The Manufacturers Life Insurance Company Sells 453,812 Shares of Teck Resources Limited (NYSE:TECK)

The Manufacturers Life Insurance Company cut its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 19.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,902,252 shares of the basic materials company’s stock after selling 453,812 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.38% of Teck Resources worth $99,425,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Quent Capital LLC purchased a new stake in shares of Teck Resources during the first quarter valued at $119,000. O Shaughnessy Asset Management LLC boosted its position in shares of Teck Resources by 12.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 5,896 shares of the basic materials company’s stock valued at $270,000 after buying an additional 637 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Teck Resources during the first quarter valued at $375,000. Atria Investments Inc purchased a new stake in shares of Teck Resources during the first quarter valued at $1,141,000. Finally, Cetera Investment Advisers boosted its position in shares of Teck Resources by 486.8% during the first quarter. Cetera Investment Advisers now owns 36,972 shares of the basic materials company’s stock valued at $1,693,000 after buying an additional 30,671 shares during the last quarter. 78.06% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TECK has been the topic of several recent analyst reports. UBS Group cut Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Scotiabank raised their target price on Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft cut Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a research report on Friday, October 25th. StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, Citigroup raised Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. Five research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $65.29.

Teck Resources Stock Down 0.1 %

NYSE TECK opened at $46.24 on Thursday. The stock’s 50-day moving average price is $48.89 and its 200-day moving average price is $48.50. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. Teck Resources Limited has a 52 week low of $35.60 and a 52 week high of $55.13. The company has a market capitalization of $23.26 billion, a P/E ratio of 70.05 and a beta of 1.04.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The firm had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same quarter last year, the company earned $0.57 earnings per share. The business’s revenue for the quarter was down 20.6% compared to the same quarter last year. On average, equities research analysts predict that Teck Resources Limited will post 1.83 earnings per share for the current year.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a dividend of $0.0895 per share. This represents a $0.36 annualized dividend and a yield of 0.77%. The ex-dividend date is Friday, December 13th. Teck Resources’s dividend payout ratio (DPR) is presently 56.06%.

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.