Canoe Financial LP Sells 1,651,848 Shares of Teck Resources Ltd $TECK

Canoe Financial LP decreased its position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 49.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,680,741 shares of the basic materials company’s stock after selling 1,651,848 shares during the period. Canoe Financial LP owned approximately 0.35% of Teck Resources worth $87,081,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in TECK. Louisbourg Investments Inc. boosted its holdings in shares of Teck Resources by 10.3% in the 1st quarter. Louisbourg Investments Inc. now owns 175,850 shares of the basic materials company’s stock worth $9,096,000 after purchasing an additional 16,388 shares in the last quarter. Union Bancaire Privee UBP SA raised its holdings in shares of Teck Resources by 36.2% during the 1st quarter. Union Bancaire Privee UBP SA now owns 32,096 shares of the basic materials company’s stock valued at $1,661,000 after buying an additional 8,536 shares in the last quarter. Welch Group LLC lifted its position in Teck Resources by 6.2% in the 1st quarter. Welch Group LLC now owns 6,266 shares of the basic materials company’s stock worth $324,000 after buying an additional 367 shares during the last quarter. Blue Trust Inc. lifted its position in Teck Resources by 411.8% in the 1st quarter. Blue Trust Inc. now owns 563 shares of the basic materials company’s stock worth $29,000 after buying an additional 453 shares during the last quarter. Finally, Banque Cantonale Vaudoise boosted its stake in Teck Resources by 33.3% in the first quarter. Banque Cantonale Vaudoise now owns 5,200 shares of the basic materials company’s stock worth $269,000 after buying an additional 1,300 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.

Teck Resources Price Performance

TECK opened at $58.21 on Monday. The stock’s 50 day simple moving average is $62.41 and its 200 day simple moving average is $55.78. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.83 and a quick ratio of 2.16. Teck Resources Ltd has a 1 year low of $30.98 and a 1 year high of $71.25. The firm has a market cap of $28.06 billion, a price-to-earnings ratio of 21.32, a PEG ratio of 3.48 and a beta of 0.89.

Teck Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a $0.125 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.50 annualized dividend and a dividend yield of 0.9%. Teck Resources’s dividend payout ratio (DPR) is currently 13.19%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on TECK shares. Veritas cut shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 4th. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a report on Monday, June 15th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Teck Resources in a research note on Friday, May 15th. Weiss Ratings raised shares of Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, April 24th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Teck Resources from $45.00 to $48.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Five analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Teck Resources currently has a consensus rating of “Hold” and a consensus price target of $59.17.

About Teck Resources

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.