Iridian Asset Management LLC CT Cuts Stock Position in Teck Resources Limited (NYSE:TECK)

Iridian Asset Management LLC CT trimmed its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 48.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,394 shares of the basic materials company’s stock after selling 24,853 shares during the period. Iridian Asset Management LLC CT’s holdings in Teck Resources were worth $1,070,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. boosted its holdings in shares of 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 valued at $388,507,000 after acquiring an additional 1,326,241 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in Teck Resources by 2.6% in the 3rd quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company’s stock valued at $341,337,000 after purchasing an additional 165,759 shares in the last quarter. AMF Tjanstepension AB increased its position in Teck Resources by 3.9% during the 3rd quarter. AMF Tjanstepension AB now owns 4,552,507 shares of the basic materials company’s stock worth $238,055,000 after purchasing an additional 169,476 shares during the period. FMR LLC raised its stake in shares of Teck Resources by 72.8% during the 3rd quarter. FMR LLC now owns 3,634,430 shares of the basic materials company’s stock worth $189,848,000 after buying an additional 1,531,563 shares in the last quarter. Finally, Regal Partners Ltd lifted its holdings in shares of Teck Resources by 1.4% in the 3rd quarter. Regal Partners Ltd now owns 2,728,980 shares of the basic materials company’s stock valued at $142,562,000 after buying an additional 38,949 shares during the period. 78.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on TECK shares. National Bank Financial cut Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Raymond James lowered their target price on shares of Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 22nd. Deutsche Bank Aktiengesellschaft downgraded shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price target for the company. in a research report on Friday, October 25th. StockNews.com raised Teck Resources from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, JPMorgan Chase & Co. decreased their target price 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. Six research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $65.38.

Teck Resources Price Performance

NYSE:TECK opened at $42.60 on Friday. The firm has a market cap of $21.24 billion, a price-to-earnings ratio of 64.54 and a beta of 1.02. Teck Resources Limited has a 12-month low of $36.50 and a 12-month high of $55.13. The company has a current ratio of 2.92, a quick ratio of 2.35 and a debt-to-equity ratio of 0.16. The company’s 50-day moving average is $42.57 and its two-hundred day moving average is $45.99.

Teck Resources Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were given a dividend of $0.0895 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.36 dividend on an annualized basis and a yield of 0.84%. Teck Resources’s dividend payout ratio (DPR) is currently 53.03%.

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.