Avantax Advisory Services Inc. Decreases Stake in Teck Resources Limited (NYSE:TECK)

Avantax Advisory Services Inc. lowered its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 2.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 36,360 shares of the basic materials company’s stock after selling 1,000 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Teck Resources were worth $1,474,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Amundi lifted its stake in Teck Resources by 5.6% in the fourth quarter. Amundi now owns 14,949,233 shares of the basic materials company’s stock worth $619,765,000 after acquiring an additional 791,725 shares during the last quarter. Principal Financial Group Inc. lifted 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 worth $388,507,000 after acquiring an additional 1,326,241 shares during the last quarter. CIBC Asset Management Inc lifted its stake in Teck Resources by 2.0% in the fourth quarter. CIBC Asset Management Inc now owns 6,623,228 shares of the basic materials company’s stock worth $269,956,000 after acquiring an additional 127,348 shares during the last quarter. AMF Tjanstepension AB lifted its stake in Teck Resources by 32.2% in the fourth quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company’s stock worth $244,252,000 after acquiring an additional 1,467,516 shares during the last quarter. Finally, FMR LLC lifted its stake in Teck Resources by 72.8% in 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. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Teck Resources Stock Performance

Shares of TECK opened at $42.26 on Wednesday. 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 market capitalization of $20.98 billion, a P/E ratio of 76.83 and a beta of 0.93. The company’s fifty day moving average is $41.75 and its two-hundred day moving average is $44.86. 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 announced its quarterly earnings data on Thursday, February 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.07. The company had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Teck Resources had a net margin of 2.96% and a return on equity of 4.59%. On average, sell-side analysts predict that Teck Resources Limited will post 1.53 earnings per share for the current year.

Teck Resources Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.0879 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.35 annualized dividend and a yield of 0.83%. Teck Resources’s dividend payout ratio is currently 61.82%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on TECK shares. Raymond James cut their price objective on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Wednesday, January 22nd. JPMorgan Chase & Co. cut their price objective 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. Bank of America raised their price objective on shares of Teck Resources from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, March 10th. Finally, National Bank Financial cut shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Six investment 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. According to data from MarketBeat, Teck Resources currently has an average rating of “Moderate Buy” and a consensus target price of $65.22.

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.