Teekay (NYSE:TK) Shares Down 5.4% – Time to Sell?

Teekay Corporation Ltd. (NYSE:TK)’s stock price fell 5.4% during mid-day trading on Thursday . The company traded as low as $10.44 and last traded at $10.4250. 45,304 shares changed hands during trading, a decline of 92% from the average session volume of 591,786 shares. The stock had previously closed at $11.02.

Analysts Set New Price Targets

TK has been the topic of a number of recent analyst reports. 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 raised shares of Teekay from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company presently has an average rating of “Hold”.

Teekay Stock Down 6.0%

The business has a fifty day moving average of $12.20 and a 200 day moving average of $11.51. The firm has a market cap of $899.04 million, a P/E ratio of 6.87 and a beta of 0.22.

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 analysts’ consensus estimates of $0.11 by $0.44. Teekay had a return on equity of 6.36% and a net margin of 13.03%.The firm had revenue of $285.82 million for the quarter, compared to analysts’ expectations of $285.82 million.

Teekay Announces Dividend

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

Insider Buying and Selling at Teekay

In other news, Director Rudolph Krediet sold 63,042 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $11.80, for a total transaction of $743,895.60. Following the sale, the director owned 35,167 shares in the company, valued at $414,970.60. This represents a 64.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Brody Speers sold 5,500 shares of the stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $12.15, for a total transaction of $66,825.00. Following the completion of the sale, the chief financial officer owned 3,364 shares of the company’s stock, valued at approximately $40,872.60. This represents a 62.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 408,818 shares of company stock valued at $5,014,530 over the last ninety days. 2.38% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Empowered Funds LLC increased its holdings in shares of Teekay by 8.0% in the first quarter. Empowered Funds LLC now owns 511,686 shares of the shipping company’s stock valued at $6,248,000 after purchasing an additional 37,800 shares during the last quarter. Amundi increased its stake in Teekay by 55.5% during the 1st quarter. Amundi now owns 32,166 shares of the shipping company’s stock worth $393,000 after acquiring an additional 11,479 shares during the period. Quantinno Capital Management LP raised its stake in Teekay by 12.9% in the first quarter. Quantinno Capital Management LP now owns 39,869 shares of the shipping company’s stock valued at $487,000 after purchasing an additional 4,549 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Teekay by 69.2% during the 1st quarter. Sei Investments Co. now owns 55,000 shares of the shipping company’s stock worth $672,000 after acquiring an additional 22,486 shares during the period. Finally, Cetera Investment Advisers boosted its holdings in shares of Teekay by 66.5% in the 1st quarter. Cetera Investment Advisers now owns 25,009 shares of the shipping company’s stock valued at $305,000 after purchasing an additional 9,992 shares in the last quarter. 46.73% of the stock is owned by institutional investors and hedge funds.

About Teekay

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.