Clearbridge Investments LLC Reduces Stock Holdings in Teck Resources Ltd $TECK

Clearbridge Investments LLC lowered its position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 6.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,904,683 shares of the basic materials company’s stock after selling 284,746 shares during the quarter. Clearbridge Investments LLC owned about 0.81% of Teck Resources worth $186,995,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Alps Advisors Inc. grew its holdings in shares of Teck Resources by 37.3% in the third quarter. Alps Advisors Inc. now owns 166,334 shares of the basic materials company’s stock valued at $7,300,000 after purchasing an additional 45,194 shares during the period. Regal Partners Ltd grew its holdings in shares of Teck Resources by 14.8% in the third quarter. Regal Partners Ltd now owns 3,481,836 shares of the basic materials company’s stock valued at $152,818,000 after purchasing an additional 448,081 shares during the period. Union Bancaire Privee UBP SA grew its holdings in shares of Teck Resources by 172.8% in the fourth quarter. Union Bancaire Privee UBP SA now owns 23,560 shares of the basic materials company’s stock valued at $1,128,000 after purchasing an additional 14,924 shares during the period. 44 Wealth Management LLC grew its holdings in shares of Teck Resources by 250.8% in the third quarter. 44 Wealth Management LLC now owns 31,077 shares of the basic materials company’s stock valued at $1,364,000 after purchasing an additional 22,219 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Teck Resources by 2.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,916,856 shares of the basic materials company’s stock valued at $84,068,000 after purchasing an additional 37,419 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

TECK has been the subject of several research analyst reports. Veritas lowered shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Thursday. TD Securities reaffirmed a “hold” rating on shares of Teck Resources in a research note on Friday, April 24th. Scotiabank reaffirmed a “sector perform” rating on shares of Teck Resources in a research note on Tuesday, April 14th. Weiss Ratings raised shares of Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, April 24th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Teck Resources in a research note on Friday, May 15th. Five research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $59.17.

Teck Resources Trading Down 0.1%

Shares of TECK stock opened at $61.60 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.83 and a quick ratio of 2.16. The firm has a market cap of $29.70 billion, a PE ratio of 22.56, a price-to-earnings-growth ratio of 4.52 and a beta of 0.89. The company has a 50-day moving average of $59.70 and a two-hundred day moving average of $53.64. Teck Resources Ltd has a 1-year low of $30.98 and a 1-year high of $71.25.

Teck Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Monday, June 15th. Teck Resources’s dividend payout ratio is currently 13.55%.

Teck Resources Company Profile

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.