K.J. Harrison & Partners Inc Lowers Holdings in Teck Resources Limited (NYSE:TECK)

K.J. Harrison & Partners Inc decreased its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 14.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 178,005 shares of the basic materials company’s stock after selling 30,060 shares during the period. Teck Resources accounts for about 1.3% of K.J. Harrison & Partners Inc’s investment portfolio, making the stock its 16th biggest position. K.J. Harrison & Partners Inc’s holdings in Teck Resources were worth $7,538,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of TECK. Vanguard Group Inc. lifted its holdings in Teck Resources by 1.4% during the third quarter. Vanguard Group Inc. now owns 15,973,504 shares of the basic materials company’s stock worth $688,298,000 after buying an additional 224,658 shares during the period. Boston Partners lifted its holdings in Teck Resources by 23.3% during the third quarter. Boston Partners now owns 8,449,403 shares of the basic materials company’s stock worth $384,364,000 after buying an additional 1,596,232 shares during the period. Mackenzie Financial Corp lifted its holdings in Teck Resources by 45.7% during the fourth quarter. Mackenzie Financial Corp now owns 6,632,418 shares of the basic materials company’s stock worth $280,491,000 after buying an additional 2,080,295 shares during the period. CIBC Asset Management Inc lifted its holdings in Teck Resources by 1.6% during the third quarter. CIBC Asset Management Inc now owns 6,214,160 shares of the basic materials company’s stock worth $268,287,000 after buying an additional 98,176 shares during the period. Finally, Bank of Nova Scotia lifted its holdings in Teck Resources by 1.1% during the third quarter. Bank of Nova Scotia now owns 4,018,932 shares of the basic materials company’s stock worth $172,978,000 after buying an additional 44,040 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Wall Street Analyst Weigh In

TECK has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price objective on Teck Resources from $44.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. UBS Group initiated coverage on Teck Resources in a report on Tuesday, January 16th. They set a “buy” rating for the company. Benchmark increased their price objective on Teck Resources from $50.00 to $52.00 and gave the company a “buy” rating in a report on Monday, April 8th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $55.00 price objective on shares of Teck Resources in a report on Thursday, April 11th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Teck Resources currently has an average rating of “Moderate Buy” and an average target price of $62.80.

Teck Resources Stock Performance

Shares of NYSE TECK traded up $0.84 during mid-day trading on Friday, hitting $50.38. The stock had a trading volume of 4,860,273 shares, compared to its average volume of 4,093,021. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.60 and a current ratio of 1.10. The company has a 50 day moving average of $43.71 and a two-hundred day moving average of $40.34. Teck Resources Limited has a twelve month low of $34.38 and a twelve month high of $50.93. The firm has a market cap of $25.72 billion, a PE ratio of 14.69, a PEG ratio of 6.57 and a beta of 1.15.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.01. The company had revenue of $3.02 billion for the quarter, compared to the consensus estimate of $3.11 billion. Teck Resources had a return on equity of 9.67% and a net margin of 16.21%. Research analysts predict that Teck Resources Limited will post 3.34 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a dividend of $0.0925 per share. This represents a $0.37 annualized dividend and a yield of 0.73%. The ex-dividend date was Thursday, March 14th. Teck Resources’s dividend payout ratio is currently 10.50%.

Teck Resources 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.