Pictet Asset Management Holding SA Cuts Position in Teck Resources Ltd $TECK

Pictet Asset Management Holding SA trimmed its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 12.1% during the first quarter, HoldingsChannel reports. The institutional investor owned 199,738 shares of the basic materials company’s stock after selling 27,614 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Teck Resources were worth $10,319,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of TECK. AQR Capital Management LLC lifted its holdings in shares of Teck Resources by 11.1% during 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 in the last quarter. Jones Financial Companies Lllp increased its holdings in Teck Resources by 453.0% in the 1st 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Teck Resources by 1.8% in 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 valued at $16,971,000 after purchasing an additional 8,146 shares during the period. Marshall Wace LLP raised its position in Teck Resources by 189.3% in the second quarter. Marshall Wace LLP now owns 218,242 shares of the basic materials company’s stock valued at $8,813,000 after purchasing an additional 142,816 shares during the period. Finally, NewEdge Advisors LLC raised its position in Teck Resources by 4,602.9% in the second quarter. NewEdge Advisors LLC now owns 8,183 shares of the basic materials company’s stock valued at $330,000 after purchasing an additional 8,009 shares during the period. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on TECK shares. Weiss Ratings raised Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, April 24th. Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a report on Monday, June 15th. Zacks Research lowered Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 22nd. TD Securities reissued a “hold” rating on shares of Teck Resources in a research report on Friday, April 24th. Finally, Veritas cut Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to MarketBeat.com, Teck Resources presently has an average rating of “Hold” and a consensus price target of $60.17.

Teck Resources Stock Down 0.1%

TECK stock opened at $59.96 on Friday. Teck Resources Ltd has a twelve month low of $30.98 and a twelve month high of $71.25. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $28.94 billion, a P/E ratio of 21.96, a PEG ratio of 3.56 and a beta of 0.92. The firm has a 50 day simple moving average of $62.51 and a 200-day simple moving average of $56.23.

Teck Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Monday, June 15th. Teck Resources’s dividend payout ratio is 13.19%.

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.