Teck Resources Limited (NYSE:TECK) Shares Sold by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC lessened its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 80.4% during the third quarter, HoldingsChannel.com reports. The fund owned 142,304 shares of the basic materials company’s stock after selling 584,366 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Teck Resources were worth $7,433,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TECK. Blue Trust Inc. lifted its stake in shares of Teck Resources by 583.1% during the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock worth $48,000 after purchasing an additional 898 shares in the last quarter. Fifth Third Bancorp lifted its position in Teck Resources by 690.6% during the 2nd quarter. Fifth Third Bancorp now owns 7,092 shares of the basic materials company’s stock worth $340,000 after acquiring an additional 6,195 shares in the last quarter. Avitas Wealth Management LLC acquired a new position in Teck Resources during the 2nd quarter worth approximately $1,211,000. Zweig DiMenna Associates LLC boosted its holdings in Teck Resources by 197.4% in the 2nd quarter. Zweig DiMenna Associates LLC now owns 243,600 shares of the basic materials company’s stock worth $11,668,000 after acquiring an additional 161,700 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. grew its position in Teck Resources by 233.3% in the second quarter. Klein Pavlis & Peasley Financial Inc. now owns 28,000 shares of the basic materials company’s stock valued at $1,341,000 after acquiring an additional 19,600 shares in the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Trading Down 3.1 %

Shares of NYSE TECK opened at $42.73 on Tuesday. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The stock’s 50 day moving average price is $47.40 and its two-hundred day moving average price is $47.85. Teck Resources Limited has a 52-week low of $36.50 and a 52-week high of $55.13. The stock has a market capitalization of $21.89 billion, a P/E ratio of 64.74 and a beta of 1.03.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The business had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same period in the prior year, the company posted $0.57 EPS. The business’s revenue was down 20.6% compared to the same quarter last year. On average, analysts anticipate that Teck Resources Limited will post 1.81 earnings per share for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.0895 per share. The ex-dividend date is Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.84%. Teck Resources’s dividend payout ratio (DPR) is 56.06%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. StockNews.com raised shares of Teck Resources from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. National Bank Financial cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Deutsche Bank Aktiengesellschaft lowered Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a research report on Friday, October 25th. Citigroup raised Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Finally, UBS Group downgraded Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Six investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $65.29.

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.