Legal & General Group Plc Sells 1,030,543 Shares of Teck Resources Limited (NYSE:TECK)

Legal & General Group Plc decreased its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 26.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,884,654 shares of the basic materials company’s stock after selling 1,030,543 shares during the period. Legal & General Group Plc’s holdings in Teck Resources were worth $116,895,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Synergy Asset Management LLC raised its stake in shares of Teck Resources by 77.7% during the fourth quarter. Synergy Asset Management LLC now owns 16,892 shares of the basic materials company’s stock valued at $685,000 after acquiring an additional 7,387 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in Teck Resources during the 3rd quarter valued at $1,937,000. FNY Investment Advisers LLC lifted its holdings in shares of Teck Resources by 709.5% in the 4th quarter. FNY Investment Advisers LLC now owns 17,000 shares of the basic materials company’s stock worth $689,000 after buying an additional 14,900 shares during the period. Toronto Dominion Bank grew its position in shares of Teck Resources by 40.1% during the 3rd quarter. Toronto Dominion Bank now owns 903,132 shares of the basic materials company’s stock worth $47,180,000 after buying an additional 258,455 shares in the last quarter. Finally, Douglas Lane & Associates LLC increased its stake in shares of Teck Resources by 10.6% during the fourth quarter. Douglas Lane & Associates LLC now owns 950,612 shares of the basic materials company’s stock valued at $38,528,000 after buying an additional 91,370 shares during the period. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Price Performance

Shares of TECK stock opened at $31.55 on Friday. Teck Resources Limited has a fifty-two week low of $28.32 and a fifty-two week high of $55.13. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The firm has a market capitalization of $15.61 billion, a price-to-earnings ratio of 57.36 and a beta of 0.81. The stock’s 50-day simple moving average is $39.52 and its 200-day simple moving average is $43.53.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share 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 company had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2.58 billion. As a group, equities 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. Investors of record on Friday, March 14th were given a $0.0879 dividend. This represents a $0.35 annualized dividend and a dividend yield of 1.11%. The ex-dividend date was Friday, March 14th. Teck Resources’s payout ratio is 61.82%.

Analyst Upgrades and Downgrades

TECK has been the subject of a number of research reports. Raymond James lowered their price objective on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. dropped their price objective on shares of Teck Resources from $50.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday. National Bankshares reissued a “sector perform” rating on shares of Teck Resources in a report on Wednesday, April 2nd. Desjardins started coverage on Teck Resources in a report on Friday, April 4th. They set a “buy” rating for the company. Finally, Bank of America lifted their price target on Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, March 10th. Seven 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. Based on data from MarketBeat, Teck Resources has an average rating of “Moderate Buy” and an average price target of $64.11.

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.