Teck Resources Ltd $TECK Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH cut its holdings in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 69.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 453,685 shares of the basic materials company’s stock after selling 1,046,423 shares during the period. Allianz Asset Management GmbH owned 0.09% of Teck Resources worth $18,310,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC lifted its holdings in Teck Resources by 69.2% in the first quarter. Smartleaf Asset Management LLC now owns 856 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 350 shares during the last quarter. Costello Asset Management INC purchased a new stake in Teck Resources in the first quarter valued at approximately $33,000. Banque Cantonale Vaudoise purchased a new stake in Teck Resources in the first quarter valued at approximately $36,000. Golden State Wealth Management LLC raised its position in Teck Resources by 7,560.0% in the first quarter. Golden State Wealth Management LLC now owns 1,149 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 1,134 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Teck Resources in the second quarter valued at approximately $49,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Teck Resources Stock Down 2.1%

Teck Resources stock opened at $43.38 on Monday. Teck Resources Ltd has a twelve month low of $28.32 and a twelve month high of $51.48. The stock’s fifty day simple moving average is $38.15 and its 200-day simple moving average is $36.83. The company has a current ratio of 3.47, a quick ratio of 2.45 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $20.84 billion, a P/E ratio of 114.15, a P/E/G ratio of 0.63 and a beta of 0.92.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, July 24th. The basic materials company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. Teck Resources had a return on equity of 3.91% and a net margin of 2.51%.The business had revenue of $1.49 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same quarter in the prior year, the company earned $0.79 earnings per share. The company’s revenue was up 12.3% on a year-over-year basis. As a group, equities analysts expect that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were paid a dividend of $0.0918 per share. The ex-dividend date was Monday, September 15th. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.37 dividend on an annualized basis and a dividend yield of 0.8%. Teck Resources’s payout ratio is presently 94.74%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TECK. Benchmark cut their target price on Teck Resources from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, July 28th. Raymond James Financial reissued an “outperform” rating on shares of Teck Resources in a research report on Friday, October 10th. Canaccord Genuity Group lowered Teck Resources from a “buy” rating to a “hold” rating in a research report on Wednesday, October 8th. Scotiabank reissued an “outperform” rating on shares of Teck Resources in a research report on Wednesday, September 10th. Finally, JPMorgan Chase & Co. boosted their target price on Teck Resources from $41.00 to $43.00 and gave the company a “neutral” rating in a research report on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $54.00.

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.