Teck Resources Limited (NYSE:TECK) Stake Lowered by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System cut its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 19.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 47,247 shares of the basic materials company’s stock after selling 11,496 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Teck Resources were worth $1,998,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Wealthsource Partners LLC grew its stake in shares of Teck Resources by 4.0% in the 3rd quarter. Wealthsource Partners LLC now owns 7,747 shares of the basic materials company’s stock worth $334,000 after purchasing an additional 300 shares during the last quarter. Shell Asset Management Co. grew its stake in shares of Teck Resources by 2.9% in the third quarter. Shell Asset Management Co. now owns 13,649 shares of the basic materials company’s stock worth $590,000 after acquiring an additional 386 shares during the last quarter. Allworth Financial LP grew its position in Teck Resources by 17.9% in the 3rd quarter. Allworth Financial LP now owns 2,558 shares of the basic materials company’s stock worth $110,000 after purchasing an additional 388 shares during the last quarter. Cigna Investments Inc. New lifted its position in shares of Teck Resources by 4.6% in the 4th quarter. Cigna Investments Inc. New now owns 8,800 shares of the basic materials company’s stock worth $374,000 after acquiring an additional 391 shares during the period. Finally, FDx Advisors Inc. lifted its position in Teck Resources by 1.7% in the third quarter. FDx Advisors Inc. now owns 24,223 shares of the basic materials company’s stock worth $1,044,000 after purchasing an additional 396 shares during the period. 78.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on TECK shares. UBS Group started coverage on Teck Resources in a report on Tuesday, January 16th. They set a “buy” rating for the company. Benchmark raised their target price on shares of Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, April 8th. JPMorgan Chase & Co. increased their price objective on shares of Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $55.00 target price on shares of Teck Resources in a report on Thursday, April 11th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $57.86.

Teck Resources Stock Down 1.9 %

TECK stock traded down $0.97 during trading hours on Wednesday, reaching $49.37. 755,939 shares of the stock were exchanged, compared to its average volume of 3,984,068. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.49 and a quick ratio of 0.86. The company has a market cap of $25.26 billion, a price-to-earnings ratio of 22.27, a PEG ratio of 8.92 and a beta of 1.12. The firm’s 50-day moving average is $45.47 and its 200-day moving average is $40.87. Teck Resources Limited has a 12 month low of $34.38 and a 12 month high of $51.65.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 EPS for the quarter, topping the consensus estimate of $1.01 by $0.01. The firm had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3.11 billion. Teck Resources had a net margin of 10.59% and a return on equity of 7.52%. On average, equities research analysts expect that Teck Resources Limited will post 2.67 earnings per share for the current year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 17th will be given a dividend of $0.0911 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.74%. The ex-dividend date is Monday, June 17th. Teck Resources’s dividend payout ratio (DPR) is presently 16.37%.

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.