Massachusetts Financial Services Co. MA Sells 644,715 Shares of Teck Resources Ltd $TECK

Massachusetts Financial Services Co. MA lessened its stake in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 34.4% in the fourth quarter, HoldingsChannel reports. The firm owned 1,229,686 shares of the basic materials company’s stock after selling 644,715 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Teck Resources were worth $58,890,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. increased its holdings in Teck Resources by 36.1% in the third quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company’s stock valued at $740,604,000 after purchasing an additional 4,474,637 shares during the last quarter. Alps Advisors Inc. increased its holdings in Teck Resources by 37.3% in the third quarter. Alps Advisors Inc. now owns 166,334 shares of the basic materials company’s stock valued at $7,300,000 after purchasing an additional 45,194 shares during the last quarter. Regal Partners Ltd increased its holdings in Teck Resources by 14.8% in the third quarter. Regal Partners Ltd now owns 3,481,836 shares of the basic materials company’s stock valued at $152,818,000 after purchasing an additional 448,081 shares during the last quarter. 44 Wealth Management LLC increased its holdings in Teck Resources by 250.8% in the third quarter. 44 Wealth Management LLC now owns 31,077 shares of the basic materials company’s stock valued at $1,364,000 after purchasing an additional 22,219 shares during the last quarter. Finally, Canoe Financial LP increased its holdings in Teck Resources by 38.9% in the third quarter. Canoe Financial LP now owns 3,348,736 shares of the basic materials company’s stock valued at $146,870,000 after purchasing an additional 938,702 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Up 2.6%

Shares of Teck Resources stock opened at $58.87 on Wednesday. Teck Resources Ltd has a 1 year low of $30.98 and a 1 year high of $62.41. The business has a 50-day moving average of $54.33 and a two-hundred day moving average of $48.71. The company has a market capitalization of $28.37 billion, a P/E ratio of 29.14, a price-to-earnings-growth ratio of 2.91 and a beta of 0.85. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.54 and a quick ratio of 1.91.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced 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. Teck Resources had a return on equity of 5.90% and a net margin of 12.98%.The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.28 billion. During the same period in the prior year, the company earned $0.45 earnings per share. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, equities analysts predict that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were issued a dividend of $0.125 per share. The ex-dividend date was Friday, March 13th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 0.8%. Teck Resources’s dividend payout ratio (DPR) is presently 18.32%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on TECK. Weiss Ratings reiterated a “hold (c)” rating on shares of Teck Resources in a report on Wednesday, January 21st. Benchmark increased their price target on Teck Resources from $48.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, February 23rd. Veritas upgraded Teck Resources from a “strong sell” rating to a “strong-buy” rating in a report on Thursday, January 15th. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a report on Tuesday. Finally, Raymond James Financial downgraded Teck Resources from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 14th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $57.00.

Teck Resources Company Profile

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.