after selling 2,806 shares during the period. Verdence Capital Advisors LLC’s holdings in Teck Resources were worth $392,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Teck Resources by 1.8% during the first quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock valued at $765,493,000 after purchasing an additional 290,034 shares during the last quarter. FIL Ltd lifted its position in shares of Teck Resources by 98.8% during the 4th quarter. FIL Ltd now owns 11,937,233 shares of the basic materials company’s stock valued at $504,588,000 after acquiring an additional 5,933,226 shares during the last quarter. Boston Partners boosted its stake in shares of Teck Resources by 28.8% during the 4th quarter. Boston Partners now owns 10,881,781 shares of the basic materials company’s stock worth $484,995,000 after acquiring an additional 2,432,378 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Teck Resources by 2.4% in the 1st quarter. Janus Henderson Group PLC now owns 8,604,605 shares of the basic materials company’s stock worth $394,178,000 after acquiring an additional 203,607 shares during the last quarter. Finally, CIBC Asset Management Inc raised its position in shares of Teck Resources by 2.8% during the fourth quarter. CIBC Asset Management Inc now owns 6,388,652 shares of the basic materials company’s stock worth $270,918,000 after purchasing an additional 174,492 shares during the period. Institutional investors and hedge funds own 78.06% of the company’s stock.

Analyst Upgrades and Downgrades

TECK has been the subject of a number of recent analyst reports. BMO Capital Markets initiated coverage on Teck Resources in a research report on Monday, July 15th. They issued an “outperform” rating for the company. Morgan Stanley lifted their target price on shares of Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, June 21st. Benchmark restated a “buy” rating and set a $55.00 price target on shares of Teck Resources in a report on Thursday, July 25th. Eight Capital lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 11th. Finally, TD Securities raised Teck Resources to a “strong-buy” rating in a research report on Tuesday, July 16th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.40.

Teck Resources Stock Up 0.7 %

Shares of Teck Resources stock traded up $0.34 on Monday, hitting $49.23. 1,239,956 shares of the company traded hands, compared to its average volume of 3,529,024. Teck Resources Limited has a 12-month low of $34.38 and a 12-month high of $55.13. The company has a quick ratio of 0.77, a current ratio of 1.48 and a debt-to-equity ratio of 0.19. The company has a market cap of $25.19 billion, a PE ratio of 21.78 and a beta of 1.05. The company has a 50-day moving average price of $47.68 and a 200 day moving average price of $46.60.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its 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 the consensus estimate of $2.67 billion. During the same quarter in the previous year, the company posted $0.91 earnings per share. The business’s quarterly revenue was up 10.1% compared to the same quarter last year. Sell-side analysts predict that Teck Resources Limited will post 1.97 earnings per share for the current year.

Teck Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a yield of 5.08%. The ex-dividend date is Friday, September 13th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio (DPR) is presently 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.