Moors & Cabot Inc. Decreases Stake in Teck Resources Limited (NYSE:TECK)

Moors & Cabot Inc. lowered its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 32.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,050 shares of the basic materials company’s stock after selling 2,950 shares during the quarter. Moors & Cabot Inc.’s holdings in Teck Resources were worth $255,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Teck Resources during the fourth quarter worth approximately $291,283,000. Bank of Montreal Can acquired a new stake in Teck Resources during the second quarter worth approximately $219,838,000. Cowa LLC raised its holdings in Teck Resources by 9,975.4% during the first quarter. Cowa LLC now owns 2,008,935 shares of the basic materials company’s stock worth $811,000 after purchasing an additional 1,988,996 shares in the last quarter. Southpoint Capital Advisors LP raised its holdings in Teck Resources by 112.5% during the first quarter. Southpoint Capital Advisors LP now owns 3,400,000 shares of the basic materials company’s stock worth $124,100,000 after purchasing an additional 1,800,000 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Teck Resources by 209.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,391,712 shares of the basic materials company’s stock valued at $96,601,000 after acquiring an additional 1,618,412 shares during the period. Hedge funds and other institutional investors own 59.23% of the company’s stock.

Teck Resources Price Performance

Shares of NYSE TECK opened at $36.37 on Tuesday. Teck Resources Limited has a one year low of $31.42 and a one year high of $49.34. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.68 and a current ratio of 1.20. The company’s fifty day moving average is $39.06 and its two-hundred day moving average is $40.68. The firm has a market capitalization of $18.63 billion, a P/E ratio of 11.58, a PEG ratio of 4.46 and a beta of 1.07.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Tuesday, October 24th. The basic materials company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.77 by ($0.20). Teck Resources had a return on equity of 9.11% and a net margin of 15.78%. The business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.77 billion. Analysts forecast that Teck Resources Limited will post 3.83 EPS for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a $0.125 dividend. The ex-dividend date is Thursday, December 14th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.50 annualized dividend and a dividend yield of 1.37%. Teck Resources’s payout ratio is currently 11.46%.

Analyst Upgrades and Downgrades

TECK has been the topic of a number of recent research reports. National Bank Financial raised shares of Teck Resources from a “sector perform” rating to an “outperform” rating in a report on Thursday, July 27th. B. Riley cut their target price on shares of Teck Resources from $78.00 to $63.00 and set a “buy” rating on the stock in a report on Thursday, October 26th. Benchmark reaffirmed a “buy” rating and issued a $50.00 target price on shares of Teck Resources in a report on Wednesday, October 25th. Morgan Stanley cut their target price on shares of Teck Resources from $55.00 to $47.00 and set an “overweight” rating on the stock in a report on Wednesday, October 25th. Finally, TheStreet cut shares of Teck Resources from a “b-” rating to a “c+” rating in a report on Tuesday, October 24th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $62.91.

About Teck Resources

Teck Resources Limited engages in exploring for, acquiring, developing, and producing natural resources in Asia, Europe, and North America. It operates through Steelmaking Coal, Copper, Zinc, and Energy segments. The company's principal products include copper, zinc, steelmaking coal, and blended bitumen.