Korea Investment CORP Has $14.54 Million Stock Holdings in Teck Resources Limited (NYSE:TECK)

Korea Investment CORP reduced its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 69.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 358,791 shares of the basic materials company’s stock after selling 832,510 shares during the period. Korea Investment CORP owned about 0.07% of Teck Resources worth $14,539,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Swedbank AB bought a new stake in shares of Teck Resources during the fourth quarter worth $103,878,000. FMR LLC grew its holdings in 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 acquiring an additional 1,531,563 shares during the last quarter. AMF Tjanstepension AB increased its position in Teck Resources by 32.2% in the 4th quarter. AMF Tjanstepension AB now owns 6,020,023 shares of the basic materials company’s stock valued at $244,252,000 after acquiring an additional 1,467,516 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new position in shares of Teck Resources in the third quarter worth about $70,549,000. Finally, Principal Financial Group Inc. lifted its position in shares of Teck Resources by 21.7% during 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 purchasing an additional 1,326,241 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Raymond James cut their price target on Teck Resources from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 22nd. National Bank Financial lowered Teck Resources from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, December 10th. Finally, Bank of America upped their target price on shares of Teck Resources from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, March 10th. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $65.22.

Teck Resources Price Performance

Shares of TECK stock opened at $37.43 on Monday. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. Teck Resources Limited has a 12-month low of $36.54 and a 12-month high of $55.13. The firm has a fifty day moving average of $41.56 and a 200-day moving average of $44.64. The firm has a market capitalization of $18.52 billion, a price-to-earnings ratio of 68.05 and a beta of 0.93.

Teck Resources (NYSE:TECK) (TSE:TECK) last posted its earnings results on Thursday, February 20th. The basic materials company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.07. The firm had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $2.58 billion. Teck Resources had a return on equity of 4.59% and a net margin of 2.96%. On average, equities research analysts forecast that Teck Resources Limited will post 1.53 earnings per share for the current year.

Teck Resources Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.0879 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.35 annualized dividend and a yield of 0.94%. Teck Resources’s dividend payout ratio (DPR) is currently 61.82%.

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.