Cidel Asset Management Inc. reduced its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 25.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 656,626 shares of the basic materials company’s stock after selling 219,429 shares during the quarter. Cidel Asset Management Inc.’s holdings in Teck Resources were worth $15,197,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in TECK. Quadrant Capital Group LLC increased its position in Teck Resources by 130.8% during the fourth quarter. Quadrant Capital Group LLC now owns 5,457 shares of the basic materials company’s stock valued at $113,000 after acquiring an additional 3,093 shares during the last quarter. We Are One Seven LLC purchased a new stake in Teck Resources during the fourth quarter valued at $131,000. Cerebellum GP LLC purchased a new stake in Teck Resources during the fourth quarter valued at $145,000. Acadian Asset Management LLC increased its position in Teck Resources by 2,300.0% during the fourth quarter. Acadian Asset Management LLC now owns 7,200 shares of the basic materials company’s stock valued at $155,000 after acquiring an additional 6,900 shares during the last quarter. Finally, Exane Derivatives purchased a new stake in Teck Resources during the fourth quarter valued at $187,000. 57.10% of the stock is currently owned by hedge funds and other institutional investors.
Shares of TECK opened at $20.87 on Tuesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.95 and a quick ratio of 2.06. The stock has a market capitalization of $11.64 billion, a price-to-earnings ratio of 6.65 and a beta of 1.25. Teck Resources Ltd has a 52 week low of $18.17 and a 52 week high of $30.11.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a $0.037 dividend. This represents a $0.15 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date is Thursday, June 13th. Teck Resources’s payout ratio is 4.78%.
TECK has been the subject of a number of research reports. MKM Partners initiated coverage on Teck Resources in a research report on Friday, January 18th. They set a “buy” rating and a $28.00 price objective for the company. Goldman Sachs Group upgraded Teck Resources from a “neutral” rating to a “buy” rating and set a $29.00 price objective for the company in a research report on Monday, January 14th. Clarkson Capital cut Teck Resources from a “buy” rating to a “neutral” rating in a research report on Wednesday, January 16th. Raymond James reiterated a “buy” rating on shares of Teck Resources in a research report on Friday, January 18th. Finally, Barclays cut Teck Resources to a “positive” rating in a research report on Tuesday, April 9th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and fourteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $29.29.
About Teck Resources
Teck Resources Limited researches, explores for, develops, and produces natural resources in the Asia Pacific, the Americas, and Europe. It operates through five segments: Steelmaking, Coal, Copper, Zinc, Energy, and Corporate. The company's principal products include steelmaking coal; copper concentrates and refined copper cathodes; refined zinc and zinc concentrates; energy products, such as bitumen; and lead concentrates.
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