Ninety One UK Ltd Sells 67,377 Shares of Teck Resources Limited (NYSE:TECK)

Ninety One UK Ltd reduced its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 5.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,112,727 shares of the basic materials company’s stock after selling 67,377 shares during the quarter. Ninety One UK Ltd owned about 0.22% of Teck Resources worth $47,035,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of TECK. Federated Hermes Inc. lifted its holdings in Teck Resources by 44.4% in the fourth quarter. Federated Hermes Inc. now owns 116,064 shares of the basic materials company’s stock valued at $4,906,000 after buying an additional 35,680 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Teck Resources by 2.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 191,434 shares of the basic materials company’s stock valued at $8,132,000 after buying an additional 4,308 shares during the period. Mackenzie Financial Corp lifted its holdings in Teck Resources by 45.7% in the fourth quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock valued at $280,491,000 after buying an additional 2,080,295 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Teck Resources by 11.2% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,323,288 shares of the basic materials company’s stock valued at $56,107,000 after buying an additional 133,019 shares during the period. Finally, Ingalls & Snyder LLC lifted its holdings in Teck Resources by 0.5% in the fourth quarter. Ingalls & Snyder LLC now owns 609,985 shares of the basic materials company’s stock valued at $25,784,000 after buying an additional 3,075 shares during the period. 78.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TECK has been the topic of several analyst reports. UBS Group initiated coverage on shares of Teck Resources in a report on Tuesday, January 16th. They issued a “buy” rating on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $55.00 target price on shares of Teck Resources in a report on Thursday, April 11th. JPMorgan Chase & Co. increased their target price on shares of Teck Resources from $44.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Benchmark increased their target price on shares of Teck Resources from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, April 8th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.36.

Teck Resources Trading Up 1.1 %

Shares of NYSE:TECK opened at $47.73 on Friday. Teck Resources Limited has a 12 month low of $34.38 and a 12 month high of $50.46. The company has a quick ratio of 0.60, a current ratio of 1.10 and a debt-to-equity ratio of 0.21. The company’s fifty day simple moving average is $42.79 and its 200 day simple moving average is $40.12. The firm has a market cap of $24.37 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 6.64 and a beta of 1.15.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings data on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.01. Teck Resources had a net margin of 16.21% and a return on equity of 9.67%. The business had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.11 billion. As a group, research analysts forecast that Teck Resources Limited will post 3.43 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a dividend of $0.0925 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.37 annualized dividend and a yield of 0.78%. Teck Resources’s dividend payout ratio (DPR) is presently 10.79%.

About Teck Resources

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.