RBA Wealth Management LLC Reduces Stake in Teck Resources Limited (NYSE:TECK)

RBA Wealth Management LLC lessened its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 0.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 131,214 shares of the basic materials company’s stock after selling 449 shares during the period. Teck Resources comprises approximately 2.4% of RBA Wealth Management LLC’s investment portfolio, making the stock its 12th biggest holding. RBA Wealth Management LLC’s holdings in Teck Resources were worth $6,007,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Hexagon Capital Partners LLC raised its stake in Teck Resources by 143.0% in the first quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after buying an additional 386 shares in the last quarter. Creekmur Asset Management LLC acquired a new position in shares of Teck Resources during the fourth quarter worth $35,000. Optiver Holding B.V. increased its position in shares of Teck Resources by 81.9% during the fourth quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 438 shares in the last quarter. First Horizon Advisors Inc. increased its position in shares of Teck Resources by 69.4% during the fourth quarter. First Horizon Advisors Inc. now owns 1,162 shares of the basic materials company’s stock worth $49,000 after purchasing an additional 476 shares in the last quarter. Finally, Blue Trust Inc. increased its position in shares of Teck Resources by 187.3% during the fourth quarter. Blue Trust Inc. now owns 1,494 shares of the basic materials company’s stock worth $64,000 after purchasing an additional 974 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on TECK shares. JPMorgan Chase & Co. upped their price target on Teck Resources from $44.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 17th. Morgan Stanley upped their price target on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, June 21st. Finally, Benchmark boosted their price objective 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $58.57.

Teck Resources Price Performance

Shares of TECK traded up $1.57 during mid-day trading on Thursday, hitting $50.11. 2,215,800 shares of the company were exchanged, compared to its average volume of 2,264,284. Teck Resources Limited has a 1-year low of $34.38 and a 1-year high of $55.13. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 1.49. The company has a 50 day moving average of $49.92 and a 200-day moving average of $44.63. The stock has a market cap of $25.60 billion, a price-to-earnings ratio of 22.19, a price-to-earnings-growth ratio of 10.28 and a beta of 1.05.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.87 by ($0.31). Teck Resources had a return on equity of 7.52% and a net margin of 10.59%. The company had revenue of $2.96 billion for the quarter, compared to analyst estimates of $2.99 billion. Analysts expect that Teck Resources Limited will post 2.28 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 17th were given a dividend of $0.0911 per share. The ex-dividend date of this dividend was Monday, June 17th. This represents a $0.36 annualized dividend and a dividend yield of 0.73%. Teck Resources’s dividend payout ratio (DPR) is presently 15.93%.

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.