Principal Financial Group Inc. Acquires 3,211,985 Shares of Teck Resources Ltd $TECK

Key Points

• Principal Financial Group increased its Teck Resources stake by 17.1% in Q1, buying 3.21 million additional shares and bringing its total holding to 22.04 million shares worth about $1.14 billion.
• Other institutional investors also adjusted positions, and overall hedge funds and institutions own 78.06% of Teck Resources' stock.
• Analysts remain cautious: Teck has a consensus “Hold” rating with a target price of $59.83, while JPMorgan recently trimmed its target to $46 and several firms kept hold/sector-perform views.

Principal Financial Group Inc. grew its holdings in shares of Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 17.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 22,044,284 shares of the basic materials company's stock after buying an additional 3,211,985 shares during the period. Principal Financial Group Inc. owned approximately 4.57% of Teck Resources worth $1,139,051,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Brown Brothers Harriman & Co. acquired a new position in shares of Teck Resources during the 4th quarter valued at $25,000. Blue Trust Inc. grew its holdings in Teck Resources by 411.8% in the first quarter. Blue Trust Inc. now owns 563 shares of the basic materials company's stock worth $29,000 after purchasing an additional 453 shares during the period. Flagship Harbor Advisors LLC bought a new stake in Teck Resources in the fourth quarter valued at $103,000. Banque Cantonale Vaudoise increased its stake in Teck Resources by 5,102.0% in the third quarter. Banque Cantonale Vaudoise now owns 2,549 shares of the basic materials company's stock valued at $112,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. acquired a new position in shares of Teck Resources during the fourth quarter valued at about $151,000. Institutional investors and hedge funds own 78.06% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on TECK shares. JPMorgan Chase & Co. reduced their target price on Teck Resources from $48.00 to $46.00 and set a "neutral" rating for the company in a research note on Thursday, July 9th. Scotiabank reaffirmed a "sector perform" rating on shares of Teck Resources in a research note on Monday, June 15th. Weiss Ratings raised Teck Resources from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, April 24th. Veritas lowered Teck Resources from a "strong-buy" rating to a "hold" rating in a report on Thursday, June 4th. Finally, TD Securities reissued a "hold" rating on shares of Teck Resources in a research note on Friday, April 24th. Five investment analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company's stock. According to MarketBeat, Teck Resources presently has a consensus rating of "Hold" and a consensus target price of $59.83.

Teck Resources Trading Down 2.2%

NYSE TECK opened at $58.49 on Tuesday. The company has a current ratio of 2.83, a quick ratio of 2.16 and a debt-to-equity ratio of 0.13. The business has a fifty day simple moving average of $62.51 and a 200 day simple moving average of $56.92. Teck Resources Ltd has a 12 month low of $30.98 and a 12 month high of $71.25. The firm has a market capitalization of $28.24 billion, a P/E ratio of 21.42, a PEG ratio of 1.78 and a beta of 0.92.

Teck Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.125 dividend. 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%.

Teck Resources Profile

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.

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