44 Wealth Management LLC Has $311,000 Holdings in Teck Resources Limited (NYSE:TECK)

44 Wealth Management LLC lessened its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 19.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 7,665 shares of the basic materials company’s stock after selling 1,907 shares during the quarter. 44 Wealth Management LLC’s holdings in Teck Resources were worth $311,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Allianz Asset Management GmbH boosted its holdings in shares of Teck Resources by 31.1% in the fourth quarter. Allianz Asset Management GmbH now owns 1,513,304 shares of the basic materials company’s stock valued at $61,324,000 after buying an additional 358,927 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of Teck Resources by 2.0% in the fourth quarter. CIBC Asset Management Inc now owns 6,623,228 shares of the basic materials company’s stock valued at $269,956,000 after buying an additional 127,348 shares during the period. Sanctuary Advisors LLC lifted its position in shares of Teck Resources by 1.6% in the fourth quarter. Sanctuary Advisors LLC now owns 31,319 shares of the basic materials company’s stock worth $1,306,000 after purchasing an additional 479 shares in the last quarter. Strategic Advisors LLC lifted its position in shares of Teck Resources by 38.7% in the fourth quarter. Strategic Advisors LLC now owns 39,969 shares of the basic materials company’s stock worth $1,620,000 after purchasing an additional 11,148 shares in the last quarter. Finally, Principal Securities Inc. lifted its position in shares of Teck Resources by 49.9% in the fourth quarter. Principal Securities Inc. now owns 2,858 shares of the basic materials company’s stock worth $116,000 after purchasing an additional 952 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Analysts Set New Price Targets

TECK has been the topic of a number of research reports. National Bank Financial lowered shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. cut their price objective on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. UBS Group lowered shares of Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Finally, Raymond James cut their price objective on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. Six research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $65.38.

Teck Resources Stock Performance

NYSE TECK opened at $41.12 on Friday. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The firm’s fifty day moving average price is $41.95 and its two-hundred day moving average price is $45.72. Teck Resources Limited has a 1 year low of $37.30 and a 1 year high of $55.13. The firm has a market capitalization of $20.51 billion, a P/E ratio of 74.76 and a beta of 1.02.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.07. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.58 billion. As a group, research analysts anticipate that Teck Resources Limited will post 1.53 EPS for the current year.

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.0879 dividend. This represents a $0.35 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend is Friday, March 14th. Teck Resources’s payout ratio is presently 63.64%.

About Teck Resources

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.