Massachusetts Financial Services Co. MA Sells 104,880 Shares of Teck Resources Limited (NYSE:TECK)

Massachusetts Financial Services Co. MA cut its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 8.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,087,416 shares of the basic materials company’s stock after selling 104,880 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Teck Resources were worth $44,073,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in Teck Resources by 32.3% during the 4th quarter. Geode Capital Management LLC now owns 2,750,146 shares of the basic materials company’s stock valued at $114,190,000 after acquiring an additional 671,357 shares during the period. HighPoint Advisor Group LLC lifted its position in Teck Resources by 17.0% in the fourth quarter. HighPoint Advisor Group LLC now owns 7,690 shares of the basic materials company’s stock valued at $325,000 after purchasing an additional 1,120 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Teck Resources by 4.2% during the fourth quarter. Franklin Resources Inc. now owns 338,539 shares of the basic materials company’s stock valued at $13,716,000 after purchasing an additional 13,669 shares during the period. Alliancebernstein L.P. grew its holdings in shares of Teck Resources by 29.5% in the fourth quarter. Alliancebernstein L.P. now owns 3,506,066 shares of the basic materials company’s stock worth $142,101,000 after purchasing an additional 798,996 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Teck Resources in the fourth quarter worth $65,197,000. 78.06% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on TECK shares. National Bank Financial lowered shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. Desjardins began coverage on Teck Resources in a report on Friday. They set a “buy” rating on the stock. Raymond James lowered their price target on Teck Resources from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. cut their price objective on Teck Resources from $55.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. Finally, Bank of America upped their target price on Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, March 10th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $65.22.

Teck Resources Stock Down 12.1 %

Shares of Teck Resources stock opened at $29.97 on Friday. The company has a 50-day simple moving average of $40.72 and a two-hundred day simple moving average of $44.25. The stock has a market capitalization of $14.83 billion, a PE ratio of 54.48 and a beta of 0.81. Teck Resources Limited has a 52-week low of $29.26 and a 52-week high of $55.13. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92.

Teck Resources (NYSE:TECK) (TSE:TECK) last released 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. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. The business had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $2.58 billion. On average, analysts anticipate that Teck Resources Limited will post 1.53 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.0879 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.35 annualized dividend and a dividend yield of 1.17%. Teck Resources’s dividend payout ratio (DPR) 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.