Ramirez Asset Management Inc. Cuts Holdings in Teck Resources Limited (NYSE:TECK)

Ramirez Asset Management Inc. cut its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 4.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 108,373 shares of the basic materials company’s stock after selling 4,835 shares during the period. Teck Resources makes up about 0.9% of Ramirez Asset Management Inc.’s portfolio, making the stock its 28th biggest holding. Ramirez Asset Management Inc.’s holdings in Teck Resources were worth $4,392,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Stonebridge Financial Group LLC bought a new position in shares of Teck Resources during the 4th quarter valued at approximately $25,000. Global Trust Asset Management LLC purchased a new stake in Teck Resources during the fourth quarter valued at $27,000. FPC Investment Advisory Inc. bought a new position in Teck Resources during the fourth quarter valued at $27,000. Community Bank N.A. purchased a new position in shares of Teck Resources in the 4th quarter worth $33,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Teck Resources in the 3rd quarter worth about $40,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Price Performance

Teck Resources stock opened at $39.35 on Friday. The stock has a market cap of $19.80 billion, a price-to-earnings ratio of 71.54 and a beta of 0.93. The firm has a 50-day moving average of $41.67 and a two-hundred day moving average of $44.69. Teck Resources Limited has a 1 year low of $36.54 and a 1 year high of $55.13. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, February 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.07. The company 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%. On average, research analysts forecast that Teck Resources Limited will post 1.53 earnings per share for the current year.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.0879 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.35 annualized dividend and a dividend yield of 0.89%. Teck Resources’s payout ratio is currently 61.82%.

Analyst Ratings Changes

TECK has been the subject of several recent research reports. Bank of America lifted their price target on Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, March 10th. Raymond James cut their target price on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. lowered their price target on Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Finally, National Bank Financial cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Six investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.22.

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.