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

Principal Financial Group Inc. raised its stake in Teck Resources Limited (NYSE:TECK) (TSE:TECK) by 21.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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. owned about 1.47% of Teck Resources worth $388,507,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of TECK. Headlands Technologies LLC bought a new stake in Teck Resources in the second quarter valued at $38,000. Eastern Bank acquired a new stake in shares of Teck Resources in the third quarter valued at $39,000. Bruce G. Allen Investments LLC increased its stake in shares of Teck Resources by 77.4% in the third quarter. Bruce G. Allen Investments LLC now owns 878 shares of the basic materials company’s stock valued at $46,000 after buying an additional 383 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Teck Resources by 583.1% in the second quarter. Blue Trust Inc. now owns 1,052 shares of the basic materials company’s stock valued at $48,000 after buying an additional 898 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its stake in shares of Teck Resources by 69.7% in the third quarter. Massmutual Trust Co. FSB ADV now owns 996 shares of the basic materials company’s stock valued at $52,000 after buying an additional 409 shares in the last quarter. 78.06% of the stock is currently owned by institutional investors.

Teck Resources Stock Up 0.6 %

Shares of NYSE:TECK opened at $49.09 on Thursday. The company has a 50 day moving average price of $48.57 and a two-hundred day moving average price of $48.71. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.35 and a current ratio of 2.92. The company has a market capitalization of $24.85 billion, a PE ratio of 74.38 and a beta of 1.04. Teck Resources Limited has a 52 week low of $34.38 and a 52 week high of $55.13.

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

Analyst Ratings Changes

A number of analysts have recently weighed in on TECK shares. BMO Capital Markets started coverage on Teck Resources in a research note on Monday, July 15th. They issued an “outperform” rating for the company. CIBC raised their target price on Teck Resources from $70.00 to $80.00 and gave the company an “outperformer” rating in a research note on Friday, July 12th. Scotiabank raised their target price on Teck Resources from $78.00 to $79.00 and gave the company a “sector outperform” rating in a research note on Tuesday, October 8th. Citigroup upgraded Teck Resources to a “hold” rating in a report on Wednesday, October 2nd. Finally, Paradigm Capital upgraded Teck Resources to a “moderate buy” rating in a report on Friday, July 26th. Four research 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. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $65.29.

Teck Resources Profile

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.