Goldman Sachs Group Inc. Sells 27,169 Shares of Teekay Corporation (TK)
Goldman Sachs Group Inc. cut its stake in Teekay Corporation (NYSE:TK) by 19.5% during the first quarter, Holdings Channel reports. The institutional investor owned 112,265 shares of the shipping company’s stock after selling 27,169 shares during the period. Goldman Sachs Group Inc.’s holdings in Teekay Corporation were worth $1,027,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Mark Sheptoff Financial Planning LLC purchased a new position in shares of Teekay Corporation during the first quarter valued at $111,000. Zweig DiMenna Associates LLC purchased a new position in shares of Teekay Corporation during the first quarter valued at $229,000. Karp Capital Management Corp purchased a new position in shares of Teekay Corporation during the first quarter valued at $255,000. Cedar Capital LLC purchased a new position in shares of Teekay Corporation during the first quarter valued at $2,952,000. Finally, Gargoyle Investment Advisor L.L.C. purchased a new position in shares of Teekay Corporation during the first quarter valued at $161,000. Institutional investors and hedge funds own 46.45% of the company’s stock.
Shares of Teekay Corporation (TK) traded up 3.93% on Friday, reaching $9.53. 1,334,643 shares of the company traded hands. Teekay Corporation has a 52-week low of $5.14 and a 52-week high of $11.77. The firm has a 50-day moving average of $8.07 and a 200-day moving average of $8.44. The company’s market capitalization is $822.05 million.
Teekay Corporation (NYSE:TK) last posted its quarterly earnings results on Thursday, August 3rd. The shipping company reported ($0.44) earnings per share for the quarter, missing the Zacks’ 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 firm had revenue of $513.90 million for the quarter, compared to analysts’ expectations of $503.65 million. During the same period last year, the business earned $0.01 earnings per share. The firm’s revenue for the quarter was down 12.5% on a year-over-year basis. On average, equities research analysts forecast that Teekay Corporation will post ($1.11) earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 16th. Stockholders of record on Friday, August 4th will be paid a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Wednesday, August 2nd. Teekay Corporation’s dividend payout ratio (DPR) is presently -15.38%.
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Several research analysts recently weighed in on TK shares. ValuEngine raised shares of Teekay Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 20th. Royal Bank Of Canada reissued a “hold” rating on shares of Teekay Corporation in a research note on Friday, June 16th. BidaskClub raised shares of Teekay Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Zacks Investment Research raised shares of Teekay Corporation from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $7.00 target price on shares of Teekay Corporation in a research note on Friday, May 19th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the stock. Teekay Corporation currently has a consensus rating of “Hold” and an average target price of $5.33.
About Teekay Corporation
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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