Teekay Corporation Ltd. $TK is Flat Footed LLC’s 3rd Largest Position

Flat Footed LLC decreased its holdings in shares of Teekay Corporation Ltd. (NYSE:TK) by 7.9% during the first quarter, HoldingsChannel reports. The institutional investor owned 1,622,766 shares of the shipping company’s stock after selling 140,100 shares during the period. Teekay accounts for about 2.2% of Flat Footed LLC’s holdings, making the stock its 3rd biggest holding. Flat Footed LLC’s holdings in Teekay were worth $19,814,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TK. Tudor Investment Corp ET AL increased its stake in Teekay by 191.0% during the 3rd quarter. Tudor Investment Corp ET AL now owns 407,901 shares of the shipping company’s stock worth $3,337,000 after buying an additional 267,743 shares in the last quarter. Hussman Strategic Advisors Inc. acquired a new position in shares of Teekay during the 4th quarter valued at about $948,000. Denali Advisors LLC grew its stake in shares of Teekay by 38.3% in the 4th quarter. Denali Advisors LLC now owns 283,213 shares of the shipping company’s stock valued at $2,557,000 after buying an additional 78,389 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Teekay by 58.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,783,869 shares of the shipping company’s stock valued at $33,796,000 after buying an additional 1,029,977 shares during the period. Finally, Versor Investments LP increased its holdings in shares of Teekay by 177.0% during the 4th quarter. Versor Investments LP now owns 63,700 shares of the shipping company’s stock worth $575,000 after buying an additional 40,700 shares during the last quarter. Hedge funds and other institutional investors own 46.73% of the company’s stock.

Teekay Price Performance

Shares of Teekay stock opened at $11.20 on Monday. The stock has a market capitalization of $971.68 million, a price-to-earnings ratio of 7.42 and a beta of 0.22. The business has a 50-day moving average of $11.58 and a 200 day moving average of $11.67. Teekay Corporation Ltd. has a 12 month low of $7.11 and a 12 month high of $14.38.

Teekay (NYSE:TK) last issued its quarterly earnings results on Wednesday, May 13th. The shipping company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.44. The company had revenue of $285.82 million for the quarter, compared to analyst estimates of $285.82 million. Teekay had a net margin of 13.03% and a return on equity of 6.36%.

Teekay Dividend Announcement

The firm also recently announced a special dividend, which was paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th were issued a dividend of $1.00 per share. The ex-dividend date was Tuesday, May 26th.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TK. Wall Street Zen cut Teekay from a “buy” rating to a “hold” rating in a report on Saturday, May 23rd. Weiss Ratings cut shares of Teekay from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, July 17th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of “Hold”.

Insider Buying and Selling at Teekay

In other Teekay news, Director Rudolph Krediet sold 63,042 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $11.80, for a total value of $743,895.60. Following the completion of the transaction, the director owned 35,167 shares of the company’s stock, valued at $414,970.60. This trade represents a 64.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Brody Speers sold 5,500 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $12.15, for a total transaction of $66,825.00. Following the completion of the transaction, the chief financial officer owned 3,364 shares of the company’s stock, valued at approximately $40,872.60. This trade represents a 62.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 408,818 shares of company stock worth $5,014,530. 2.38% of the stock is currently owned by corporate insiders.

About Teekay

Teekay Corporation (NYSE: TK) is a global provider of marine transportation and offshore production solutions for the energy industry. Founded in 1973 and headquartered in Vancouver, Canada, Teekay designs, owns and operates a diversified fleet of tankers and floating production, storage and offloading (FPSO) units. The company specializes in the movement and storage of crude oil, liquefied natural gas (LNG) and liquefied petroleum gas (LPG), offering integrated services that range from tanker transport to offshore production and marine maintenance.

Teekay’s core business is organized into three operating segments.