Principal Financial Group Inc. Buys 1,326,241 Shares of Teck Resources Limited (NYSE:TECK)

Principal Financial Group Inc. lifted its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 21.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,429,981 shares of the basic materials company’s stock after acquiring an additional 1,326,241 shares during the period. Principal Financial Group Inc.’s holdings in Teck Resources were worth $388,507,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Daymark Wealth Partners LLC boosted its stake in Teck Resources by 2.8% in the 3rd 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 period. Cigna Investments Inc. New boosted its position in shares of Teck Resources by 3.8% during the second quarter. Cigna Investments Inc. New now owns 8,762 shares of the basic materials company’s stock worth $420,000 after buying an additional 317 shares during the period. Candriam S.C.A. grew its holdings in shares of Teck Resources by 4.0% during the second quarter. Candriam S.C.A. now owns 8,897 shares of the basic materials company’s stock worth $426,000 after buying an additional 343 shares in the last quarter. Evergreen Capital Management LLC raised its position in Teck Resources by 7.8% in the 2nd quarter. Evergreen Capital Management LLC now owns 5,064 shares of the basic materials company’s stock valued at $243,000 after buying an additional 365 shares during the last quarter. Finally, Bruce G. Allen Investments LLC lifted its stake in Teck Resources by 77.4% in the 3rd quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after acquiring an additional 383 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on TECK. UBS Group upgraded shares of Teck Resources from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $76.00 to $78.00 in a report on Wednesday, September 4th. TD Securities upgraded Teck Resources to a “strong-buy” rating in a report on Tuesday, July 16th. Benchmark reiterated a “buy” rating and set a $55.00 target price on shares of Teck Resources in a report on Thursday, July 25th. Scotiabank increased their price target on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. reduced their price target on Teck Resources from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $65.29.

Teck Resources Stock Performance

TECK opened at $49.09 on Thursday. Teck Resources Limited has a 12-month low of $34.38 and a 12-month high of $55.13. The stock has a market cap of $24.85 billion, a price-to-earnings ratio of 74.38 and a beta of 1.04. The business has a 50 day moving average of $48.57 and a 200-day moving average of $48.71. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16.

Teck Resources (NYSE:TECK) (TSE:TECK) last released its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The company had revenue of $2.86 billion during the quarter, compared to analysts’ expectations of $2.09 billion. During the same period last year, the firm posted $0.57 earnings per share. The business’s revenue was down 20.6% on a year-over-year basis. On average, equities research analysts expect that Teck Resources Limited will post 1.91 earnings per share for the current year.

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.