UBS Group AG Cuts Position in Teekay Corporation Ltd. $TK

UBS Group AG lessened its holdings in Teekay Corporation Ltd. (NYSE:TK) by 30.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 907,303 shares of the shipping company’s stock after selling 397,216 shares during the period. UBS Group AG owned approximately 0.99% of Teekay worth $8,193,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. American Century Companies Inc. boosted its stake in shares of Teekay by 6.5% in the 3rd quarter. American Century Companies Inc. now owns 2,401,121 shares of the shipping company’s stock worth $19,641,000 after buying an additional 147,009 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Teekay by 5.3% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,215,192 shares of the shipping company’s stock worth $18,120,000 after buying an additional 110,755 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Teekay by 25.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,753,892 shares of the shipping company’s stock valued at $15,469,000 after purchasing an additional 359,376 shares during the last quarter. Millennium Management LLC lifted its stake in Teekay by 88.5% in the third quarter. Millennium Management LLC now owns 1,420,284 shares of the shipping company’s stock valued at $11,618,000 after purchasing an additional 666,990 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Teekay by 8.7% in the third quarter. Vanguard Group Inc. now owns 841,886 shares of the shipping company’s stock valued at $6,887,000 after purchasing an additional 67,067 shares during the last quarter. Hedge funds and other institutional investors own 46.73% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Teekay from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has a consensus rating of “Hold”.

Teekay Price Performance

NYSE:TK opened at $13.22 on Monday. The company has a market cap of $1.15 billion, a P/E ratio of 8.75 and a beta of 0.23. The stock’s fifty day moving average price is $12.55 and its two-hundred day moving average price is $10.95. Teekay Corporation Ltd. has a 1 year low of $7.11 and a 1 year high of $14.38.

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

Teekay Announces Dividend

The business also recently announced a special dividend, which will be paid on Tuesday, June 2nd. Shareholders of record on Tuesday, May 26th will be given a dividend of $1.00 per share. The ex-dividend date is Tuesday, May 26th.

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.