Dodge & Cox Sells 725,902 Shares of Teck Resources Limited (NYSE:TECK)

Dodge & Cox reduced its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 7.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 8,558,940 shares of the basic materials company’s stock after selling 725,902 shares during the quarter. Dodge & Cox’s holdings in Teck Resources were worth $346,894,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in TECK. Norges Bank acquired a new position in Teck Resources in the 4th quarter valued at approximately $470,101,000. Swedbank AB acquired a new stake in Teck Resources in the fourth quarter valued at $103,878,000. Arrowstreet Capital Limited Partnership bought a new position in Teck Resources during the 4th quarter worth $65,197,000. AMF Tjanstepension AB raised its position in Teck Resources by 32.2% during the 4th quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company’s stock worth $244,252,000 after purchasing an additional 1,467,516 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Teck Resources by 21.7% during the 3rd quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock worth $388,507,000 after buying an additional 1,326,241 shares during the period. Institutional investors and hedge funds own 78.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on TECK shares. National Bankshares restated a “sector perform” rating on shares of Teck Resources in a research report on Wednesday, April 2nd. Bank of America boosted their price target on shares of Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Desjardins assumed coverage on shares of Teck Resources in a report on Friday, April 4th. They issued a “buy” rating on the stock. JPMorgan Chase & Co. decreased their price target on Teck Resources from $50.00 to $41.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Finally, Raymond James cut their target price on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. Seven equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $64.11.

Teck Resources Stock Up 0.5 %

Shares of NYSE:TECK opened at $33.76 on Tuesday. The business’s 50 day moving average is $39.18 and its 200 day moving average is $43.22. Teck Resources Limited has a 12-month low of $28.32 and a 12-month high of $55.13. The stock has a market cap of $16.71 billion, a price-to-earnings ratio of 61.38 and a beta of 0.81. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its earnings results on Thursday, February 20th. The basic materials company reported $0.33 EPS for the quarter, beating 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 company had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $2.58 billion. On average, sell-side analysts forecast that Teck Resources Limited will post 1.53 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.0879 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.35 annualized dividend and a dividend yield of 1.04%. Teck Resources’s dividend payout ratio is currently 61.82%.

Teck Resources Company 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.