Clearbridge Investments LLC Sells 132,624 Shares of Teck Resources Limited (NYSE:TECK)

Clearbridge Investments LLC lessened its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 5.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,238,569 shares of the basic materials company’s stock after selling 132,624 shares during the quarter. Clearbridge Investments LLC owned about 0.45% of Teck Resources worth $90,729,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in shares of Teck Resources by 21.7% during the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after buying an additional 1,326,241 shares during the last quarter. Cerity Partners LLC grew its stake in Teck Resources by 374.7% during the third quarter. Cerity Partners LLC now owns 39,625 shares of the basic materials company’s stock valued at $2,070,000 after acquiring an additional 31,278 shares in the last quarter. FMR LLC increased its holdings in Teck Resources by 72.8% in the 3rd quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock valued at $189,848,000 after acquiring an additional 1,531,563 shares during the last quarter. D.A. Davidson & CO. lifted its stake in Teck Resources by 85.0% in the 3rd quarter. D.A. Davidson & CO. now owns 17,031 shares of the basic materials company’s stock worth $890,000 after purchasing an additional 7,826 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in Teck Resources by 194.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 141,593 shares of the basic materials company’s stock worth $7,397,000 after purchasing an additional 93,459 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.

Teck Resources Price Performance

Teck Resources stock opened at $36.41 on Tuesday. Teck Resources Limited has a 12-month low of $35.14 and a 12-month high of $55.13. 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 has a 50-day moving average price of $41.42 and a 200-day moving average price of $44.57. The firm has a market capitalization of $18.02 billion, a PE ratio of 66.20 and a beta of 0.93.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data 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. The business had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $2.58 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. As a group, equities research analysts forecast that Teck Resources Limited will post 1.53 EPS for the current year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $0.0879 dividend. This represents a $0.35 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend was Friday, March 14th. Teck Resources’s dividend payout ratio (DPR) is presently 61.82%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TECK. Raymond James reduced their target price on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. JPMorgan Chase & Co. reduced their price objective on Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. Bank of America increased their target price on Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Finally, National Bank Financial cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $65.22.

Teck Resources 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.