Assenagon Asset Management S.A. Sells 419 Shares of Teck Resources Ltd $TECK

Assenagon Asset Management S.A. reduced its position in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 3.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,541 shares of the basic materials company’s stock after selling 419 shares during the period. Assenagon Asset Management S.A.’s holdings in Teck Resources were worth $425,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Teck Resources by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 19,531,542 shares of the basic materials company’s stock worth $711,475,000 after buying an additional 215,410 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Teck Resources by 56.9% during 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 buying an additional 4,180,623 shares during the period. Boston Partners boosted its holdings in shares of Teck Resources by 1.9% during the 1st quarter. Boston Partners now owns 9,251,775 shares of the basic materials company’s stock worth $337,042,000 after buying an additional 173,203 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Teck Resources by 2.3% during the 1st quarter. Mackenzie Financial Corp now owns 6,020,429 shares of the basic materials company’s stock worth $219,297,000 after buying an additional 137,886 shares during the period. Finally, TD Asset Management Inc boosted its holdings in shares of Teck Resources by 0.6% during the 1st quarter. TD Asset Management Inc now owns 6,006,865 shares of the basic materials company’s stock worth $218,781,000 after buying an additional 33,475 shares during the period. 78.06% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. B. Riley downgraded shares of Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, July 28th. Benchmark reduced their price target on shares of Teck Resources from $55.00 to $48.00 and set a “buy” rating for the company in a report on Monday, July 28th. Royal Bank Of Canada reduced their price target on shares of Teck Resources from $82.00 to $67.00 and set an “outperform” rating for the company in a report on Friday, July 25th. CIBC downgraded shares of Teck Resources from a “sector outperform” rating to a “neutral” rating in a report on Friday, July 25th. Finally, Wall Street Zen raised shares of Teck Resources from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, Teck Resources currently has an average rating of “Moderate Buy” and a consensus price target of $56.88.

Teck Resources Price Performance

NYSE:TECK opened at $41.41 on Monday. The company has a 50-day moving average of $35.31 and a 200-day moving average of $36.47. The company has a market capitalization of $19.89 billion, a price-to-earnings ratio of 108.98, a PEG ratio of 0.61 and a beta of 0.78. Teck Resources Ltd has a 52 week low of $28.32 and a 52 week high of $53.63. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.45 and a current ratio of 3.47.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.07. The company had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $2.25 billion. Teck Resources had a net margin of 2.51% and a return on equity of 3.91%. The firm’s revenue for the quarter was up 12.3% compared to the same quarter last year. During the same period last year, the firm earned $0.79 EPS. As a group, equities research analysts anticipate that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.0918 per share. This represents a $0.37 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Monday, September 15th. This is a positive change from Teck Resources’s previous quarterly dividend of $0.09. Teck Resources’s payout ratio is 94.74%.

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.