Teck Resources Limited (NYSE:TECK) Position Lowered by Foundation Resource Management Inc.

Foundation Resource Management Inc. lessened its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 4.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 948,721 shares of the basic materials company’s stock after selling 42,472 shares during the quarter. Teck Resources makes up about 5.4% of Foundation Resource Management Inc.’s investment portfolio, making the stock its 4th largest position. Foundation Resource Management Inc.’s holdings in Teck Resources were worth $34,562,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Stonebridge Financial Group LLC purchased a new stake in Teck Resources during the fourth quarter valued at $25,000. FPC Investment Advisory Inc. purchased a new stake in Teck Resources during the fourth quarter valued at $27,000. Community Bank N.A. purchased a new stake in Teck Resources during the fourth quarter valued at $33,000. Ameriflex Group Inc. purchased a new stake in Teck Resources during the fourth quarter valued at $50,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in Teck Resources during the fourth quarter valued at $55,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Price Performance

NYSE:TECK opened at $38.61 on Monday. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The firm has a market cap of $18.89 billion, a price-to-earnings ratio of 70.20 and a beta of 0.79. The company has a 50 day moving average price of $35.01 and a 200-day moving average price of $39.66. Teck Resources Limited has a 1-year low of $28.32 and a 1-year high of $54.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.18. The firm had revenue of $1.60 billion during the quarter, compared to analyst estimates of $2.19 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The business’s quarterly revenue was up 41.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.75 EPS. Equities research analysts forecast that Teck Resources Limited will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.0901 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.93%. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date is Monday, June 16th. Teck Resources’s payout ratio is 62.07%.

Wall Street Analyst Weigh In

TECK has been the topic of a number of recent research reports. National Bank Financial raised shares of Teck Resources from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 24th. National Bankshares upgraded shares of Teck Resources from a “sector perform” rating to an “outperform” rating in a research report on Thursday, April 24th. UBS Group reiterated a “neutral” rating on shares of Teck Resources in a research report on Tuesday, April 15th. Veritas upgraded shares of Teck Resources to a “hold” rating in a report on Friday, April 11th. Finally, BMO Capital Markets initiated coverage on shares of Teck Resources in a report on Wednesday, April 16th. They issued an “outperform” rating on the stock. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $64.11.

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.