Ramirez Asset Management Inc. Cuts Stake in Teck Resources Limited (NYSE:TECK)

Ramirez Asset Management Inc. decreased its holdings in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 4.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 108,373 shares of the basic materials company’s stock after selling 4,835 shares during the period. Teck Resources makes up about 0.9% of Ramirez Asset Management Inc.’s holdings, making the stock its 28th biggest holding. Ramirez Asset Management Inc.’s holdings in Teck Resources were worth $4,392,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Stonebridge Financial Group LLC bought a new position in Teck Resources during the 4th quarter valued at approximately $25,000. Global Trust Asset Management LLC bought a new position in Teck Resources in the 4th quarter worth $27,000. FPC Investment Advisory Inc. bought a new stake in shares of Teck Resources during the 4th quarter valued at about $27,000. Community Bank N.A. purchased a new position in shares of Teck Resources during the fourth quarter valued at about $33,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Teck Resources in the third quarter worth about $40,000. 78.06% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TECK has been the subject of a number of research analyst reports. Bank of America raised their target price on Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, March 10th. Raymond James lowered their price objective on Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. cut their price target on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, January 16th. Finally, National Bank Financial lowered Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $65.22.

Teck Resources Price Performance

Shares of NYSE:TECK opened at $39.35 on Friday. The firm’s 50 day simple moving average is $41.67 and its two-hundred day simple moving average is $44.69. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The company has a market capitalization of $19.80 billion, a P/E ratio of 71.54 and a beta of 0.93. Teck Resources Limited has a 1-year low of $36.54 and a 1-year high of $55.13.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.07. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. The company had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $2.58 billion. Research analysts expect that Teck Resources Limited will post 1.53 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.0879 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.35 dividend on an annualized basis and a yield of 0.89%. Teck Resources’s dividend payout ratio is presently 61.82%.

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.