Addenda Capital Inc. Reduces Stake in Teck Resources Limited (NYSE:TECK)

Addenda Capital Inc. lessened its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 2.5% during the fourth quarter, HoldingsChannel reports. The firm owned 482,510 shares of the basic materials company’s stock after selling 12,478 shares during the period. Addenda Capital Inc.’s holdings in Teck Resources were worth $19,556,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of TECK. Eastern Bank purchased a new stake in Teck Resources during the third quarter valued at about $39,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Teck Resources in the third quarter valued at approximately $40,000. Bruce G. Allen Investments LLC lifted its stake in shares of Teck Resources by 77.4% during the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after buying an additional 383 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in Teck Resources by 69.7% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock worth $52,000 after buying an additional 409 shares during the period. Finally, Blue Trust Inc. grew its stake in Teck Resources by 178.2% in the 3rd quarter. Blue Trust Inc. now owns 2,927 shares of the basic materials company’s stock valued at $140,000 after buying an additional 1,875 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Analyst Upgrades and Downgrades

TECK has been the topic of several recent research reports. National Bank Financial downgraded Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Deutsche Bank Aktiengesellschaft downgraded Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a research note on Friday, October 25th. JPMorgan Chase & Co. decreased their price target on Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. Citigroup upgraded shares of Teck Resources to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Scotiabank upped their target price on shares of Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a report on Tuesday, October 8th. Six research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Teck Resources currently has an average rating of “Moderate Buy” and a consensus price target of $64.71.

Teck Resources Stock Performance

NYSE TECK opened at $43.19 on Tuesday. The company has a market capitalization of $21.54 billion, a P/E ratio of 65.43 and a beta of 1.05. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. Teck Resources Limited has a 52-week low of $36.50 and a 52-week high of $55.13. The company has a fifty day moving average of $43.65 and a 200-day moving average of $46.57.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.36 by $0.24. The firm had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The company’s revenue was down 20.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.57 EPS. As a group, equities research analysts predict that Teck Resources Limited will post 1.7 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid a $0.0895 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a yield of 0.83%. Teck Resources’s dividend payout ratio (DPR) is currently 53.03%.

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.