Canoe Financial LP Decreases Stock Holdings in Teck Resources Ltd $TECK

Canoe Financial LP trimmed its position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 49.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 1,680,741 shares of the basic materials company’s stock after selling 1,651,848 shares during the quarter. Canoe Financial LP’s holdings in Teck Resources were worth $87,081,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Brown Brothers Harriman & Co. purchased a new position in Teck Resources during the 4th quarter valued at about $25,000. Blue Trust Inc. lifted its holdings in Teck Resources by 411.8% in the 1st quarter. Blue Trust Inc. now owns 563 shares of the basic materials company’s stock worth $29,000 after buying an additional 453 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Teck Resources by 82.8% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 2,217 shares of the basic materials company’s stock worth $97,000 after buying an additional 1,004 shares during the period. Flagship Harbor Advisors LLC bought a new stake in shares of Teck Resources in the 4th quarter worth approximately $103,000. Finally, Banque Cantonale Vaudoise grew its position in shares of Teck Resources by 5,102.0% in the 3rd quarter. Banque Cantonale Vaudoise now owns 2,549 shares of the basic materials company’s stock worth $112,000 after buying an additional 2,500 shares during the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Price Performance

Shares of TECK stock opened at $58.21 on Monday. The stock has a market cap of $28.06 billion, a price-to-earnings ratio of 21.32, a PEG ratio of 3.48 and a beta of 0.89. The business’s fifty day moving average is $62.41 and its 200 day moving average is $55.78. Teck Resources Ltd has a twelve month low of $30.98 and a twelve month high of $71.25. The company has a quick ratio of 2.16, a current ratio of 2.83 and a debt-to-equity ratio of 0.13.

Teck Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Monday, June 15th. Teck Resources’s payout ratio is 13.19%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on TECK shares. JPMorgan Chase & Co. upped their target price on Teck Resources from $45.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Weiss Ratings raised shares of Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, April 24th. TD Securities restated a “hold” rating on shares of Teck Resources in a report on Friday, April 24th. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a report on Monday, June 15th. Finally, Veritas cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to data from MarketBeat.com, Teck Resources presently has an average rating of “Hold” and an average target price of $59.17.

About Teck Resources

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.