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

RBA Wealth Management LLC lessened its holdings in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 7.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Global Trust Asset Management LLC bought a new position in shares of Teck Resources during the fourth quarter valued at approximately $27,000. Eastern Bank purchased a new stake in Teck Resources during the 3rd quarter valued at $39,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Teck Resources during the 3rd quarter valued at about $40,000. Bruce G. Allen Investments LLC grew its position in Teck Resources by 77.4% during the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after buying an additional 383 shares during the period. Finally, Massmutual Trust Co. FSB ADV increased its stake in shares of Teck Resources by 69.7% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock worth $52,000 after purchasing an additional 409 shares in the last quarter. Institutional investors own 78.06% of the company’s stock.

Teck Resources Trading Down 2.0 %

TECK opened at $40.07 on Tuesday. 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’s 50 day simple moving average is $42.80 and its two-hundred day simple moving average is $46.07. The firm has a market capitalization of $19.98 billion, a price-to-earnings ratio of 60.71 and a beta of 1.02. Teck Resources Limited has a 1-year low of $36.50 and a 1-year high of $55.13.

Teck Resources Cuts Dividend

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

Analysts Set New Price Targets

A number of brokerages have issued reports on TECK. National Bank Financial lowered Teck Resources from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. decreased their price objective on Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, January 16th. UBS Group downgraded shares of Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Scotiabank increased their price target on shares of Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a report on Tuesday, October 8th. Finally, StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $65.38.

Teck Resources 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.