Insider Selling: Teekay (NYSE:TK) CEO Sells 6,822 Shares of Stock

Teekay Corporation Ltd. (NYSE:TK) CEO Kenneth Hvid sold 6,822 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $12.04, for a total transaction of $82,136.88. Following the completion of the transaction, the chief executive officer directly owned 105,500 shares of the company’s stock, valued at approximately $1,270,220. This trade represents a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Kenneth Hvid also recently made the following trade(s):

• On Thursday, June 11th, Kenneth Hvid sold 315,335 shares of Teekay stock. The shares were sold at an average price of $12.36, for a total transaction of $3,897,540.60.

Teekay Trading Up 3.9%

Shares of TK stock traded up $0.46 on Friday, reaching $12.34. The company’s stock had a trading volume of 355,519 shares, compared to its average volume of 640,616. The stock’s fifty day simple moving average is $12.72 and its 200-day simple moving average is $11.28. Teekay Corporation Ltd. has a 1 year low of $7.11 and a 1 year high of $14.38. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 8.17 and a beta of 0.19.

Teekay (NYSE:TK) last posted its earnings results on Wednesday, May 13th. The shipping company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $285.82 million.

Teekay Dividend Announcement

The firm also recently announced a special dividend, which was paid on Tuesday, June 2nd. Investors of record on Tuesday, May 26th were issued a $1.00 dividend. The ex-dividend date of this dividend was Tuesday, May 26th.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on TK shares. Weiss Ratings lowered shares of Teekay from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday. Wall Street Zen lowered shares of Teekay from a “buy” rating to a “hold” rating in a research note on Saturday, May 23rd. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Teekay currently has a consensus rating of “Hold”.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of TK. Transamerica Financial Advisors LLC boosted its stake in Teekay by 250.8% during the fourth quarter. Transamerica Financial Advisors LLC now owns 4,378 shares of the shipping company’s stock worth $40,000 after buying an additional 3,130 shares during the period. Zions Bancorporation National Association UT purchased a new position in Teekay during the fourth quarter worth $43,000. Cubist Systematic Strategies LLC purchased a new position in Teekay during the first quarter worth $48,000. CWM LLC boosted its stake in Teekay by 34.2% during the fourth quarter. CWM LLC now owns 5,684 shares of the shipping company’s stock worth $51,000 after buying an additional 1,449 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in Teekay by 194.8% during the second quarter. Tower Research Capital LLC TRC now owns 7,600 shares of the shipping company’s stock worth $63,000 after buying an additional 5,022 shares during the period. 46.73% of the stock is owned by hedge funds and other institutional investors.

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.