Ritholtz Wealth Management Boosts Stake in Teekay Co. (NYSE:TK)

Ritholtz Wealth Management raised its position in shares of Teekay Co. (NYSE:TK) by 3.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 200,069 shares of the shipping company’s stock after purchasing an additional 6,102 shares during the period. Ritholtz Wealth Management owned approximately 0.22% of Teekay worth $1,841,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its stake in Teekay by 3.3% during the second quarter. Dimensional Fund Advisors LP now owns 5,527,077 shares of the shipping company’s stock worth $49,579,000 after purchasing an additional 176,641 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Teekay by 13.4% in the first quarter. Sei Investments Co. now owns 537,009 shares of the shipping company’s stock worth $3,909,000 after buying an additional 63,504 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Teekay by 44.2% in the first quarter. Russell Investments Group Ltd. now owns 185,818 shares of the shipping company’s stock worth $1,353,000 after buying an additional 56,998 shares during the period. American Century Companies Inc. increased its holdings in shares of Teekay by 27.2% in the second quarter. American Century Companies Inc. now owns 1,546,328 shares of the shipping company’s stock worth $13,871,000 after buying an additional 331,002 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in shares of Teekay by 19.2% in the second quarter. Renaissance Technologies LLC now owns 4,026,075 shares of the shipping company’s stock worth $36,114,000 after buying an additional 649,900 shares during the period. Institutional investors own 46.73% of the company’s stock.

Teekay Price Performance

Shares of NYSE:TK opened at $9.17 on Monday. Teekay Co. has a 1 year low of $6.41 and a 1 year high of $9.95. The company has a market cap of $842.17 million, a PE ratio of 5.88 and a beta of 0.60. The stock’s 50-day moving average is $8.44 and its 200 day moving average is $8.43.

Teekay (NYSE:TK) last announced its quarterly earnings results on Thursday, August 1st. The shipping company reported $0.35 earnings per share (EPS) for the quarter. Teekay had a return on equity of 7.03% and a net margin of 11.18%. The company had revenue of $326.14 million for the quarter.

Analysts Set New Price Targets

Separately, StockNews.com downgraded Teekay from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 28th.

Teekay Company Profile

Teekay Corporation engages in the international crude oil and other marine transportation services worldwide. The company owns and operates crude oil and refined product tankers. It also provides ship-to-ship support services; tanker commercial management operation services; and operational and maintenance marine services.