EverSource Wealth Advisors LLC Trims Holdings in Teck Resources Limited (NYSE:TECK)

EverSource Wealth Advisors LLC lowered its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 14.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,807 shares of the basic materials company’s stock after selling 460 shares during the period. EverSource Wealth Advisors LLC’s holdings in Teck Resources were worth $114,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its position in shares of Teck Resources by 21.7% during the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock worth $388,507,000 after buying an additional 1,326,241 shares during the period. Empowered Funds LLC lifted its stake in Teck Resources by 3.4% during the 3rd quarter. Empowered Funds LLC now owns 21,607 shares of the basic materials company’s stock worth $1,129,000 after acquiring an additional 707 shares in the last quarter. Natixis Advisors LLC grew its position in Teck Resources by 129.6% in the 3rd quarter. Natixis Advisors LLC now owns 246,190 shares of the basic materials company’s stock valued at $12,861,000 after acquiring an additional 138,952 shares in the last quarter. Swiss National Bank increased its stake in Teck Resources by 1.0% during the third quarter. Swiss National Bank now owns 1,391,579 shares of the basic materials company’s stock worth $72,799,000 after purchasing an additional 14,000 shares during the period. Finally, Premier Fund Managers Ltd lifted its position in shares of Teck Resources by 4.8% during the third quarter. Premier Fund Managers Ltd now owns 109,000 shares of the basic materials company’s stock worth $5,716,000 after purchasing an additional 5,000 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on TECK shares. Raymond James cut 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 note on Wednesday, January 22nd. Bank of America increased their price objective on Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, March 10th. National Bank Financial cut Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. Finally, JPMorgan Chase & Co. reduced their price target 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. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Teck Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.22.

Teck Resources Stock Down 1.2 %

TECK stock opened at $42.26 on Wednesday. The company’s 50 day moving average is $41.75 and its two-hundred day moving average is $44.86. Teck Resources Limited has a twelve month low of $36.54 and a twelve month high of $55.13. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The stock has a market cap of $20.98 billion, a P/E ratio of 76.83 and a beta of 0.93.

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 analysts’ consensus estimates of $0.26 by $0.07. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The firm had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $2.58 billion. Research analysts expect that Teck Resources Limited will post 1.53 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.0879 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a dividend yield of 0.83%. Teck Resources’s dividend payout ratio (DPR) is presently 61.82%.

About Teck Resources

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.