Massachusetts Financial Services Co. MA Sells 104,880 Shares of Teck Resources Limited (NYSE:TECK)

Massachusetts Financial Services Co. MA lessened its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 8.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,087,416 shares of the basic materials company’s stock after selling 104,880 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.22% of Teck Resources worth $44,073,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its stake in shares of Teck Resources by 21.7% in 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 in the last quarter. Polar Asset Management Partners Inc. acquired a new stake in shares of Teck Resources in the 3rd quarter worth about $825,000. Quantinno Capital Management LP lifted its position in Teck Resources by 47.2% in the 3rd quarter. Quantinno Capital Management LP now owns 15,634 shares of the basic materials company’s stock valued at $817,000 after acquiring an additional 5,011 shares in the last quarter. Stifel Financial Corp boosted its stake in Teck Resources by 9.9% during the 3rd quarter. Stifel Financial Corp now owns 205,325 shares of the basic materials company’s stock valued at $10,726,000 after purchasing an additional 18,433 shares during the last quarter. Finally, State Street Corp bought a new stake in Teck Resources during the 3rd quarter worth approximately $2,500,000. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. cut their target price on Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. National Bank Financial downgraded shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Bank of America increased their target price on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, March 10th. Desjardins began coverage on shares of Teck Resources in a research report on Friday. They issued a “buy” rating for the company. Finally, Raymond James dropped their target price on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.22.

Teck Resources Stock Performance

NYSE:TECK opened at $29.97 on Friday. The business’s fifty day moving average is $40.72 and its 200 day moving average is $44.25. The firm has a market cap of $14.83 billion, a price-to-earnings ratio of 54.48 and a beta of 0.81. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. Teck Resources Limited has a 52-week low of $29.26 and a 52-week high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.07. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The firm had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Research analysts predict that Teck Resources Limited will post 1.53 EPS for the current year.

Teck Resources Cuts Dividend

The business 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 was Friday, March 14th. This represents a $0.35 annualized dividend and a yield of 1.17%. Teck Resources’s payout ratio is presently 61.82%.

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.