Integrated Wealth Concepts LLC Cuts Holdings in Teck Resources Ltd $TECK

Integrated Wealth Concepts LLC reduced its position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 4.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,934 shares of the basic materials company’s stock after selling 903 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in Teck Resources were worth $653,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of TECK. Principal Financial Group Inc. raised its holdings in shares of Teck Resources by 56.9% in the 1st quarter. Principal Financial Group Inc. now owns 11,530,742 shares of the basic materials company’s stock worth $419,970,000 after purchasing an additional 4,180,623 shares during the period. Carrhae Capital LLP purchased a new position in Teck Resources in the first quarter valued at approximately $46,478,000. Canada Pension Plan Investment Board raised its holdings in Teck Resources by 37.3% in the first quarter. Canada Pension Plan Investment Board now owns 3,715,016 shares of the basic materials company’s stock valued at $135,349,000 after buying an additional 1,009,545 shares during the period. Wellington Management Group LLP raised its holdings in Teck Resources by 1,611.2% in the first quarter. Wellington Management Group LLP now owns 751,146 shares of the basic materials company’s stock valued at $27,358,000 after buying an additional 707,249 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in Teck Resources by 19.5% in the first quarter. Alliancebernstein L.P. now owns 4,189,902 shares of the basic materials company’s stock valued at $152,638,000 after buying an additional 683,836 shares during the period. 78.06% of the stock is currently owned by hedge funds and other institutional investors.

Teck Resources Stock Performance

Shares of TECK opened at $41.91 on Friday. The firm has a market cap of $20.13 billion, a price-to-earnings ratio of 110.29, a PEG ratio of 0.62 and a beta of 0.78. The business’s 50 day moving average is $35.00 and its two-hundred day moving average is $36.52. The company has a quick ratio of 2.45, a current ratio of 3.47 and a debt-to-equity ratio of 0.15. Teck Resources Ltd has a 52-week low of $28.32 and a 52-week high of $54.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.07. The firm had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The firm’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.79 earnings per share. Analysts forecast that Teck Resources Ltd will post 1.53 EPS for the current fiscal year.

Teck Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a $0.0918 dividend. This is a boost from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date is Monday, September 15th. This represents a $0.37 dividend on an annualized basis and a dividend yield of 0.9%. Teck Resources’s dividend payout ratio (DPR) is currently 94.74%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft raised shares of Teck Resources from a “hold” rating to a “buy” rating and set a $42.00 target price on the stock in a research note on Monday, September 8th. Stifel Nicolaus initiated coverage on Teck Resources in a research report on Wednesday, July 9th. They issued a “hold” rating on the stock. Stifel Canada raised Teck Resources to a “hold” rating in a research report on Tuesday, July 8th. Wall Street Zen raised Teck Resources from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Finally, Cibc World Mkts lowered Teck Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $56.88.

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.