Mirabella Financial Services LLP Sells 19,412 Shares of Teck Resources Limited (NYSE:TECK)

Mirabella Financial Services LLP cut its position in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 31.0% in the third quarter, Holdings Channel.com reports. The firm owned 43,264 shares of the basic materials company’s stock after selling 19,412 shares during the quarter. Mirabella Financial Services LLP’s holdings in Teck Resources were worth $2,260,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of TECK. Headlands Technologies LLC bought a new stake in Teck Resources during the 2nd quarter valued at about $38,000. Eastern Bank bought a new position in shares of Teck Resources during the 3rd quarter worth approximately $39,000. Bruce G. Allen Investments LLC grew its holdings in Teck Resources by 77.4% in the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock worth $46,000 after purchasing an additional 383 shares during the last quarter. Blue Trust Inc. increased 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 worth $48,000 after purchasing an additional 898 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV lifted its holdings in shares of Teck Resources by 69.7% during the 3rd 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 during the last quarter. Hedge funds and other institutional investors own 78.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TECK. UBS Group lowered Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. Citigroup upgraded Teck Resources to a “hold” rating in a research note on Wednesday, October 2nd. Scotiabank boosted their price target on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft cut Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research note on Friday, October 25th. Finally, JPMorgan Chase & Co. decreased their target price on Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $65.29.

Teck Resources Stock Down 0.8 %

Shares of TECK opened at $46.81 on Monday. The company has a market capitalization of $23.55 billion, a price-to-earnings ratio of 70.93 and a beta of 1.04. Teck Resources Limited has a 52 week low of $35.25 and a 52 week high of $55.13. The stock’s 50-day moving average price is $48.90 and its 200-day moving average price is $48.56. 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 (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.36 by $0.24. The business had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.09 billion. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The business’s quarterly revenue was down 20.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.57 EPS. On average, sell-side analysts predict that Teck Resources Limited will post 1.86 EPS for the current year.

Teck Resources Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.0895 per share. The ex-dividend date is Friday, December 13th. This represents a $0.36 annualized dividend and a yield of 0.76%. Teck Resources’s dividend payout ratio is presently 56.06%.

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.