Alliancebernstein L.P. lowered its stake in Teekay Co. (NYSE:TK) by 6.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 114,100 shares of the shipping company’s stock after selling 8,400 shares during the quarter. Alliancebernstein L.P.’s holdings in Teekay were worth $1,063,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of TK. Bell & Brown Wealth Advisors LLC acquired a new stake in shares of Teekay in the fourth quarter valued at about $1,028,000. Engineers Gate Manager LP acquired a new stake in Teekay during the 4th quarter valued at approximately $888,000. Virtu Financial LLC acquired a new stake in Teekay during the 4th quarter valued at approximately $572,000. BlackRock Inc. grew its stake in Teekay by 1.9% during the 4th quarter. BlackRock Inc. now owns 2,525,669 shares of the shipping company’s stock valued at $23,539,000 after purchasing an additional 48,303 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its stake in Teekay by 6.9% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 739,330 shares of the shipping company’s stock valued at $6,891,000 after purchasing an additional 48,018 shares in the last quarter. Institutional investors and hedge funds own 27.07% of the company’s stock.
NYSE:TK opened at $8.77 on Friday. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.70 and a current ratio of 0.70. Teekay Co. has a 52 week low of $5.14 and a 52 week high of $10.90. The company has a market cap of $798.77, a price-to-earnings ratio of -6.36 and a beta of 1.33.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 16th. Shareholders of record on Friday, May 4th will be issued a dividend of $0.055 per share. This represents a $0.22 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend is Thursday, May 3rd. Teekay’s dividend payout ratio is presently -15.94%.
TK has been the subject of a number of recent analyst reports. Zacks Investment Research lowered Teekay from a “hold” rating to a “sell” rating in a research note on Thursday, February 15th. Morgan Stanley raised their price objective on Teekay from $3.00 to $6.00 and gave the company an “underweight” rating in a research note on Monday, February 12th. ValuEngine upgraded Teekay from a “strong sell” rating to a “sell” rating in a research note on Friday, January 5th. Finally, Jefferies Group initiated coverage on Teekay in a research note on Monday, December 18th. They set a “hold” rating and a $8.00 price objective for the company. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $8.00.
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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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