Raymond James Financial Services Advisors Inc. Cuts Position in Teck Resources Limited (NYSE:TECK)

Raymond James Financial Services Advisors Inc. lessened its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 5.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,616 shares of the basic materials company’s stock after selling 406 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Teck Resources were worth $280,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of TECK. Baystate Wealth Management LLC purchased a new stake in Teck Resources in the third quarter worth about $31,000. JFS Wealth Advisors LLC grew its holdings in Teck Resources by 249.0% in the third quarter. JFS Wealth Advisors LLC now owns 841 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 600 shares during the period. Allworth Financial LP grew its holdings in Teck Resources by 17.9% in the third quarter. Allworth Financial LP now owns 2,558 shares of the basic materials company’s stock worth $110,000 after purchasing an additional 388 shares during the period. 180 Wealth Advisors LLC purchased a new stake in Teck Resources in the third quarter worth about $204,000. Finally, Fulton Bank N.A. purchased a new stake in Teck Resources in the fourth quarter worth about $207,000. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Trading Down 2.7 %

Shares of TECK stock opened at $45.86 on Tuesday. Teck Resources Limited has a 12-month low of $34.38 and a 12-month high of $50.46. The company has a current ratio of 1.10, a quick ratio of 0.60 and a debt-to-equity ratio of 0.21. The firm’s 50 day moving average is $43.16 and its 200 day moving average is $40.21. The stock has a market capitalization of $23.41 billion, a P/E ratio of 13.37, a P/E/G ratio of 6.85 and a beta of 1.15.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, February 22nd. The basic materials company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.01. Teck Resources had a net margin of 16.21% and a return on equity of 9.67%. The company had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3.11 billion. Research analysts expect that Teck Resources Limited will post 3.33 earnings per share for the current year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.0925 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.37 annualized dividend and a yield of 0.81%. Teck Resources’s payout ratio is presently 10.79%.

Analysts Set New Price Targets

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

Teck Resources Company 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.