Envestnet Asset Management Inc. Decreases Position in Teck Resources Ltd (NYSE:TECK)

Envestnet Asset Management Inc. decreased its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 5.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 530,988 shares of the basic materials company’s stock after selling 28,885 shares during the quarter. Envestnet Asset Management Inc. owned 0.11% of Teck Resources worth $19,344,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of TECK. Raymond James Financial Inc. bought a new position in Teck Resources in the fourth quarter worth approximately $14,344,000. PNC Financial Services Group Inc. raised its stake in Teck Resources by 2.1% in the 4th 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 during the last quarter. Sequoia Financial Advisors LLC raised its stake in Teck Resources by 2.9% in the 4th quarter. Sequoia Financial Advisors LLC now owns 9,809 shares of the basic materials company’s stock worth $398,000 after acquiring an additional 279 shares during the last quarter. Commonwealth Equity Services LLC grew its position in Teck Resources by 2.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 13,959 shares of the basic materials company’s stock worth $566,000 after purchasing an additional 302 shares during the period. Finally, Maryland State Retirement & Pension System grew its position in Teck Resources by 6.3% during the 4th quarter. Maryland State Retirement & Pension System now owns 55,961 shares of the basic materials company’s stock worth $2,268,000 after purchasing an additional 3,294 shares during the period. Institutional investors own 78.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on TECK shares. Stifel Nicolaus initiated coverage on Teck Resources in a research report on Wednesday, July 9th. They set a “hold” rating on the stock. JPMorgan Chase & Co. boosted their target price on Teck Resources from $41.00 to $46.00 and gave the company an “overweight” rating in a research report on Wednesday, July 9th. BMO Capital Markets began coverage on Teck Resources in a research report on Wednesday, April 16th. They issued an “outperform” rating on the stock. UBS Group restated a “neutral” rating on shares of Teck Resources in a research note on Tuesday, April 15th. Finally, Stifel Canada upgraded shares of Teck Resources to a “hold” rating in a research note on Tuesday, July 8th. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $60.75.

Teck Resources Price Performance

Shares of NYSE:TECK opened at $37.08 on Thursday. The stock has a market capitalization of $17.91 billion, a price-to-earnings ratio of 63.94, a PEG ratio of 0.58 and a beta of 0.80. Teck Resources Ltd has a one year low of $28.32 and a one year high of $54.13. The company has a 50-day simple moving average of $38.10 and a 200-day simple moving average of $38.76. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.57 and a current ratio of 3.36.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, April 24th. The basic materials company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.18. Teck Resources had a net margin of 3.48% and a return on equity of 4.53%. The company had revenue of $1.60 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period in the prior year, the business posted $0.75 earnings per share. The firm’s revenue for the quarter was up 41.4% compared to the same quarter last year. On average, analysts predict that Teck Resources Ltd will post 1.53 EPS for the current year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a $0.0901 dividend. The ex-dividend date was Monday, June 16th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. This represents a $0.36 annualized dividend and a dividend yield of 0.97%. Teck Resources’s dividend payout ratio is currently 62.07%.

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.