RBA Wealth Management LLC Decreases Stock Position in Teck Resources Limited (NYSE:TECK)

RBA Wealth Management LLC decreased its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 7.2% during the 4th quarter, Holdings Channel.com reports. The firm owned 8,675 shares of the basic materials company’s stock after selling 671 shares during the period. RBA Wealth Management LLC’s holdings in Teck Resources were worth $352,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TECK. Principal Financial Group Inc. boosted its stake in Teck Resources by 21.7% in the third quarter. Principal Financial Group Inc. now owns 7,429,981 shares of the basic materials company’s stock valued at $388,507,000 after acquiring an additional 1,326,241 shares in the last quarter. CIBC Asset Management Inc lifted its stake in Teck Resources by 2.6% in the third quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock valued at $341,337,000 after buying an additional 165,759 shares during the last quarter. AMF Tjanstepension AB boosted its holdings in shares of Teck Resources by 3.9% in the third quarter. AMF Tjanstepension AB now owns 4,552,507 shares of the basic materials company’s stock valued at $238,055,000 after acquiring an additional 169,476 shares during the period. FMR LLC grew its position in shares of Teck Resources by 72.8% during the third quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock worth $189,848,000 after acquiring an additional 1,531,563 shares during the last quarter. Finally, Regal Partners Ltd increased its holdings in shares of Teck Resources by 1.4% in the 3rd quarter. Regal Partners Ltd now owns 2,728,980 shares of the basic materials company’s stock valued at $142,562,000 after acquiring an additional 38,949 shares during the period. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on TECK shares. Raymond James lowered their price target on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. UBS Group cut Teck Resources from a “buy” rating to a “neutral” rating in a research note on Monday, November 11th. Deutsche Bank Aktiengesellschaft lowered shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. in a research report on Friday, October 25th. Scotiabank upped their price objective on shares of Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, October 8th. Finally, National Bank Financial lowered shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $65.38.

Teck Resources Stock Performance

TECK opened at $40.07 on Tuesday. Teck Resources Limited has a 52-week low of $36.50 and a 52-week high of $55.13. The company has a market cap of $19.98 billion, a PE ratio of 60.71 and a beta of 1.02. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The stock has a 50-day moving average of $42.80 and a 200-day moving average of $46.07.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a dividend of $0.0895 per share. This represents a $0.36 annualized dividend and a yield of 0.89%. The ex-dividend date of this dividend was Friday, December 13th. Teck Resources’s payout ratio is currently 53.03%.

About Teck Resources

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.