Renaissance Technologies LLC cut its position in shares of Teekay Corporation Ltd. (NYSE:TK – Free Report) by 2.9% in the first quarter, Holdings Channel.com reports. The institutional investor owned 4,074,674 shares of the shipping company’s stock after selling 121,201 shares during the period. Renaissance Technologies LLC’s holdings in Teekay were worth $49,752,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in TK. Cubist Systematic Strategies LLC acquired a new position in shares of Teekay in the first quarter worth about $48,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Teekay by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,460 shares of the shipping company’s stock valued at $213,000 after acquiring an additional 1,404 shares in the last quarter. Millennium Management LLC lifted its position in shares of Teekay by 153.8% in the 1st quarter. Millennium Management LLC now owns 1,188,289 shares of the shipping company’s stock valued at $7,807,000 after acquiring an additional 720,093 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Teekay in the 1st quarter worth approximately $267,000. Finally, Jane Street Group LLC boosted its stake in Teekay by 82.3% in the 1st quarter. Jane Street Group LLC now owns 160,068 shares of the shipping company’s stock worth $1,052,000 after purchasing an additional 72,240 shares during the period. 46.73% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Teekay
In related news, Director Rudolph Krediet sold 63,042 shares of Teekay stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $11.80, for a total transaction of $743,895.60. Following the completion of the sale, the director owned 35,167 shares of the company’s stock, valued at approximately $414,970.60. This trade represents a 64.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Kenneth Hvid sold 315,335 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $12.36, for a total value of $3,897,540.60. Following the completion of the transaction, the chief executive officer owned 112,322 shares in the company, valued at $1,388,299.92. This trade represents a 73.74% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 408,818 shares of company stock valued at $5,014,530. 2.38% of the stock is owned by insiders.
Teekay Stock Performance
Teekay (NYSE:TK – Get Free Report) last released its quarterly earnings data on Wednesday, May 13th. The shipping company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.44. Teekay had a net margin of 13.03% and a return on equity of 6.36%. The firm had revenue of $285.82 million for the quarter, compared to analyst estimates of $285.82 million.
Teekay Announces Dividend
The business also recently declared a special dividend, which was paid on Tuesday, June 2nd. Stockholders 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
TK has been the topic of several recent analyst reports. Weiss Ratings downgraded shares of Teekay from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, July 17th. Wall Street Zen downgraded Teekay from a “buy” rating to a “hold” rating in a report on Saturday, May 23rd. One research analyst has rated the stock with a Hold rating, According to MarketBeat, the stock has an average rating of “Hold”.
Read Our Latest Stock Report on TK
Teekay Company 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.
Featured Stories
- Five stocks we like better than Teekay
- AirJoule’s Kubota Deal Is a Major Validation—But the Hard Part Comes Next
- Dividend Stocks May Be the Quiet Rotation Trade Investors Are Missing Now
- Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There?
- Verizon May Be an AI Infrastructure Stock Hiding in Plain Sight
Want to see what other hedge funds are holding TK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Teekay Corporation Ltd. (NYSE:TK – Free Report).
Receive News & Ratings for Teekay Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Teekay and related companies with MarketBeat.com's FREE daily email newsletter.
