Synergy Asset Management LLC decreased its position in Teck Resources Limited (NYSE:TECK – Get Rating) (TSE:TECK) by 39.6% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 8,414 shares of the basic materials company’s stock after selling 5,522 shares during the period. Synergy Asset Management LLC’s holdings in Teck Resources were worth $243,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. bought a new stake in Teck Resources in the third quarter valued at $237,000. Rockefeller Capital Management L.P. boosted its holdings in Teck Resources by 126.0% in the third quarter. Rockefeller Capital Management L.P. now owns 109,834 shares of the basic materials company’s stock valued at $2,735,000 after acquiring an additional 61,239 shares in the last quarter. Candriam Luxembourg S.C.A. boosted its holdings in shares of Teck Resources by 10.2% during the 3rd quarter. Candriam Luxembourg S.C.A. now owns 36,672 shares of the basic materials company’s stock valued at $913,000 after buying an additional 3,400 shares in the last quarter. Banque Pictet & Cie SA bought a new stake in shares of Teck Resources during the 4th quarter valued at $2,532,000. Finally, Toronto Dominion Bank boosted its holdings in shares of Teck Resources by 6.6% during the 4th quarter. Toronto Dominion Bank now owns 1,767,429 shares of the basic materials company’s stock valued at $50,901,000 after buying an additional 110,094 shares in the last quarter. Institutional investors and hedge funds own 54.12% of the company’s stock.
A number of brokerages have recently commented on TECK. Morgan Stanley boosted their target price on shares of Teck Resources from $33.00 to $47.00 and gave the company an “overweight” rating in a report on Wednesday, March 23rd. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Teck Resources from $40.00 to $50.00 in a report on Thursday, March 10th. Canaccord Genuity Group cut shares of Teck Resources from a “buy” rating to a “hold” rating and boosted their target price for the company from C$52.00 to C$54.00 in a report on Tuesday. StockNews.com initiated coverage on shares of Teck Resources in a report on Thursday, March 31st. They set a “buy” rating on the stock. Finally, Canaccord Genuity Group lowered Teck Resources from a “buy” rating to a “hold” rating in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $49.82.
Teck Resources (NYSE:TECK – Get Rating) (TSE:TECK) last released its quarterly earnings results on Thursday, February 24th. The basic materials company reported $2.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.04 by ($0.02). Teck Resources had a net margin of 21.23% and a return on equity of 13.80%. The business had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.54 billion. During the same period in the previous year, the company earned $0.35 EPS. Teck Resources’s revenue for the quarter was up 72.1% compared to the same quarter last year. Analysts predict that Teck Resources Limited will post 7.2 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 31st. Stockholders of record on Tuesday, March 15th were given a dividend of $0.0981 per share. The ex-dividend date of this dividend was Monday, March 14th. This represents a $0.39 annualized dividend and a dividend yield of 0.91%. This is a positive change from Teck Resources’s previous quarterly dividend of $0.04. Teck Resources’s dividend payout ratio is presently 9.26%.
Teck Resources Company Profile (Get Rating)
Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, Energy, and Corporate segments. The company's principal products include steelmaking coal; copper, gold, blended bitumen, lead, silver, molybdenum, zinc, and zinc concentrates; chemicals, fertilizers, and other metals.
- Get a free copy of the StockNews.com research report on Teck Resources (TECK)
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