Amova Asset Management Americas Inc. Trims Stock Position in Teck Resources Ltd $TECK

Amova Asset Management Americas Inc. decreased its holdings in shares of Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 53.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,316 shares of the basic materials company’s stock after selling 26,577 shares during the quarter. Amova Asset Management Americas Inc.’s holdings in Teck Resources were worth $1,206,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its holdings in shares of Teck Resources by 11.1% during the 1st quarter. AQR Capital Management LLC now owns 34,705 shares of the basic materials company’s stock worth $1,264,000 after purchasing an additional 3,458 shares during the period. Jones Financial Companies Lllp lifted its position in Teck Resources by 453.0% in the first quarter. Jones Financial Companies Lllp now owns 9,721 shares of the basic materials company’s stock valued at $354,000 after buying an additional 7,963 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Teck Resources by 1.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 465,861 shares of the basic materials company’s stock valued at $16,971,000 after buying an additional 8,146 shares during the last quarter. Marshall Wace LLP boosted its stake in Teck Resources by 189.3% during the second quarter. Marshall Wace LLP now owns 218,242 shares of the basic materials company’s stock worth $8,813,000 after buying an additional 142,816 shares during the period. Finally, NewEdge Advisors LLC boosted its stake in Teck Resources by 4,602.9% during the second quarter. NewEdge Advisors LLC now owns 8,183 shares of the basic materials company’s stock worth $330,000 after buying an additional 8,009 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Zacks Research downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 22nd. TD Securities reiterated a “hold” rating on shares of Teck Resources in a report on Friday, April 24th. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a research note on Monday, June 15th. Deutsche Bank Aktiengesellschaft raised their price target on Teck Resources from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Finally, Weiss Ratings upgraded shares of Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, April 24th. Five investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Teck Resources has an average rating of “Hold” and an average target price of $63.00.

Teck Resources Price Performance

Teck Resources stock opened at $56.80 on Wednesday. The stock has a market cap of $27.42 billion, a P/E ratio of 20.80, a price-to-earnings-growth ratio of 1.61 and a beta of 0.92. The company has a fifty day simple moving average of $61.78 and a 200-day simple moving average of $57.32. Teck Resources Ltd has a 12-month low of $30.98 and a 12-month high of $71.25. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13.

Teck Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Monday, June 15th. Teck Resources’s payout ratio is 13.19%.

Teck Resources 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.