Legal & General Group Plc trimmed its holdings in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 3.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,375,661 shares of the basic materials company’s stock after selling 87,397 shares during the quarter. Legal & General Group Plc owned approximately 0.42% of Teck Resources worth $49,903,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of Nova Scotia purchased a new stake in shares of Teck Resources in the second quarter worth approximately $27,111,000. American Century Companies Inc. purchased a new stake in shares of Teck Resources in the second quarter worth approximately $6,823,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Teck Resources in the second quarter worth approximately $73,078,000. Shell Asset Management Co. raised its holdings in shares of Teck Resources by 175.3% in the third quarter. Shell Asset Management Co. now owns 152,720 shares of the basic materials company’s stock worth $3,239,000 after buying an additional 97,242 shares during the period. Finally, Prudential PLC purchased a new stake in shares of Teck Resources in the second quarter worth approximately $4,909,000. Hedge funds and other institutional investors own 54.26% of the company’s stock.
Several research analysts have commented on TECK shares. CIBC started coverage on Teck Resources in a report on Friday, November 17th. They set a “sector outperform” rating on the stock. Zacks Investment Research upgraded Teck Resources from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Thursday, November 9th. BidaskClub upgraded Teck Resources from a “buy” rating to a “strong-buy” rating in a report on Friday, October 13th. MKM Partners restated a “buy” rating and set a $28.00 price objective (up from $25.00) on shares of Teck Resources in a report on Thursday, August 24th. Finally, ValuEngine upgraded Teck Resources from a “buy” rating to a “strong-buy” rating in a report on Thursday, October 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and nineteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $30.65.
Shares of Teck Resources Ltd (TECK) traded down $0.06 during trading hours on Thursday, hitting $22.79. The stock had a trading volume of 4,539,300 shares, compared to its average volume of 5,040,574. Teck Resources Ltd has a twelve month low of $14.56 and a twelve month high of $33.76. The stock has a market cap of $13,035.92, a P/E ratio of 6.21, a PEG ratio of 0.83 and a beta of 1.31. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.17 and a quick ratio of 1.42.
The business also recently declared a special dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be issued a $0.3141 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a dividend yield of 0.72%. Teck Resources’s dividend payout ratio is presently 2.53%.
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Teck Resources Profile
Teck Resources Ltd is engaged in the business of exploring for, acquiring, developing and producing natural resources. The Company’s activities are organized into business units that are focused on steelmaking coal, copper, zinc and energy. It operates in five segments: steelmaking coal, copper, zinc, energy and corporate.
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