Iridian Asset Management LLC CT Trims Holdings in Teck Resources Limited (NYSE:TECK)

Iridian Asset Management LLC CT reduced its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 48.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,394 shares of the basic materials company’s stock after selling 24,853 shares during the quarter. Iridian Asset Management LLC CT’s holdings in Teck Resources were worth $1,070,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of TECK. Daymark Wealth Partners LLC increased its position in Teck Resources by 2.8% during the third quarter. Daymark Wealth Partners LLC now owns 8,774 shares of the basic materials company’s stock worth $458,000 after purchasing an additional 242 shares during the last quarter. Exchange Traded Concepts LLC grew its position in Teck Resources by 7.2% in the fourth quarter. Exchange Traded Concepts LLC now owns 4,897 shares of the basic materials company’s stock worth $198,000 after acquiring an additional 327 shares during the period. OLD National Bancorp IN increased its stake in Teck Resources by 7.4% during the fourth quarter. OLD National Bancorp IN now owns 4,955 shares of the basic materials company’s stock worth $201,000 after acquiring an additional 341 shares during the last quarter. Bruce G. Allen Investments LLC raised its position 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 valued at $46,000 after purchasing an additional 383 shares during the period. Finally, Park Avenue Securities LLC lifted its stake in shares of Teck Resources by 5.7% in the 4th quarter. Park Avenue Securities LLC now owns 8,960 shares of the basic materials company’s stock valued at $363,000 after purchasing an additional 486 shares during the last quarter. 78.06% of the stock is owned by institutional investors and hedge funds.

Teck Resources Price Performance

TECK stock opened at $42.60 on Friday. Teck Resources Limited has a 1 year low of $36.50 and a 1 year high of $55.13. The firm has a market capitalization of $21.24 billion, a P/E ratio of 64.54 and a beta of 1.02. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.92 and a quick ratio of 2.35. The business’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 paid 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 dividend yield of 0.84%. Teck Resources’s payout ratio is currently 53.03%.

Analyst Ratings Changes

A number of brokerages recently issued reports on TECK. Raymond James cut their price objective 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. UBS Group cut shares of Teck Resources from a “buy” rating to a “neutral” rating in a research report on Monday, November 11th. National Bank Financial lowered shares of Teck Resources from an “outperform” rating to a “sector perform” rating in a report on Tuesday, December 10th. JPMorgan Chase & Co. dropped their target price on shares of Teck Resources from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. Finally, Deutsche Bank Aktiengesellschaft downgraded Teck Resources from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. in a report on Friday, October 25th. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Teck Resources presently has a consensus rating of “Moderate Buy” and an average price target of $65.38.

Teck Resources 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.