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

Principal Financial Group Inc. lowered its stake in Teck Resources Limited (NYSE:TECK - Free Report) TSE: TECK by 1.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,350,119 shares of the basic materials company's stock after selling 79,862 shares during the period. Principal Financial Group Inc. owned approximately 1.47% of Teck Resources worth $297,848,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Synergy Asset Management LLC boosted its position in shares of Teck Resources by 77.7% during the fourth quarter. Synergy Asset Management LLC now owns 16,892 shares of the basic materials company's stock valued at $685,000 after buying an additional 7,387 shares during the period. Forest Avenue Capital Management LP boosted its position in shares of Teck Resources by 3.7% during the third quarter. Forest Avenue Capital Management LP now owns 720,920 shares of the basic materials company's stock valued at $37,661,000 after buying an additional 25,430 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of Teck Resources during the third quarter valued at approximately $1,937,000. Intech Investment Management LLC boosted its position in shares of Teck Resources by 20.9% during the third quarter. Intech Investment Management LLC now owns 98,145 shares of the basic materials company's stock valued at $5,132,000 after buying an additional 16,981 shares during the period. Finally, CIBC Asset Management Inc boosted its position in shares of Teck Resources by 2.6% during the third quarter. CIBC Asset Management Inc now owns 6,495,880 shares of the basic materials company's stock valued at $341,337,000 after buying an additional 165,759 shares during the period. Hedge funds and other institutional investors own 78.06% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TECK. UBS Group lowered Teck Resources from a "buy" rating to a "neutral" rating in a research report on Monday, November 11th. Deutsche Bank Aktiengesellschaft downgraded shares of Teck Resources from a "buy" rating to a "hold" rating and set a $50.00 price target for the company. in a research note on Friday, October 25th. JPMorgan Chase & Co. decreased their price target on shares of Teck Resources from $55.00 to $51.00 and set an "overweight" rating for the company in a research note on Thursday, January 16th. Raymond James decreased their price target on shares of Teck Resources from $75.00 to $70.00 and set an "outperform" rating for the company in a research note on Wednesday, January 22nd. Finally, National Bank Financial downgraded shares of Teck Resources from an "outperform" rating to a "sector perform" rating in a research note on Tuesday, December 10th. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Teck Resources has an average rating of "Moderate Buy" and an average target price of $65.38.

Teck Resources Stock Down 5.2 %

NYSE:TECK traded down $2.24 during trading hours on Friday, reaching $41.12. The company's stock had a trading volume of 4,162,242 shares, compared to its average volume of 2,921,563. The company has a market capitalization of $20.51 billion, a P/E ratio of 62.30 and a beta of 1.02. Teck Resources Limited has a 12 month low of $37.30 and a 12 month high of $55.13. 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 stock has a 50 day moving average price of $41.95 and a two-hundred day moving average price of $45.72.

Teck Resources (NYSE:TECK - Get Free Report) TSE: TECK last issued its quarterly earnings data on Thursday, February 20th. The basic materials company reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.07. The company had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $2.58 billion. Teck Resources had a net margin of 3.32% and a return on equity of 6.37%. Equities analysts predict that Teck Resources Limited will post 1.64 EPS for the current fiscal year.

Teck Resources Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.0879 per share. This represents a $0.35 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date of this dividend is Friday, March 14th. Teck Resources's payout ratio is presently 53.03%.

Teck Resources Company 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.