Pictet Asset Management Holding SA Trims Stake in Teck Resources Ltd $TECK

Pictet Asset Management Holding SA lessened its stake in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 12.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 199,738 shares of the basic materials company’s stock after selling 27,614 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Teck Resources were worth $10,319,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Welch Group LLC lifted its position in shares of Teck Resources by 3.5% in 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. Compound Planning Inc. increased its position in Teck Resources by 1.0% during the 4th quarter. Compound Planning Inc. now owns 32,266 shares of the basic materials company’s stock worth $1,545,000 after purchasing an additional 333 shares in the last quarter. 44 Wealth Management LLC increased its position in Teck Resources by 1.3% during the 4th quarter. 44 Wealth Management LLC now owns 31,488 shares of the basic materials company’s stock worth $1,508,000 after purchasing an additional 411 shares in the last quarter. NewEdge Advisors LLC raised its stake in Teck Resources by 5.5% in the 3rd quarter. NewEdge Advisors LLC now owns 8,635 shares of the basic materials company’s stock valued at $379,000 after purchasing an additional 452 shares during the last quarter. Finally, Blue Trust Inc. raised its stake in Teck Resources by 411.8% in the 1st quarter. Blue Trust Inc. now owns 563 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 453 shares during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Analyst Upgrades and Downgrades

TECK has been the topic of several analyst reports. JPMorgan Chase & Co. raised their price target on shares of Teck Resources from $45.00 to $48.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. Zacks Research downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 22nd. Veritas lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 4th. Scotiabank reaffirmed a “sector perform” rating on shares of Teck Resources in a research note on Monday, June 15th. Finally, Wall Street Zen upgraded Teck Resources to a “buy” rating in a report on Saturday, May 16th. Five investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $60.17.

Teck Resources Stock Down 0.1%

Shares of TECK opened at $59.96 on Friday. Teck Resources Ltd has a fifty-two week low of $30.98 and a fifty-two week high of $71.25. The company’s fifty day moving average is $62.51 and its two-hundred day moving average is $56.23. The firm has a market cap of $28.94 billion, a PE ratio of 21.96, a price-to-earnings-growth ratio of 3.56 and a beta of 0.92. The company has a quick ratio of 2.16, a current ratio of 2.83 and a debt-to-equity ratio of 0.13.

Teck Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Monday, June 15th. Teck Resources’s payout ratio is 13.19%.

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.