Principal Financial Group Inc. Has $902.77 Million Stock Position in Teck Resources Ltd $TECK

Key Points

• Principal Financial Group increased its stake in Teck Resources by 11.6% in Q4 to 18,832,299 shares (about 3.92% of the company), valued at roughly $902.77 million.
• Wall Street gives Teck a consensus rating of "Hold" with an average price target of $59.17, though Benchmark recently raised its target to $67 and analyst opinions range from Strong Buy to Hold.
• Teck beat EPS estimates with $0.98 for the quarter (vs. $0.59 consensus) and announced a quarterly dividend of $0.125 (annualized $0.50, ~0.9% yield) with an ex-dividend date of June 15.

Principal Financial Group Inc. grew its stake in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 11.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 18,832,299 shares of the basic materials company's stock after purchasing an additional 1,953,070 shares during the quarter. Principal Financial Group Inc. owned about 3.92% of Teck Resources worth $902,769,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in TECK. Wellington Management Group LLP lifted its stake in shares of Teck Resources by 264.5% in the 3rd quarter. Wellington Management Group LLP now owns 5,781,060 shares of the basic materials company's stock valued at $253,695,000 after purchasing an additional 4,194,868 shares during the period. Pentwater Capital Management LP lifted its stake in shares of Teck Resources by 7,150.0% in the 3rd quarter. Pentwater Capital Management LP now owns 2,900,000 shares of the basic materials company's stock valued at $127,281,000 after purchasing an additional 2,860,000 shares during the period. Maple Rock Capital Partners Inc. acquired a new position in shares of Teck Resources in the 3rd quarter valued at $88,601,000. Temasek Holdings Private Ltd lifted its stake in shares of Teck Resources by 47.2% in the 3rd quarter. Temasek Holdings Private Ltd now owns 5,250,004 shares of the basic materials company's stock valued at $230,423,000 after purchasing an additional 1,682,625 shares during the period. Finally, Davis Selected Advisers lifted its stake in shares of 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. Institutional investors and hedge funds own 78.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TECK. Benchmark increased their price target on Teck Resources from $48.00 to $67.00 and gave the company a "buy" rating in a research note on Monday, February 23rd. TD Securities reaffirmed a "hold" rating on shares of Teck Resources in a research note on Friday, April 24th. Weiss Ratings raised Teck Resources from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, April 24th. Zacks Research downgraded Teck Resources from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, April 22nd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $62.00 price objective on shares of Teck Resources in a research note on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and thirteen have issued a Hold rating to the company. According to data from MarketBeat, Teck Resources has a consensus rating of "Hold" and an average price target of $59.17.

Teck Resources Stock Performance

Shares of Teck Resources stock opened at $56.71 on Tuesday. The company has a market capitalization of $27.33 billion, a PE ratio of 20.77, a PEG ratio of 4.36 and a beta of 0.86. Teck Resources Ltd has a 12 month low of $30.98 and a 12 month high of $63.26. 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 stock's fifty day simple moving average is $54.53 and its 200 day simple moving average is $50.01.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings data on Thursday, February 19th. The basic materials company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.59 by $0.39. The business had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.28 billion. Teck Resources had a return on equity of 7.94% and a net margin of 14.91%.The firm's revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. On average, research analysts predict that Teck Resources Ltd will post 2.61 EPS for the current year.

Teck Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Monday, June 15th. Teck Resources's dividend payout ratio is 13.55%.

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.

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