Scheer Rowlett & Associates Investment Management Ltd. Sells 174,209 Shares of Teck Resources Limited (NYSE:TECK)

Scheer Rowlett & Associates Investment Management Ltd. lowered its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 50.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 171,333 shares of the basic materials company’s stock after selling 174,209 shares during the quarter. Scheer Rowlett & Associates Investment Management Ltd.’s holdings in Teck Resources were worth $8,948,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in 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 valued at $765,493,000 after purchasing an additional 290,034 shares during the last quarter. Janus Henderson Group PLC lifted its holdings 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 valued at $394,178,000 after purchasing an additional 203,607 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Teck Resources by 21.7% during the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after purchasing an additional 1,326,241 shares during the last quarter. CIBC Asset Management Inc lifted its holdings in Teck Resources by 2.6% during the third 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 during the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in Teck Resources by 10.3% during the second quarter. Mackenzie Financial Corp now owns 5,855,836 shares of the basic materials company’s stock valued at $280,655,000 after purchasing an additional 546,801 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, October 25th. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Citigroup raised shares of Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Deutsche Bank Aktiengesellschaft downgraded shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a report on Friday, October 25th. Finally, Scotiabank increased their price target on shares of Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a report on Tuesday, October 8th. Five equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.29.

Teck Resources Price Performance

NYSE TECK remained flat at $47.13 on Wednesday. 760,847 shares of the company’s stock were exchanged, compared to its average volume of 3,389,418. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. Teck Resources Limited has a twelve month low of $35.25 and a twelve month high of $55.13. The firm has a market cap of $23.71 billion, a PE ratio of 71.42 and a beta of 1.04. The stock has a 50 day moving average price of $48.83 and a 200-day moving average price of $48.63.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The firm had revenue of $2.86 billion for the quarter, compared to analysts’ expectations of $2.09 billion. During the same quarter last year, the business earned $0.57 earnings per share. The business’s revenue was down 20.6% on a year-over-year basis. As a group, analysts anticipate that Teck Resources Limited will post 1.84 EPS for the current year.

Teck Resources Cuts Dividend

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

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.