BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $853,000 Stake in Teck Resources Ltd (TECK)
BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 26.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 45,730 shares of the basic materials company’s stock after selling 16,820 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Teck Resources were worth $853,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in the company. Janney Montgomery Scott LLC lifted its holdings in Teck Resources by 46.2% during the second quarter. Janney Montgomery Scott LLC now owns 14,236 shares of the basic materials company’s stock worth $362,000 after buying an additional 4,499 shares during the period. State of Wisconsin Investment Board raised its holdings in Teck Resources by 1.9% in the 2nd quarter. State of Wisconsin Investment Board now owns 420,146 shares of the basic materials company’s stock valued at $10,696,000 after acquiring an additional 8,000 shares during the last quarter. SG Americas Securities LLC raised its holdings in Teck Resources by 2.4% in the 2nd quarter. SG Americas Securities LLC now owns 183,597 shares of the basic materials company’s stock valued at $4,673,000 after acquiring an additional 4,306 shares during the last quarter. Quantitative Systematic Strategies LLC acquired a new stake in Teck Resources in the 2nd quarter valued at about $349,000. Finally, Gideon Capital Advisors Inc. acquired a new stake in Teck Resources in the 2nd quarter valued at about $262,000. Institutional investors and hedge funds own 53.45% of the company’s stock.
A number of analysts have commented on TECK shares. ValuEngine downgraded shares of Teck Resources from a “sell” rating to a “strong sell” rating in a report on Monday, August 20th. Clarkson Capital upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a report on Tuesday, September 11th. MKM Partners cut their price objective on shares of Teck Resources to $30.00 and set a “buy” rating for the company in a report on Wednesday, September 12th. Deutsche Bank set a $34.00 price objective on shares of Teck Resources and gave the company a “buy” rating in a report on Saturday, September 22nd. Finally, Goldman Sachs Group reiterated a “hold” rating on shares of Teck Resources in a report on Sunday, October 7th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $31.57.
Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Wednesday, October 24th. The basic materials company reported $0.61 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.72 by ($0.11). The firm had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.40 billion. Teck Resources had a return on equity of 12.31% and a net margin of 27.35%. On average, sell-side analysts expect that Teck Resources Ltd will post 3.4 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 14th will be issued a dividend of $0.038 per share. The ex-dividend date is Thursday, December 13th. This represents a $0.15 dividend on an annualized basis and a dividend yield of 0.70%. Teck Resources’s dividend payout ratio is currently 4.37%.
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Teck Resources Profile
Teck Resources Limited researches, explores for, develops, and produces natural resources in the Americas, the Asia Pacific, and Europe. It operates through five segments: Steelmaking Coal, Copper, Zinc, Energy, and Corporate. The company's principal products comprise steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates.
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