Davis Selected Advisers Sells 11,331 Shares of Teck Resources Ltd $TECK

Davis Selected Advisers decreased its stake in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 0.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,023,662 shares of the basic materials company’s stock after selling 11,331 shares during the quarter. Teck Resources makes up about 2.5% of Davis Selected Advisers’ investment portfolio, making the stock its 14th largest position. Davis Selected Advisers owned 2.29% of Teck Resources worth $483,829,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of the stock. Versant Capital Management Inc acquired a new stake in shares of Teck Resources in the 3rd quarter valued at $26,000. Smartleaf Asset Management LLC grew its holdings in shares of Teck Resources by 72.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 836 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 351 shares during the last quarter. SouthState Bank Corp acquired a new stake in shares of Teck Resources during the 3rd quarter worth about $50,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Teck Resources by 43.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,741 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 524 shares during the last quarter. Finally, Tobam lifted its holdings in Teck Resources by 30.9% during the 3rd quarter. Tobam now owns 2,011 shares of the basic materials company’s stock valued at $88,000 after purchasing an additional 475 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TECK has been the topic of several research analyst reports. Benchmark upped their price objective on shares of Teck Resources from $48.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, February 23rd. Veritas upgraded shares of Teck Resources from a “strong sell” rating to a “strong-buy” rating in a research note on Thursday, January 15th. JPMorgan Chase & Co. boosted their target price on Teck Resources from $43.00 to $51.00 and gave the stock a “neutral” rating in a report on Friday, December 5th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $46.00 price target on shares of Teck Resources in a research report on Wednesday, November 26th. Finally, Raymond James Financial downgraded Teck Resources from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $57.00.

Teck Resources Trading Down 2.1%

TECK opened at $48.91 on Thursday. The company has a current ratio of 2.54, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $23.55 billion, a PE ratio of 24.21, a PEG ratio of 3.04 and a beta of 0.77. Teck Resources Ltd has a 1-year low of $28.32 and a 1-year high of $62.41. The firm has a 50-day moving average price of $54.77 and a two-hundred day moving average price of $46.85.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share (EPS) 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 company had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same period in the prior year, the business earned $0.45 earnings per share. Teck Resources’s quarterly revenue was up 9.8% on a year-over-year basis. As a group, equities analysts anticipate that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.50 annualized dividend and a yield of 1.0%. Teck Resources’s dividend payout ratio is currently 18.32%.

Teck Resources 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.