Swedbank AB Trims Stake in Teck Resources Ltd $TECK

Swedbank AB lessened its stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 41.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,911,512 shares of the basic materials company’s stock after selling 1,331,488 shares during the quarter. Swedbank AB owned about 0.40% of Teck Resources worth $98,921,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in TECK. Vanguard Group Inc. boosted its stake in shares of Teck Resources by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 20,185,694 shares of the basic materials company’s stock valued at $966,370,000 after acquiring an additional 278,481 shares during the last quarter. Principal Financial Group Inc. raised its stake in Teck Resources by 11.6% in the 4th quarter. Principal Financial Group Inc. now owns 18,832,299 shares of the basic materials company’s stock valued at $902,769,000 after purchasing an additional 1,953,070 shares during the last quarter. Davis Selected Advisers raised its stake in Teck Resources by 9.0% in the 4th quarter. Davis Selected Advisers now owns 12,019,609 shares of the basic materials company’s stock valued at $575,620,000 after purchasing an additional 995,947 shares during the last quarter. Hancock Prospecting Pty Ltd lifted its holdings in Teck Resources by 31.7% in the 4th quarter. Hancock Prospecting Pty Ltd now owns 10,298,293 shares of the basic materials company’s stock valued at $493,185,000 after purchasing an additional 2,477,344 shares in the last quarter. Finally, Norges Bank purchased a new position in Teck Resources in the 4th quarter valued at about $404,880,000. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Stock Down 5.1%

Shares of TECK opened at $58.35 on Wednesday. Teck Resources Ltd has a fifty-two week low of $30.98 and a fifty-two week high of $71.25. The company’s fifty day moving average is $62.49 and its two-hundred day moving average is $56.56. The firm has a market cap of $28.17 billion, a PE ratio of 21.37, a price-to-earnings-growth ratio of 3.63 and a beta of 0.92. The company has a quick ratio of 2.16, a current ratio of 2.83 and a debt-to-equity ratio of 0.13.

Teck Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Monday, June 15th. Teck Resources’s dividend payout ratio (DPR) is 13.19%.

Analysts Set New Price Targets

TECK has been the subject of a number of analyst reports. Scotiabank reissued a “sector perform” rating on shares of Teck Resources in a research report on Monday, June 15th. TD Securities restated a “hold” rating on shares of Teck Resources in a research report on Friday, April 24th. Veritas cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday, June 4th. JPMorgan Chase & Co. boosted their price target on Teck Resources from $45.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Finally, Wall Street Zen upgraded Teck Resources to a “buy” rating in a report on Saturday, May 16th. Five research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to MarketBeat.com, Teck Resources presently has an average rating of “Hold” and a consensus target price of $60.17.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.