Envestnet Asset Management Inc. Raises Stock Holdings in Teekay Corporation Ltd. $TK

Envestnet Asset Management Inc. increased its stake in Teekay Corporation Ltd. (NYSE:TK) by 31.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 195,470 shares of the shipping company’s stock after purchasing an additional 46,265 shares during the period. Envestnet Asset Management Inc.’s holdings in Teekay were worth $1,599,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. American Century Companies Inc. grew its stake in Teekay by 5.7% in the 2nd quarter. American Century Companies Inc. now owns 2,254,112 shares of the shipping company’s stock worth $18,596,000 after buying an additional 121,152 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Teekay by 40.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,104,437 shares of the shipping company’s stock worth $17,362,000 after acquiring an additional 604,666 shares during the last quarter. JPMorgan Chase & Co. grew its position in Teekay by 130.4% in the second quarter. JPMorgan Chase & Co. now owns 1,983,752 shares of the shipping company’s stock worth $16,366,000 after acquiring an additional 1,122,843 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Teekay by 36.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,394,516 shares of the shipping company’s stock valued at $11,477,000 after acquiring an additional 371,530 shares during the last quarter. Finally, Millennium Management LLC raised its position in Teekay by 153.8% during the first quarter. Millennium Management LLC now owns 1,188,289 shares of the shipping company’s stock valued at $7,807,000 after purchasing an additional 720,093 shares in the last quarter. 46.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Teekay in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Hold”.

Teekay Stock Performance

TK stock opened at $12.95 on Friday. The firm has a market cap of $1.19 billion, a P/E ratio of 10.79 and a beta of 0.20. The firm’s fifty day moving average is $10.25 and its 200 day moving average is $9.34. Teekay Corporation Ltd. has a 52 week low of $5.65 and a 52 week high of $13.02.

Teekay (NYSE:TK) last posted its quarterly earnings results on Wednesday, February 18th. The shipping company reported $0.40 earnings per share for the quarter. Teekay had a net margin of 10.33% and a return on equity of 5.02%.

Teekay Profile

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.