Pekin Hardy Strauss Inc. Decreases Stock Position in Teck Resources Limited (NYSE:TECK)

Pekin Hardy Strauss Inc. reduced its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 3.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 85,607 shares of the basic materials company’s stock after selling 2,896 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Teck Resources were worth $4,101,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company raised its holdings in shares of Teck Resources by 37.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,935,979 shares of the basic materials company’s stock worth $81,966,000 after acquiring an additional 526,611 shares during the last quarter. 1832 Asset Management L.P. lifted its holdings in Teck Resources by 13.0% in the 4th quarter. 1832 Asset Management L.P. now owns 856,244 shares of the basic materials company’s stock valued at $36,193,000 after purchasing an additional 98,655 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Teck Resources during the 1st quarter worth about $485,000. Vanguard Group Inc. grew its holdings in shares of Teck Resources by 1.8% during the first quarter. Vanguard Group Inc. now owns 16,721,130 shares of the basic materials company’s stock worth $765,493,000 after buying an additional 290,034 shares in the last quarter. Finally, Country Club Bank acquired a new position in shares of Teck Resources in the second quarter valued at approximately $1,747,000. Institutional investors and hedge funds own 78.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. CIBC raised their target price on shares of Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research report on Friday, July 12th. Morgan Stanley raised their price objective on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, June 21st. TD Securities upgraded Teck Resources to a “strong-buy” rating in a research note on Tuesday, July 16th. BMO Capital Markets assumed coverage on Teck Resources in a research report on Monday, July 15th. They set an “outperform” rating on the stock. Finally, Paradigm Capital upgraded Teck Resources to a “moderate buy” rating in a report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $65.00.

Teck Resources Stock Performance

Shares of NYSE:TECK opened at $47.06 on Tuesday. The business’s 50-day simple moving average is $47.02 and its 200 day simple moving average is $47.44. The company has a market cap of $24.08 billion, a P/E ratio of 20.82 and a beta of 1.01. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.77 and a current ratio of 1.48. Teck Resources Limited has a one year low of $34.38 and a one year high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.32. The company 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 business’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.91 earnings per share. On average, sell-side analysts forecast that Teck Resources Limited will post 2 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a $0.625 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.50 dividend on an annualized basis and a yield of 5.31%. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is currently 16.37%.

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.