Ninety One UK Ltd Decreases Holdings in Teck Resources Limited (NYSE:TECK)

Ninety One UK Ltd trimmed its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 24.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 644,981 shares of the basic materials company’s stock after selling 210,538 shares during the quarter. Ninety One UK Ltd owned 0.13% of Teck Resources worth $26,138,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Daymark Wealth Partners LLC raised its position in shares of Teck Resources by 2.8% during the 3rd quarter. Daymark Wealth Partners LLC now owns 8,774 shares of the basic materials company’s stock valued at $458,000 after buying an additional 242 shares in the last quarter. Exchange Traded Concepts LLC raised its position in shares of Teck Resources by 7.2% during the 4th quarter. Exchange Traded Concepts LLC now owns 4,897 shares of the basic materials company’s stock valued at $198,000 after buying an additional 327 shares in the last quarter. OLD National Bancorp IN raised its position in Teck Resources by 7.4% in the 4th quarter. OLD National Bancorp IN now owns 4,955 shares of the basic materials company’s stock worth $201,000 after purchasing an additional 341 shares during the period. Bruce G. Allen Investments LLC raised its position in Teck Resources by 77.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after purchasing an additional 383 shares during the period. Finally, Park Avenue Securities LLC raised its position in Teck Resources by 5.7% in the 4th quarter. Park Avenue Securities LLC now owns 8,960 shares of the basic materials company’s stock worth $363,000 after purchasing an additional 486 shares during the period. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their target price on shares of 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 lowered shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft lowered shares of 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. Finally, Raymond James reduced 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 analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.38.

Teck Resources Price Performance

NYSE TECK opened at $42.53 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The firm’s 50 day moving average price is $42.64 and its 200-day moving average price is $46.01. Teck Resources Limited has a 52-week low of $36.50 and a 52-week high of $55.13. The company has a market cap of $21.21 billion, a PE ratio of 64.44 and a beta of 1.02.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid a $0.0895 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.36 annualized dividend and a yield of 0.84%. Teck Resources’s dividend payout ratio (DPR) is 53.03%.

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.