Moran Wealth Management LLC Sells 442 Shares of Teck Resources Limited (NYSE:TECK)

Moran Wealth Management LLC reduced its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 6.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,586 shares of the basic materials company’s stock after selling 442 shares during the quarter. Moran Wealth Management LLC’s holdings in Teck Resources were worth $267,000 as of its most recent filing with the Securities and Exchange Commission.

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 worth $685,000 after buying an additional 7,387 shares during the last quarter. Forest Avenue Capital Management LP grew its holdings in Teck Resources by 3.7% during the 3rd quarter. Forest Avenue Capital Management LP now owns 720,920 shares of the basic materials company’s stock worth $37,661,000 after acquiring an additional 25,430 shares during the period. Public Employees Retirement System of Ohio bought a new stake in shares of Teck Resources during the 3rd quarter valued at $1,937,000. Intech Investment Management LLC lifted its stake in shares of Teck Resources by 20.9% in the 3rd quarter. Intech Investment Management LLC now owns 98,145 shares of the basic materials company’s stock valued at $5,132,000 after purchasing an additional 16,981 shares during the period. Finally, CIBC Asset Management Inc boosted its position in shares of Teck Resources by 2.6% in the 3rd quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock worth $341,337,000 after purchasing an additional 165,759 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TECK has been the subject of a number of recent analyst reports. Bank of America upped their price objective on Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday. National Bank Financial cut Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. reduced their price objective on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. Finally, Raymond James lowered their target price 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. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Teck Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.22.

Teck Resources Stock Performance

Shares of Teck Resources stock opened at $40.03 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The firm has a market cap of $19.88 billion, a price-to-earnings ratio of 72.78 and a beta of 0.93. Teck Resources Limited has a one year low of $36.54 and a one year high of $55.13. The stock’s 50-day moving average is $41.70 and its 200-day moving average is $45.09.

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

Teck Resources Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.0879 dividend. This represents a $0.35 annualized dividend and a dividend yield of 0.88%. The ex-dividend date is Friday, March 14th. Teck Resources’s payout ratio is 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.