Principal Financial Group Inc. Has $419.97 Million Stock Holdings in Teck Resources Ltd (NYSE:TECK)

Principal Financial Group Inc. grew its position in Teck Resources Ltd (NYSE:TECK - Free Report) TSE: TECK by 56.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,530,742 shares of the basic materials company's stock after acquiring an additional 4,180,623 shares during the period. Principal Financial Group Inc. owned about 2.34% of Teck Resources worth $419,970,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its holdings in Teck Resources by 2.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the basic materials company's stock valued at $471,000 after acquiring an additional 243 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Teck Resources by 2.9% during the 4th quarter. Sequoia Financial Advisors LLC now owns 9,809 shares of the basic materials company's stock valued at $398,000 after acquiring an additional 279 shares during the period. Steward Partners Investment Advisory LLC boosted its position in Teck Resources by 6.5% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,844 shares of the basic materials company's stock valued at $196,000 after buying an additional 297 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Teck Resources by 2.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 13,959 shares of the basic materials company's stock valued at $566,000 after buying an additional 302 shares during the period. Finally, Rockefeller Capital Management L.P. boosted its position in shares of Teck Resources by 2.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 13,511 shares of the basic materials company's stock worth $548,000 after acquiring an additional 335 shares in the last quarter. Hedge funds and other institutional investors own 78.06% of the company's stock.

Analysts Set New Price Targets

TECK has been the topic of a number of research reports. UBS Group reaffirmed a "neutral" rating on shares of Teck Resources in a report on Tuesday, April 15th. Desjardins began coverage on Teck Resources in a research report on Friday, April 4th. They set a "buy" rating for the company. National Bank Financial upgraded Teck Resources from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 24th. BMO Capital Markets began coverage on Teck Resources in a research report on Wednesday, April 16th. They issued an "outperform" rating on the stock. Finally, Veritas raised Teck Resources to a "hold" rating in a research report on Friday, April 11th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Teck Resources currently has an average rating of "Moderate Buy" and a consensus target price of $64.63.

Teck Resources Stock Performance

NYSE:TECK traded down $0.34 during mid-day trading on Friday, hitting $41.38. 1,868,426 shares of the company's stock traded hands, compared to its average volume of 3,213,077. Teck Resources Ltd has a 12 month low of $28.32 and a 12 month high of $54.13. The firm has a 50 day moving average of $37.40 and a two-hundred day moving average of $38.90. The firm has a market capitalization of $20.11 billion, a price-to-earnings ratio of 71.34, a price-to-earnings-growth ratio of 0.63 and a beta of 0.80. The company has a current ratio of 3.36, a quick ratio of 2.57 and a debt-to-equity ratio of 0.15.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its earnings results on Thursday, April 24th. The basic materials company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.24 by $0.18. Teck Resources had a return on equity of 4.53% and a net margin of 3.48%. The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter last year, the company earned $0.75 EPS. Teck Resources's revenue was up 41.4% on a year-over-year basis. On average, equities analysts forecast that Teck Resources Ltd will post 1.53 earnings per share for the current fiscal year.

Teck Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a $0.0901 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 0.87%. This is an increase from Teck Resources's previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Monday, June 16th. Teck Resources's dividend payout ratio (DPR) is currently 62.07%.

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.