TD Asset Management Inc Reduces Stock Position in Teck Resources Ltd $TECK

TD Asset Management Inc lessened its position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 14.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,166,032 shares of the basic materials company’s stock after selling 866,322 shares during the period. TD Asset Management Inc owned about 1.08% of Teck Resources worth $226,668,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of TECK. AQR Capital Management LLC raised its holdings in Teck Resources by 11.1% in the 1st quarter. AQR Capital Management LLC now owns 34,705 shares of the basic materials company’s stock valued at $1,264,000 after acquiring an additional 3,458 shares during the last quarter. Jones Financial Companies Lllp grew its position in shares of Teck Resources by 453.0% in the first quarter. Jones Financial Companies Lllp now owns 9,721 shares of the basic materials company’s stock valued at $354,000 after purchasing an additional 7,963 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Teck Resources by 1.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 465,861 shares of the basic materials company’s stock worth $16,971,000 after buying an additional 8,146 shares during the period. Envestnet Asset Management Inc. grew its holdings in Teck Resources by 3.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 548,732 shares of the basic materials company’s stock valued at $22,158,000 after buying an additional 17,744 shares during the period. Finally, Assetmark Inc. increased its stake in shares of Teck Resources by 2.1% during the 2nd quarter. Assetmark Inc. now owns 20,360 shares of the basic materials company’s stock valued at $822,000 after acquiring an additional 415 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Trading Up 1.2%

TECK opened at $59.82 on Wednesday. The company’s 50 day moving average is $52.71 and its 200-day moving average is $44.57. The company has a market cap of $28.80 billion, a P/E ratio of 29.62, a PEG ratio of 0.55 and a beta of 0.80. Teck Resources Ltd has a 1-year low of $28.32 and a 1-year high of $60.75. The company has a current ratio of 2.54, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.39. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. The firm had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter in the previous year, the firm posted $0.45 earnings per share. The company’s revenue was up 9.8% on a year-over-year basis. Equities research analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a $0.125 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.50 annualized dividend and a yield of 0.8%. Teck Resources’s dividend payout ratio (DPR) is currently 17.82%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Citigroup raised shares of Teck Resources from a “neutral” rating to a “buy” rating in a research report on Monday, February 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Teck Resources in a research note on Wednesday, January 21st. Scotiabank reaffirmed a “sector perform” rating on shares of Teck Resources in a research report on Tuesday. Truist Financial set a $67.00 price target on Teck Resources in a research report on Monday. Finally, TD Securities restated a “hold” rating on shares of Teck Resources in a report on Monday. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, Teck Resources has an average rating of “Hold” and an average price target of $58.00.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.