Itau Unibanco Holding S.A. Sells 18,979 Shares of Teck Resources Limited (NYSE:TECK)

Itau Unibanco Holding S.A. cut its position in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 56.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,521 shares of the basic materials company’s stock after selling 18,979 shares during the quarter. Itau Unibanco Holding S.A.’s holdings in Teck Resources were worth $759,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Headlands Technologies LLC bought a new stake in Teck Resources in the second quarter valued at approximately $38,000. Eastern Bank purchased a new stake in shares of Teck Resources during the 3rd quarter valued at about $39,000. Bruce G. Allen Investments LLC lifted its position in shares of Teck Resources by 77.4% during the 3rd 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 in the last quarter. Blue Trust Inc. raised its position in shares of Teck Resources by 583.1% during the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after buying an additional 898 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV raised its stake in Teck Resources by 69.7% during the third quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock valued at $52,000 after purchasing an additional 409 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, October 25th. StockNews.com upgraded Teck Resources from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Scotiabank raised their price target on shares of Teck Resources from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a report on Tuesday, October 8th. UBS Group lowered shares of Teck Resources from a “buy” rating to a “neutral” rating in a report on Monday, November 11th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a research report on Friday, October 25th. Five analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $65.29.

Teck Resources Stock Performance

Teck Resources stock opened at $46.12 on Tuesday. Teck Resources Limited has a 1 year low of $36.50 and a 1 year high of $55.13. The company’s 50-day moving average is $48.71 and its two-hundred day moving average is $48.34. 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 has a market cap of $23.63 billion, a PE ratio of 69.88 and a beta of 1.03.

Teck Resources (NYSE:TECK) (TSE:TECK) last issued its earnings results on Thursday, October 24th. The basic materials company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. The business had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.09 billion. During the same period in the previous year, the company earned $0.57 earnings per share. The firm’s revenue for the quarter was down 20.6% on a year-over-year basis. Equities analysts anticipate that Teck Resources Limited will post 1.82 earnings per share for the current year.

Teck Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.0895 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.36 annualized dividend and a dividend yield of 0.78%. Teck Resources’s dividend payout ratio is 56.06%.

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.