Connor Clark & Lunn Investment Management Ltd. Cuts Stake in Teck Resources Limited (NYSE:TECK)

Connor Clark & Lunn Investment Management Ltd. trimmed its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 68.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 980,794 shares of the basic materials company’s stock after selling 2,108,524 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.19% of Teck Resources worth $51,222,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of TECK. Vanguard Group Inc. increased its holdings in shares of Teck Resources by 1.8% during the 1st 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 during the last quarter. Janus Henderson Group PLC increased its stake in Teck Resources by 2.4% during the first quarter. Janus Henderson Group PLC now owns 8,604,605 shares of the basic materials company’s stock worth $394,178,000 after acquiring an additional 203,607 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Teck Resources by 21.7% in the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock worth $388,507,000 after purchasing an additional 1,326,241 shares during the period. CIBC Asset Management Inc lifted its stake in shares of Teck Resources by 2.6% in the 3rd quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock valued at $341,337,000 after purchasing an additional 165,759 shares in the last quarter. Finally, Mackenzie Financial Corp grew its holdings in shares of Teck Resources by 10.3% during the 2nd quarter. Mackenzie Financial Corp now owns 5,855,836 shares of the basic materials company’s stock worth $280,655,000 after purchasing an additional 546,801 shares during the period. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Stock Performance

Teck Resources stock opened at $47.14 on Wednesday. Teck Resources Limited has a 52 week low of $35.25 and a 52 week high of $55.13. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The stock has a market cap of $23.71 billion, a P/E ratio of 71.42 and a beta of 1.04. The stock has a 50 day moving average of $48.83 and a 200-day moving average of $48.63.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. The firm had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.09 billion. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The firm’s revenue was down 20.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 EPS. On average, analysts expect that Teck Resources Limited will post 1.84 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.0895 dividend. This represents a $0.36 annualized dividend and a yield of 0.76%. The ex-dividend date is Friday, December 13th. Teck Resources’s dividend payout ratio is currently 56.06%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on TECK shares. UBS Group lowered shares of Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Scotiabank raised their target price on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft lowered shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a report on Friday, October 25th. JPMorgan Chase & Co. reduced their price objective on Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Friday, October 25th. Finally, Citigroup upgraded Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. Five investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $65.29.

Teck Resources Company 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.