CIBC Private Wealth Group LLC Trims Stake in Teck Resources Limited (NYSE:TECK)

CIBC Private Wealth Group LLC cut its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 40.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,625 shares of the basic materials company’s stock after selling 4,551 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Teck Resources were worth $275,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Stonebridge Financial Group LLC purchased a new position in Teck Resources during the fourth quarter worth about $25,000. Global Trust Asset Management LLC purchased a new position in shares of Teck Resources during the 4th quarter worth approximately $27,000. FPC Investment Advisory Inc. acquired a new stake in Teck Resources in the 4th quarter valued at approximately $27,000. Community Bank N.A. purchased a new stake in Teck Resources in the fourth quarter valued at approximately $33,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in Teck Resources during the third quarter worth $40,000. 78.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on TECK shares. Raymond James cut their price objective on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. JPMorgan Chase & Co. reduced their price target on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. Desjardins initiated coverage on shares of Teck Resources in a report on Friday. They issued a “buy” rating for the company. National Bank Financial lowered shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Finally, Bank of America raised their price target on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.22.

Teck Resources Stock Down 12.1 %

Shares of NYSE TECK opened at $29.97 on Friday. The business has a 50-day moving average of $40.72 and a two-hundred day moving average of $44.25. The company has a market capitalization of $14.83 billion, a price-to-earnings ratio of 54.48 and a beta of 0.81. Teck Resources Limited has a 1 year low of $29.26 and a 1 year high of $55.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.07. The firm had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $2.58 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. On average, analysts forecast that Teck Resources Limited will post 1.53 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a $0.0879 dividend. This represents a $0.35 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date was Friday, March 14th. Teck Resources’s dividend payout ratio (DPR) is 61.82%.

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.