Principal Financial Group Inc. Boosts Stock Position in Teck Resources Limited (NYSE:TECK)

Principal Financial Group Inc. boosted its stake in shares of Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 7.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,103,740 shares of the basic materials company’s stock after buying an additional 416,070 shares during the period. Principal Financial Group Inc. owned 1.19% of Teck Resources worth $292,441,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Hawaiian Bank increased its holdings in shares of Teck Resources by 6.0% during the 1st quarter. First Hawaiian Bank now owns 5,552 shares of the basic materials company’s stock worth $254,000 after buying an additional 313 shares during the last quarter. Cigna Investments Inc. New lifted its stake in shares of Teck Resources by 3.8% in the 2nd quarter. Cigna Investments Inc. New now owns 8,762 shares of the basic materials company’s stock valued at $420,000 after purchasing an additional 317 shares during the last quarter. Verdence Capital Advisors LLC grew its holdings in shares of Teck Resources by 3.3% during the 1st quarter. Verdence Capital Advisors LLC now owns 10,981 shares of the basic materials company’s stock worth $503,000 after purchasing an additional 353 shares during the period. Hexagon Capital Partners LLC grew its holdings in shares of Teck Resources by 143.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 656 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 386 shares during the period. Finally, Optiver Holding B.V. increased its position in shares of Teck Resources by 81.9% during the 4th quarter. Optiver Holding B.V. now owns 973 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 438 shares during the last quarter. Institutional investors and hedge funds own 78.06% of the company’s stock.

Teck Resources Stock Up 1.1 %

Shares of TECK stock traded up $0.53 during trading hours on Friday, reaching $47.90. 1,163,476 shares of the stock were exchanged, compared to its average volume of 3,485,205. The business’s fifty day moving average is $47.73 and its two-hundred day moving average is $46.84. The firm has a market capitalization of $24.51 billion, a P/E ratio of 21.19 and a beta of 1.05. Teck Resources Limited has a 12-month low of $34.38 and a 12-month high of $55.13. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.48 and a quick ratio of 0.77.

Teck Resources (NYSE:TECK) (TSE:TECK) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.32. The company had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $2.67 billion. Teck Resources had a net margin of 9.40% and a return on equity of 6.52%. The company’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.91 EPS. As a group, research analysts expect that Teck Resources Limited will post 1.97 EPS for the current fiscal year.

Teck Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 5.22%. This is an increase from Teck Resources’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend is Friday, September 13th. Teck Resources’s payout ratio is 16.37%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on TECK shares. CIBC increased their target price on shares of Teck Resources from $70.00 to $80.00 and gave the stock an “outperformer” rating in a research note on Friday, July 12th. Morgan Stanley raised their price target on Teck Resources from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, June 21st. TD Securities raised Teck Resources to a “strong-buy” rating in a research note on Tuesday, July 16th. JPMorgan Chase & Co. decreased their target price on Teck Resources from $56.00 to $54.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Finally, Benchmark reaffirmed a “buy” rating and issued a $55.00 target price on shares of Teck Resources in a research report on Thursday, July 25th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $62.40.

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.