Teck Resources Limited (NYSE:TECK) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. increased its holdings in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 21.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,429,981 shares of the basic materials company's stock after buying an additional 1,326,241 shares during the quarter. Principal Financial Group Inc. owned about 1.47% of Teck Resources worth $388,507,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Quent Capital LLC purchased a new stake in shares of Teck Resources in the first quarter worth about $119,000. Envestnet Portfolio Solutions Inc. boosted its position in Teck Resources by 10.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 18,341 shares of the basic materials company's stock worth $840,000 after purchasing an additional 1,711 shares in the last quarter. Quantbot Technologies LP grew its stake in shares of Teck Resources by 180.4% during the 1st quarter. Quantbot Technologies LP now owns 64,243 shares of the basic materials company's stock worth $2,941,000 after purchasing an additional 41,331 shares during the period. Empowered Funds LLC purchased a new position in shares of Teck Resources during the 1st quarter valued at approximately $952,000. Finally, SG Americas Securities LLC acquired a new position in shares of Teck Resources in the 1st quarter valued at $1,641,000. 78.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on TECK shares. Scotiabank raised their price target on shares of Teck Resources from $78.00 to $79.00 and gave the company a "sector outperform" rating in a research report on Tuesday, October 8th. UBS Group upgraded Teck Resources from a "neutral" rating to a "buy" rating and lifted their price target for the company from $76.00 to $78.00 in a research note on Wednesday, September 4th. Benchmark reissued a "buy" rating and issued a $55.00 price objective on shares of Teck Resources in a report on Thursday, July 25th. TD Securities upgraded Teck Resources to a "strong-buy" rating in a research report on Tuesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft cut shares of Teck Resources from a "buy" rating to a "hold" rating and set a $50.00 price target on the stock. in a research note on Friday, October 25th. Four investment 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $65.29.

Teck Resources Price Performance

Shares of Teck Resources stock traded up $1.97 on Thursday, hitting $51.06. 2,574,073 shares of the company were exchanged, compared to its average volume of 3,400,962. Teck Resources Limited has a 1-year low of $34.38 and a 1-year high of $55.13. The stock has a market capitalization of $25.84 billion, a price-to-earnings ratio of 74.38 and a beta of 1.04. The company has a quick ratio of 2.35, a current ratio of 2.92 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average price of $48.57 and a 200 day moving average price of $48.71.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.36 by $0.24. Teck Resources had a return on equity of 6.37% and a net margin of 3.32%. The business had revenue of $2.86 billion for the quarter, compared to analyst estimates of $2.09 billion. During the same quarter in the previous year, the firm earned $0.57 EPS. The company's quarterly revenue was down 20.6% compared to the same quarter last year. As a group, sell-side analysts predict that Teck Resources Limited will post 1.91 earnings per share for the current fiscal 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.