Teck Resources Ltd $TECK Shares Sold by PCJ Investment Counsel Ltd.

PCJ Investment Counsel Ltd. lessened its stake in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 31.2% in the 3rd quarter, Holdings Channel.com reports. The firm owned 36,630 shares of the basic materials company’s stock after selling 16,630 shares during the period. PCJ Investment Counsel Ltd.’s holdings in Teck Resources were worth $1,606,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its position in shares of Teck Resources by 10.7% during the 3rd quarter. Franklin Resources Inc. now owns 408,055 shares of the basic materials company’s stock valued at $17,903,000 after acquiring an additional 39,470 shares during the last quarter. Magnetar Financial LLC increased its position in Teck Resources by 756.2% during the third quarter. Magnetar Financial LLC now owns 831,314 shares of the basic materials company’s stock worth $36,486,000 after purchasing an additional 734,221 shares during the last quarter. Van ECK Associates Corp raised its stake in Teck Resources by 0.6% during the third quarter. Van ECK Associates Corp now owns 756,983 shares of the basic materials company’s stock worth $33,215,000 after purchasing an additional 4,170 shares during the period. BW Gestao de Investimentos Ltda. acquired a new position in Teck Resources in the 3rd quarter valued at about $14,203,000. Finally, Banque Cantonale Vaudoise boosted its holdings in Teck Resources by 5,102.0% in the 3rd quarter. Banque Cantonale Vaudoise now owns 2,549 shares of the basic materials company’s stock valued at $112,000 after purchasing an additional 2,500 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Stock Performance

NYSE TECK opened at $52.44 on Wednesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.54 and a quick ratio of 1.91. The company has a market cap of $25.24 billion, a P/E ratio of 25.96, a P/E/G ratio of 3.11 and a beta of 0.77. The stock has a 50-day moving average of $54.60 and a two-hundred day moving average of $46.22. Teck Resources Ltd has a 1-year low of $28.32 and a 1-year high of $62.41.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its quarterly earnings results on Thursday, February 19th. The basic materials company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.39. The business had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.28 billion. Teck Resources had a net margin of 12.98% and a return on equity of 5.90%. The business’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 earnings per share. As a group, analysts anticipate that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Friday, March 13th. Teck Resources’s dividend payout ratio (DPR) is currently 17.82%.

Wall Street Analyst Weigh In

TECK has been the topic of several analyst reports. Scotiabank reaffirmed a “sector perform” rating on shares of Teck Resources in a research report on Tuesday, February 24th. Truist Financial set a $67.00 target price on Teck Resources in a research report on Monday, February 23rd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $46.00 price target on shares of Teck Resources in a report on Wednesday, November 26th. Citigroup upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating in a report on Monday, February 2nd. Finally, TD Securities reaffirmed a “hold” rating on shares of Teck Resources in a research note on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $57.00.

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.