Teck Resources Limited (NYSE:TECK) Shares Sold by Addenda Capital Inc.

Addenda Capital Inc. reduced its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 3.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 497,619 shares of the basic materials company’s stock after selling 17,501 shares during the period. Teck Resources makes up about 1.2% of Addenda Capital Inc.’s investment portfolio, making the stock its 25th biggest holding. Addenda Capital Inc. owned approximately 0.10% of Teck Resources worth $23,836,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in TECK. First Hawaiian Bank grew its stake in shares of Teck Resources by 6.0% during the first quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock valued at $254,000 after acquiring an additional 313 shares in the last quarter. Verdence Capital Advisors LLC grew its stake in shares of Teck Resources by 3.3% during the first quarter. Verdence Capital Advisors LLC now owns 10,981 shares of the basic materials company’s stock valued at $503,000 after acquiring an additional 353 shares in the last quarter. Hexagon Capital Partners LLC grew its stake in shares of Teck Resources by 143.0% during the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 386 shares in the last quarter. Optiver Holding B.V. grew its stake in shares of Teck Resources by 81.9% during the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 438 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of Teck Resources by 3.2% during the first quarter. Assenagon Asset Management S.A. now owns 15,263 shares of the basic materials company’s stock valued at $699,000 after acquiring an additional 470 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Price Performance

Shares of NYSE TECK traded up $0.20 during mid-day trading on Wednesday, reaching $46.83. 2,181,076 shares of the company traded hands, compared to its average volume of 3,598,463. Teck Resources Limited has a fifty-two week low of $34.38 and a fifty-two week high of $55.13. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77. The firm has a market cap of $23.98 billion, a PE ratio of 20.62 and a beta of 1.05. The stock has a fifty day simple moving average of $47.73 and a 200-day simple moving average of $46.09.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.32. The firm had revenue of $3.87 billion for the quarter, compared to analyst estimates of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.91 earnings per share. Equities research analysts anticipate that Teck Resources Limited will post 1.97 EPS for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a $0.625 dividend. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.50 annualized dividend and a yield of 5.34%. Teck Resources’s payout ratio is 16.37%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. TD Securities upgraded Teck Resources to a “strong-buy” rating in a research note on Tuesday, July 16th. JPMorgan Chase & Co. decreased their price target on Teck Resources from $56.00 to $54.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Paradigm Capital upgraded Teck Resources to a “moderate buy” rating in a research note on Friday, July 26th. Benchmark reiterated a “buy” rating and issued a $55.00 price target on shares of Teck Resources in a research note on Thursday, July 25th. Finally, CIBC lifted their price target on Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research note on Friday, July 12th. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $62.40.

Teck Resources Profile

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.