Louisbourg Investments Inc. Reduces Holdings in Teck Resources Ltd $TECK

Louisbourg Investments Inc. trimmed its position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 7.5% in the 2nd quarter, Holdings Channel reports. The firm owned 98,173 shares of the basic materials company’s stock after selling 7,951 shares during the period. Louisbourg Investments Inc.’s holdings in Teck Resources were worth $3,963,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in TECK. Principal Financial Group Inc. increased its position in shares of Teck Resources by 56.9% during the first quarter. Principal Financial Group Inc. now owns 11,530,742 shares of the basic materials company’s stock worth $419,970,000 after purchasing an additional 4,180,623 shares in the last quarter. Canoe Financial LP purchased a new stake in Teck Resources in the 2nd quarter valued at $97,536,000. Temasek Holdings Private Ltd grew its holdings in Teck Resources by 125.8% in the 1st quarter. Temasek Holdings Private Ltd now owns 2,479,555 shares of the basic materials company’s stock valued at $90,330,000 after buying an additional 1,381,355 shares in the last quarter. Carrhae Capital LLP purchased a new stake in Teck Resources in the 1st quarter valued at $46,478,000. Finally, Ninety One UK Ltd grew its holdings in Teck Resources by 436.6% in the 2nd quarter. Ninety One UK Ltd now owns 1,480,334 shares of the basic materials company’s stock valued at $59,768,000 after buying an additional 1,204,440 shares in the last quarter. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Price Performance

TECK opened at $41.90 on Friday. The stock’s 50-day moving average price is $37.04 and its 200 day moving average price is $36.62. Teck Resources Ltd has a 12-month low of $28.32 and a 12-month high of $51.58. The company has a current ratio of 3.47, a quick ratio of 2.45 and a debt-to-equity ratio of 0.15. The firm has a market cap of $20.13 billion, a price-to-earnings ratio of 110.28, a PEG ratio of 0.56 and a beta of 0.92.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.07. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The firm had revenue of $1.49 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same quarter in the prior year, the company earned $0.79 EPS. Teck Resources’s revenue was up 12.3% on a year-over-year basis. As a group, sell-side analysts expect that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were paid a dividend of $0.0918 per share. This represents a $0.37 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Monday, September 15th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s dividend payout ratio is currently 94.74%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Stifel Canada upgraded Teck Resources to a “hold” rating in a report on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft upgraded Teck Resources from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a report on Monday, September 8th. Raymond James Financial restated an “outperform” rating on shares of Teck Resources in a report on Friday. JPMorgan Chase & Co. increased their price target on Teck Resources from $41.00 to $43.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, CIBC cut Teck Resources from a “sector outperform” rating to a “neutral” rating in a report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $54.00.

Teck Resources Profile

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. The company operates through Steelmaking Coal, Copper, Zinc, and Energy segments. Its principal products include copper, zinc, steelmaking coal, and blended bitumen.