Principal Financial Group Inc. Purchases New Stake in Teekay Co. (NYSE:TK)

Principal Financial Group Inc. purchased a new stake in Teekay Co. (NYSE:TKFree Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 22,179 shares of the shipping company’s stock, valued at approximately $161,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. DGS Capital Management LLC raised its stake in Teekay by 24.6% during the first quarter. DGS Capital Management LLC now owns 14,974 shares of the shipping company’s stock worth $109,000 after acquiring an additional 2,958 shares in the last quarter. Jump Financial LLC raised its stake in Teekay by 5.6% during the fourth quarter. Jump Financial LLC now owns 84,984 shares of the shipping company’s stock worth $608,000 after acquiring an additional 4,484 shares in the last quarter. Quadrature Capital Ltd raised its stake in Teekay by 7.5% during the fourth quarter. Quadrature Capital Ltd now owns 68,668 shares of the shipping company’s stock worth $491,000 after acquiring an additional 4,799 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Teekay by 9.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 114,809 shares of the shipping company’s stock worth $821,000 after acquiring an additional 9,436 shares in the last quarter. Finally, Naviter Wealth LLC acquired a new position in Teekay during the fourth quarter worth about $89,000. Institutional investors and hedge funds own 46.73% of the company’s stock.

Teekay Trading Down 2.1 %

Shares of NYSE TK opened at $8.35 on Tuesday. The company has a market cap of $759.43 million, a price-to-earnings ratio of 5.15 and a beta of 0.64. Teekay Co. has a 12 month low of $5.70 and a 12 month high of $9.95. The stock has a 50-day moving average price of $8.95 and a two-hundred day moving average price of $8.14.

Teekay (NYSE:TKGet Free Report) last released its quarterly earnings results on Thursday, May 9th. The shipping company reported $0.44 earnings per share for the quarter. The company had revenue of $365.05 million for the quarter. Teekay had a return on equity of 7.97% and a net margin of 11.09%.

Teekay Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Tuesday, May 21st were issued a dividend of $2.25 per share. This is a boost from Teekay’s previous quarterly dividend of $0.06. This represents a $9.00 annualized dividend and a dividend yield of 107.78%. The ex-dividend date was Monday, May 20th. Teekay’s payout ratio is 61.73%.

About Teekay

(Free Report)

Teekay Corporation engages in the international crude oil and other marine transportation services worldwide. The company owns and operates crude oil and refined product tankers. It also provides ship-to-ship support services; tanker commercial management operation services; and operational and maintenance marine services.

Featured Stories

Want to see what other hedge funds are holding TK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Teekay Co. (NYSE:TKFree Report).

Institutional Ownership by Quarter for Teekay (NYSE:TK)

Receive News & Ratings for Teekay Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Teekay and related companies with MarketBeat.com's FREE daily email newsletter.