Ninety One SA Pty Ltd Reduces Stock Holdings in Teck Resources Ltd $TECK

Ninety One SA Pty Ltd reduced its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 55.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 144,433 shares of the basic materials company’s stock after selling 176,988 shares during the quarter. Ninety One SA Pty Ltd’s holdings in Teck Resources were worth $6,917,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Welch Group LLC increased its holdings in shares of Teck Resources by 3.5% during the fourth quarter. Welch Group LLC now owns 5,899 shares of the basic materials company’s stock valued at $283,000 after acquiring an additional 199 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in Teck Resources by 75.4% in the 4th quarter. Farther Finance Advisors LLC now owns 6,419 shares of the basic materials company’s stock worth $307,000 after purchasing an additional 2,760 shares in the last quarter. Assetmark Inc. grew its position in Teck Resources by 2.8% during the 4th quarter. Assetmark Inc. now owns 70,918 shares of the basic materials company’s stock worth $3,396,000 after purchasing an additional 1,932 shares during the last quarter. U.S. Capital Wealth Advisors LLC grew its position in Teck Resources by 4.1% during the 4th quarter. U.S. Capital Wealth Advisors LLC now owns 12,830 shares of the basic materials company’s stock worth $614,000 after purchasing an additional 509 shares during the last quarter. Finally, Douglas Lane & Associates LLC increased its stake in Teck Resources by 1.4% during the 4th quarter. Douglas Lane & Associates LLC now owns 1,165,917 shares of the basic materials company’s stock valued at $55,836,000 after purchasing an additional 15,841 shares in the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Raymond James Financial cut shares of Teck Resources from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 14th. Veritas raised shares of Teck Resources from a “strong sell” rating to a “strong-buy” rating in a report on Thursday, January 15th. Truist Financial set a $67.00 target price on Teck Resources in a research report on Monday, February 23rd. Zacks Research upgraded Teck Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 23rd. Finally, Citigroup raised Teck Resources from a “neutral” rating to a “buy” rating in a research report on Monday, February 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat, Teck Resources presently has an average rating of “Hold” and a consensus price target of $59.67.

Teck Resources Stock Performance

TECK opened at $59.31 on Friday. The company has a current ratio of 2.54, a quick ratio of 1.91 and a debt-to-equity ratio of 0.13. Teck Resources Ltd has a 12-month low of $30.98 and a 12-month high of $62.41. The firm has a 50 day moving average of $54.55 and a two-hundred day moving average of $48.95. The firm has a market capitalization of $28.59 billion, a PE ratio of 29.36, a P/E/G ratio of 2.93 and a beta of 0.85.

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

Teck Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Friday, March 13th. Teck Resources’s dividend payout ratio is presently 18.32%.

Teck Resources 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.