Kenneth Hvid Sells 315,335 Shares of Teekay (NYSE:TK) Stock

Teekay Corporation Ltd. (NYSE:TK) CEO Kenneth Hvid sold 315,335 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $12.36, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Teekay Trading Up 3.7%

NYSE TK traded up $0.45 on Friday, hitting $12.33. 67,175 shares of the company were exchanged, compared to its average volume of 589,081. The company has a market cap of $1.07 billion, a PE ratio of 8.17 and a beta of 0.19. Teekay Corporation Ltd. has a 12 month low of $7.11 and a 12 month high of $14.38. The stock has a fifty day moving average of $12.72 and a 200-day moving average of $11.27.

Teekay (NYSE:TK) last issued its earnings results on Wednesday, May 13th. The shipping company reported $0.55 earnings per share (EPS) for the quarter, topping 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 business had revenue of $285.82 million for the quarter, compared to analyst estimates of $285.82 million.

Teekay Announces Dividend

The company also recently announced a special dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Tuesday, May 26th were paid a $1.00 dividend. The ex-dividend date was Tuesday, May 26th. Teekay’s dividend payout ratio is presently 16.56%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Wall Street Zen lowered shares of Teekay from a “buy” rating to a “hold” rating in a research report on Saturday, May 23rd. Weiss Ratings lowered shares of Teekay from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, Teekay currently has an average rating of “Hold”.

Institutional Investors Weigh In On Teekay

A number of institutional investors and hedge funds have recently modified their holdings of TK. Mercuria Capital Strategies LLC purchased a new stake in Teekay in the fourth quarter valued at approximately $11,091,000. Allspring Global Investments Holdings LLC raised its stake in Teekay by 58.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,783,869 shares of the shipping company’s stock valued at $33,796,000 after purchasing an additional 1,029,977 shares in the last quarter. Millennium Management LLC raised its stake in Teekay by 153.8% in the first quarter. Millennium Management LLC now owns 1,188,289 shares of the shipping company’s stock valued at $7,807,000 after purchasing an additional 720,093 shares in the last quarter. O Shaughnessy Asset Management LLC purchased a new stake in Teekay in the fourth quarter valued at approximately $4,066,000. Finally, HRT Financial LP purchased a new stake in Teekay in the fourth quarter valued at approximately $2,996,000. 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.