Advisors Asset Management Inc. decreased its holdings in shares of Teekay Corporation (NYSE:TK) by 9.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,317 shares of the shipping company’s stock after selling 3,289 shares during the quarter. Advisors Asset Management Inc.’s holdings in Teekay Corporation were worth $209,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of TK. Geneva Advisors LLC lifted its stake in Teekay Corporation by 10.6% during the first quarter. Geneva Advisors LLC now owns 11,057 shares of the shipping company’s stock worth $101,000 after purchasing an additional 1,057 shares during the last quarter. Mark Sheptoff Financial Planning LLC purchased a new stake in Teekay Corporation during the first quarter worth approximately $111,000. Nine Chapters Capital Management LLC purchased a new stake in Teekay Corporation during the first quarter worth approximately $141,000. Russell Investments Group Ltd. purchased a new stake in Teekay Corporation during the first quarter worth approximately $154,000. Finally, Jane Street Group LLC purchased a new stake in Teekay Corporation during the first quarter worth approximately $166,000. Hedge funds and other institutional investors own 31.49% of the company’s stock.
A number of equities research analysts have weighed in on the company. Zacks Investment Research cut Teekay Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, September 6th. ValuEngine cut Teekay Corporation from a “hold” rating to a “sell” rating in a research note on Friday, September 1st. BidaskClub upgraded Teekay Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Royal Bank Of Canada reiterated a “hold” rating on shares of Teekay Corporation in a research note on Friday, June 16th. Finally, Morgan Stanley cut Teekay Corporation from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $8.00 to $3.00 in a research note on Friday, June 9th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $5.33.
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Shares of Teekay Corporation (TK) opened at 9.02 on Friday. The stock’s market cap is $778.06 million. Teekay Corporation has a 1-year low of $5.14 and a 1-year high of $11.77. The stock’s 50 day moving average price is $9.32 and its 200 day moving average price is $8.23.
Teekay Corporation (NYSE:TK) last issued its earnings results on Thursday, August 3rd. The shipping company reported ($0.44) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.37) by ($0.07). The company had revenue of $513.90 million during the quarter, compared to analyst estimates of $503.65 million. Teekay Corporation had a negative return on equity of 2.82% and a negative net margin of 5.66%. The business’s revenue was down 12.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.01 earnings per share. On average, equities research analysts anticipate that Teekay Corporation will post ($1.11) EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 16th. Stockholders of record on Friday, August 4th were issued a dividend of $0.055 per share. The ex-dividend date was Wednesday, August 2nd. This represents a $0.22 dividend on an annualized basis and a dividend yield of 2.44%. Teekay Corporation’s dividend payout ratio is -15.38%.
About Teekay Corporation
Teekay Corporation (Teekay) is a provider of crude oil and gas marine transportation services. The Company also offers offshore oil production, storage and offloading services, primarily under long-term, fixed-rate contracts. The Company is engaged in the liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipping sectors, as well as in the operations in the offshore production, storage and transportation sector.
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