Davis Selected Advisers Cuts Stake in Teck Resources Limited (NYSE:TECK)

Davis Selected Advisers reduced its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 0.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 11,298,820 shares of the basic materials company’s stock after selling 92,091 shares during the period. Teck Resources comprises 2.7% of Davis Selected Advisers’ investment portfolio, making the stock its 14th biggest holding. Davis Selected Advisers’ holdings in Teck Resources were worth $457,941,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its position in shares of Teck Resources by 2.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the basic materials company’s stock worth $471,000 after acquiring an additional 243 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in shares of Teck Resources by 6.5% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,844 shares of the basic materials company’s stock worth $196,000 after buying an additional 297 shares in the last quarter. Exchange Traded Concepts LLC boosted its position in shares of Teck Resources by 7.2% in the fourth quarter. Exchange Traded Concepts LLC now owns 4,897 shares of the basic materials company’s stock valued at $198,000 after acquiring an additional 327 shares during the period. OLD National Bancorp IN lifted its stake 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 in the last quarter. Finally, Sanctuary Advisors LLC boosted its holdings in Teck Resources by 1.6% in the 4th quarter. Sanctuary Advisors LLC now owns 31,319 shares of the basic materials company’s stock valued at $1,306,000 after purchasing an additional 479 shares during the period. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Stock Down 2.4 %

Shares of NYSE TECK opened at $39.79 on Friday. Teck Resources Limited has a one year low of $37.75 and a one 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. The firm’s 50 day simple moving average is $41.82 and its two-hundred day simple moving average is $45.35. The stock has a market capitalization of $19.76 billion, a P/E ratio of 72.34 and a beta of 0.93.

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

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.0879 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a yield of 0.88%. Teck Resources’s dividend payout ratio is currently 61.82%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. National Bank Financial cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. JPMorgan Chase & Co. lowered their price target on Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, January 16th. UBS Group downgraded Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Finally, Raymond James dropped their price target on Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, January 22nd. Six analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.38.

Teck Resources Company 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.