Bank of Nova Scotia Sells 163,494 Shares of Teck Resources Ltd $TECK

Bank of Nova Scotia reduced its position in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 10.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,339,269 shares of the basic materials company’s stock after selling 163,494 shares during the period. Bank of Nova Scotia owned approximately 0.28% of Teck Resources worth $58,765,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of TECK. Principal Financial Group Inc. lifted its holdings in Teck Resources by 36.1% in the third quarter. Principal Financial Group Inc. now owns 16,879,229 shares of the basic materials company’s stock valued at $740,604,000 after acquiring an additional 4,474,637 shares during the period. Norges Bank bought a new stake in shares of Teck Resources during the 2nd quarter valued at about $437,657,000. Boston Partners grew its stake in shares of Teck Resources by 1.2% during the 2nd quarter. Boston Partners now owns 9,365,206 shares of the basic materials company’s stock valued at $378,167,000 after purchasing an additional 113,431 shares during the period. Mackenzie Financial Corp increased its position in shares of Teck Resources by 32.7% during the 2nd quarter. Mackenzie Financial Corp now owns 7,989,715 shares of the basic materials company’s stock valued at $323,311,000 after purchasing an additional 1,969,286 shares during the last quarter. Finally, Hancock Prospecting Pty Ltd increased its position in shares of Teck Resources by 19.1% during the 2nd quarter. Hancock Prospecting Pty Ltd now owns 7,695,949 shares of the basic materials company’s stock valued at $310,762,000 after purchasing an additional 1,232,373 shares during the last quarter. Institutional investors own 78.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on TECK shares. TD Securities reissued a “hold” rating on shares of Teck Resources in a report on Monday, February 23rd. Veritas raised shares of Teck Resources from a “strong sell” rating to a “strong-buy” rating in a report on Thursday, January 15th. Scotiabank reiterated a “sector perform” rating on shares of Teck Resources in a research report on Tuesday, February 24th. UBS Group reiterated a “buy” rating on shares of Teck Resources in a research report on Tuesday, January 27th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $46.00 price target on shares of Teck Resources in a research note on Wednesday, November 26th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, Teck Resources presently has a consensus rating of “Hold” and an average price target of $57.00.

Teck Resources Stock Down 4.6%

NYSE TECK opened at $49.51 on Monday. Teck Resources Ltd has a 52 week low of $28.32 and a 52 week high of $62.41. The company has a quick ratio of 1.91, a current ratio of 2.54 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $23.83 billion, a P/E ratio of 24.51, a price-to-earnings-growth ratio of 3.02 and a beta of 0.77. The stock’s 50-day moving average price is $54.81 and its 200-day moving average price is $46.61.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, February 19th. The basic materials company reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.39. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.28 billion. Teck Resources had a return on equity of 5.90% and a net margin of 12.98%.The firm’s revenue was up 9.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.45 EPS. On average, equities research analysts predict that Teck Resources Ltd will post 1.53 earnings per share for the current year.

Teck Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, March 13th. Teck Resources’s dividend payout ratio is presently 18.32%.

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.