Drummond Knight Asset Management Pty Ltd Sells 231,772 Shares of Teck Resources Ltd $TECK

Drummond Knight Asset Management Pty Ltd trimmed its stake in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 48.8% in the first quarter, Holdings Channel reports. The firm owned 243,228 shares of the basic materials company’s stock after selling 231,772 shares during the quarter. Teck Resources comprises approximately 4.4% of Drummond Knight Asset Management Pty Ltd’s investment portfolio, making the stock its 11th biggest position. Drummond Knight Asset Management Pty Ltd’s holdings in Teck Resources were worth $8,861,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of TECK. Northern Trust Corp grew its stake in Teck Resources by 55.9% in the fourth quarter. Northern Trust Corp now owns 391,370 shares of the basic materials company’s stock valued at $15,862,000 after purchasing an additional 140,404 shares in the last quarter. Cetera Investment Advisers grew its stake in Teck Resources by 20.6% in the fourth quarter. Cetera Investment Advisers now owns 57,793 shares of the basic materials company’s stock valued at $2,342,000 after purchasing an additional 9,887 shares in the last quarter. Gotham Asset Management LLC boosted its stake in shares of Teck Resources by 656.1% during the 4th quarter. Gotham Asset Management LLC now owns 100,696 shares of the basic materials company’s stock worth $4,081,000 after acquiring an additional 87,379 shares during the period. Nuveen Asset Management LLC boosted its stake in shares of Teck Resources by 16.1% during the 4th quarter. Nuveen Asset Management LLC now owns 1,449,731 shares of the basic materials company’s stock worth $58,748,000 after acquiring an additional 201,097 shares during the period. Finally, Man Group plc boosted its stake in shares of Teck Resources by 41.5% during the 4th quarter. Man Group plc now owns 143,162 shares of the basic materials company’s stock worth $5,802,000 after acquiring an additional 41,996 shares during the period. 78.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on TECK shares. Stifel Canada upgraded Teck Resources to a “hold” rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $41.00 target price (down from $46.00) on shares of Teck Resources in a research note on Friday, July 25th. Scotiabank reiterated an “outperform” rating on shares of Teck Resources in a research note on Wednesday. UBS Group upgraded Teck Resources from a “neutral” rating to a “buy” rating in a research note on Wednesday, September 3rd. Finally, B. Riley downgraded Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $56.88.

Teck Resources Stock Performance

TECK opened at $41.69 on Friday. The business has a fifty day simple moving average of $34.99 and a 200 day simple moving average of $36.51. The company has a market capitalization of $20.03 billion, a PE ratio of 109.71, a price-to-earnings-growth ratio of 0.60 and a beta of 0.78. Teck Resources Ltd has a 1 year low of $28.32 and a 1 year high of $54.13. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.47 and a quick ratio of 2.45.

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

Teck Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be paid a $0.0918 dividend. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date is Monday, September 15th. This represents a $0.37 annualized dividend and a yield of 0.9%. Teck Resources’s dividend payout ratio is presently 94.74%.

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.