Renaissance Technologies LLC Sells 62,000 Shares of Teekay Corporation (NYSE:TK)
Renaissance Technologies LLC lowered its stake in shares of Teekay Corporation (NYSE:TK) by 14.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 356,300 shares of the shipping company’s stock after selling 62,000 shares during the period. Renaissance Technologies LLC’s holdings in Teekay Corporation were worth $3,260,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in TK. American International Group Inc. raised its stake in Teekay Corporation by 17.2% in the first quarter. American International Group Inc. now owns 29,629 shares of the shipping company’s stock valued at $271,000 after buying an additional 4,359 shares during the last quarter. Nine Chapters Capital Management LLC acquired a new stake in Teekay Corporation during the first quarter valued at $141,000. Russell Investments Group Ltd. acquired a new stake in Teekay Corporation during the first quarter valued at $154,000. Trexquant Investment LP raised its stake in Teekay Corporation by 8.6% in the first quarter. Trexquant Investment LP now owns 26,609 shares of the shipping company’s stock valued at $243,000 after buying an additional 2,109 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its stake in Teekay Corporation by 10.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 18,994 shares of the shipping company’s stock valued at $174,000 after buying an additional 1,816 shares during the last quarter. Hedge funds and other institutional investors own 46.45% of the company’s stock.
Shares of Teekay Corporation (NYSE TK) traded up 3.93% during trading on Friday, hitting $9.53. 1,334,643 shares of the stock traded hands. The company’s market cap is $822.05 million. The firm’s 50-day moving average price is $8.07 and its 200-day moving average price is $8.44. Teekay Corporation has a 52 week low of $5.14 and a 52 week high of $11.77.
Teekay Corporation (NYSE:TK) last released its quarterly earnings data on Thursday, August 3rd. The shipping company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by $0.07. Teekay Corporation had a negative return on equity of 2.80% and a negative net margin of 5.66%. The company had revenue of $513.90 million for the quarter, compared to analyst estimates of $503.65 million. During the same quarter in the prior year, the company earned $0.01 earnings per share. The business’s revenue was down 12.5% compared to the same quarter last year. On average, equities research analysts anticipate that Teekay Corporation will post ($1.11) earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 16th. Shareholders of record on Friday, August 4th will be paid a dividend of $0.055 per share. The ex-dividend date of this dividend is Wednesday, August 2nd. This represents a $0.22 annualized dividend and a yield of 2.31%. Teekay Corporation’s dividend payout ratio is currently -15.38%.
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Several analysts have weighed in on TK shares. Morgan Stanley lowered shares of Teekay Corporation from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $8.00 to $3.00 in a research note on Friday, June 9th. BidaskClub lowered shares of Teekay Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Royal Bank Of Canada reiterated a “hold” rating on shares of Teekay Corporation in a research note on Friday, June 16th. ValuEngine upgraded shares of Teekay Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 20th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $7.00 target price on shares of Teekay Corporation in a research note on Friday, May 19th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Teekay Corporation has a consensus rating of “Hold” and a consensus price target of $5.33.
Teekay Corporation Company Profile
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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