Teck Resources Ltd $TECK Stock Sold by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. lowered its position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 3.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 843,404 shares of the basic materials company’s stock after selling 31,325 shares during the quarter. Letko Brosseau & Associates Inc. owned about 0.17% of Teck Resources worth $55,663,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TECK. Geneos Wealth Management Inc. grew its stake in Teck Resources by 117.4% during the first quarter. Geneos Wealth Management Inc. now owns 561 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 303 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in Teck Resources in the 3rd quarter worth approximately $46,000. SBI Securities Co. Ltd. lifted its stake in Teck Resources by 101.8% in the 3rd quarter. SBI Securities Co. Ltd. now owns 900 shares of the basic materials company’s stock worth $59,000 after purchasing an additional 454 shares in the last quarter. Oslo Pensjonsforsikring AS purchased a new stake in Teck Resources in the 1st quarter worth approximately $83,000. Finally, Versant Capital Management Inc increased its holdings in shares of Teck Resources by 86.5% in the second quarter. Versant Capital Management Inc now owns 1,587 shares of the basic materials company’s stock worth $94,000 after purchasing an additional 736 shares during the period. 78.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TECK has been the topic of several analyst reports. Raymond James Financial upgraded Teck Resources from a “market perform” rating to an “outperform” rating in a report on Thursday, July 23rd. Stifel Nicolaus increased their price objective on Teck Resources from $82.00 to $95.00 and gave the stock a “hold” rating in a report on Tuesday, October 20th. Weiss Ratings upgraded Teck Resources from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, November 4th. Canaccord Genuity Group reduced their target price on Teck Resources from $96.50 to $87.00 and set a “hold” rating on the stock in a research note on Friday, October 30th. Finally, Scotia boosted their target price on Teck Resources from $83.00 to $88.00 and gave the company a “sector perform” rating in a research note on Friday, October 30th. Six analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, Teck Resources currently has an average rating of “Hold” and an average price target of $75.25.

Teck Resources Price Performance

Shares of TECK opened at $61.26 on Friday. The firm has a fifty day simple moving average of $64.92 and a two-hundred day simple moving average of $60.92. The firm has a market cap of $29.61 billion, a PE ratio of 13.02, a P/E/G ratio of 1.95 and a beta of 1.01. The company has a current ratio of 2.80, a quick ratio of 2.18 and a debt-to-equity ratio of 0.11. Teck Resources Ltd has a 1-year low of $38.00 and a 1-year high of $72.56.

Teck Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be paid a dividend of C$0.12 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Tuesday, December 15th. Teck Resources’s payout ratio is currently 6.44%.

Teck Resources Profile

Teck Resources Limited is a Canadian mining company focused primarily on copper and zinc. Its activities include exploring, developing, mining, processing and marketing metals used in construction, manufacturing and other industrial applications. The company has operations and interests in Canada, the United States, Chile and Peru. Its portfolio includes copper mines and projects, zinc mining at the Red Dog operation in Alaska, and Trail Operations in British Columbia, which processes zinc and lead concentrates and produces refined metals and related products.