State Board of Administration of Florida Retirement System Has $268,000 Position in Teekay Corp. (TK)
State Board of Administration of Florida Retirement System cut its stake in shares of Teekay Corp. (NYSE:TK) by 50.3% during the second quarter, Holdings Channel reports. The institutional investor owned 37,558 shares of the company’s stock after selling 38,076 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.05% of Teekay Corp. worth $268,000 as of its most recent filing with the SEC.
Several other large investors also recently added to or reduced their stakes in TK. Bogle Investment Management L P DE raised its stake in Teekay Corp. by 41.1% in the first quarter. Bogle Investment Management L P DE now owns 1,893,043 shares of the company’s stock worth $16,393,000 after buying an additional 551,829 shares during the period. Goldman Sachs Group Inc. raised its stake in Teekay Corp. by 614.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,023,977 shares of the company’s stock worth $8,868,000 after buying an additional 880,735 shares during the period. A.R.T. Advisors LLC raised its stake in Teekay Corp. by 1,054.5% in the first quarter. A.R.T. Advisors LLC now owns 752,052 shares of the company’s stock worth $6,512,000 after buying an additional 686,910 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in Teekay Corp. during the first quarter worth approximately $5,121,000. Finally, Riverhead Capital Management LLC acquired a new stake in Teekay Corp. during the first quarter worth approximately $2,390,000. Institutional investors own 47.71% of the company’s stock.
Shares of Teekay Corp. (NYSE:TK) traded down 0.61% during mid-day trading on Friday, reaching $8.18. The company had a trading volume of 1,228,353 shares. Teekay Corp. has a one year low of $4.37 and a one year high of $34.81. The stock has a 50 day moving average of $7.61 and a 200-day moving average of $8.19. The firm’s market capitalization is $693.93 million.
Teekay Corp. (NYSE:TK) last posted its earnings results on Thursday, August 4th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.07. The firm had revenue of $587.60 million for the quarter, compared to analysts’ expectations of $558.42 million. Teekay Corp. had a negative net margin of 3.96% and a positive return on equity of 0.74%. The company’s revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.27 earnings per share. Equities analysts predict that Teekay Corp. will post ($0.38) EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 16th. Shareholders of record on Friday, October 28th will be paid a dividend of $0.055 per share. The ex-dividend date is Wednesday, October 26th. This represents a $0.22 dividend on an annualized basis and a dividend yield of 2.69%. Teekay Corp.’s payout ratio is presently -15.07%.
TK has been the topic of several research reports. Jefferies Group set a $7.00 price objective on Teekay Corp. and gave the stock a “hold” rating in a report on Wednesday, July 27th. Wells Fargo & Co. reaffirmed a “hold” rating on shares of Teekay Corp. in a report on Thursday, July 7th. TheStreet downgraded Teekay Corp. from a “hold” rating to a “sell” rating in a report on Thursday, August 4th. Zacks Investment Research downgraded Teekay Corp. from a “buy” rating to a “hold” rating in a report on Saturday, July 30th. Finally, Credit Suisse Group AG set a $6.00 price objective on Teekay Corp. and gave the stock a “hold” rating in a report on Friday, August 5th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $14.25.
About Teekay Corp.
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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