Addenda Capital Inc. Sells 12,478 Shares of Teck Resources Limited (NYSE:TECK)

Addenda Capital Inc. lessened its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 2.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 482,510 shares of the basic materials company’s stock after selling 12,478 shares during the period. Addenda Capital Inc. owned about 0.10% of Teck Resources worth $19,556,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. FMR LLC raised its stake in Teck Resources by 72.8% during the third quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock worth $189,848,000 after buying an additional 1,531,563 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new position in shares of Teck Resources in the 3rd quarter worth about $70,549,000. Principal Financial Group Inc. lifted its stake in shares of Teck Resources by 21.7% in the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after purchasing an additional 1,326,241 shares during the period. Holocene Advisors LP boosted its position in shares of Teck Resources by 152.7% during the 3rd quarter. Holocene Advisors LP now owns 2,070,377 shares of the basic materials company’s stock valued at $108,156,000 after purchasing an additional 1,251,203 shares in the last quarter. Finally, Davidson Kempner Capital Management LP grew its stake in Teck Resources by 270.6% during the second quarter. Davidson Kempner Capital Management LP now owns 927,434 shares of the basic materials company’s stock worth $44,424,000 after purchasing an additional 677,184 shares during the period. Institutional investors and hedge funds own 78.06% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Scotiabank boosted their price target on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. National Bank Financial lowered shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Deutsche Bank Aktiengesellschaft lowered Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a report on Friday, October 25th. Finally, Citigroup upgraded Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Six equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Teck Resources currently has an average rating of “Moderate Buy” and a consensus target price of $64.71.

Teck Resources Trading Up 1.9 %

NYSE TECK opened at $43.19 on Tuesday. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The business has a fifty day simple moving average of $43.65 and a 200 day simple moving average of $46.57. Teck Resources Limited has a 12 month low of $36.50 and a 12 month high of $55.13. The firm has a market capitalization of $21.54 billion, a P/E ratio of 65.43 and a beta of 1.05.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The company had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same period last year, the firm earned $0.57 earnings per share. The firm’s revenue was down 20.6% on a year-over-year basis. On average, analysts predict that Teck Resources Limited will post 1.7 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were given a $0.0895 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.36 annualized dividend and a yield of 0.83%. Teck Resources’s dividend payout ratio is currently 53.03%.

Teck Resources 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.