Principal Financial Group Inc. Increases Position in Teck Resources Ltd $TECK

Principal Financial Group Inc. increased its holdings in Teck Resources Ltd (NYSE:TECK) (TSE:TECK) by 17.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,044,284 shares of the basic materials company’s stock after acquiring an additional 3,211,985 shares during the period. Principal Financial Group Inc.’s holdings in Teck Resources were worth $1,139,051,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of TECK. Vanguard Group Inc. increased its position in shares of Teck Resources by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 20,185,694 shares of the basic materials company’s stock valued at $966,370,000 after acquiring an additional 278,481 shares during the last quarter. Davis Selected Advisers grew its stake in Teck Resources by 9.0% in the 4th quarter. Davis Selected Advisers now owns 12,019,609 shares of the basic materials company’s stock valued at $575,620,000 after purchasing an additional 995,947 shares during the period. Hancock Prospecting Pty Ltd grew its stake in Teck Resources by 31.7% in the 4th quarter. Hancock Prospecting Pty Ltd now owns 10,298,293 shares of the basic materials company’s stock valued at $493,185,000 after purchasing an additional 2,477,344 shares during the period. Norges Bank purchased a new stake in shares of Teck Resources during the 4th quarter valued at $404,880,000. Finally, Mackenzie Financial Corp increased its position in shares of Teck Resources by 6.9% during the 4th quarter. Mackenzie Financial Corp now owns 8,258,250 shares of the basic materials company’s stock valued at $395,101,000 after purchasing an additional 536,396 shares during the last quarter. 78.06% of the stock is owned by hedge funds and other institutional investors.

Teck Resources Stock Performance

NYSE:TECK opened at $58.49 on Tuesday. The business’s fifty day moving average is $62.51 and its 200 day moving average is $56.92. The firm has a market cap of $28.24 billion, a price-to-earnings ratio of 21.42, a PEG ratio of 1.78 and a beta of 0.92. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.16 and a current ratio of 2.83. Teck Resources Ltd has a 52-week low of $30.98 and a 52-week high of $71.25.

Teck Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.125 per share. The ex-dividend date was Monday, June 15th. This represents a $0.50 annualized dividend and a dividend yield of 0.9%. Teck Resources’s dividend payout ratio is currently 13.19%.

Analyst Ratings Changes

A number of brokerages recently weighed in on TECK. Zacks Research downgraded shares of Teck Resources from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 22nd. Scotiabank restated a “sector perform” rating on shares of Teck Resources in a report on Monday, June 15th. TD Securities reaffirmed a “hold” rating on shares of Teck Resources in a research report on Friday, April 24th. Weiss Ratings upgraded shares of Teck Resources from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, April 24th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Teck Resources from $48.00 to $46.00 and set a “neutral” rating for the company in a research report on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $59.83.

About Teck Resources

Teck Resources Ltd. is a diversified natural resource company headquartered in Canada that explores for, develops and produces a portfolio of metallic and energy commodities. Its core businesses center on copper, steelmaking (metallurgical) coal and zinc, with related smelting and refining activities. Teck supplies raw materials and intermediate products to global steelmakers, metals markets and industrial customers, and operates integrated mining and processing facilities as well as earlier-stage exploration and development projects.

The company’s operations and projects are located across multiple geographies, with a significant presence in western Canada and North America and additional exploration and development activities in Latin America.