Teekay (NYSE:TK) Lowered to “Hold” Rating by StockNews.com

StockNews.com lowered shares of Teekay (NYSE:TK) from a buy rating to a hold rating in a research note issued to investors on Monday.

Teekay Stock Performance

Shares of NYSE TK opened at $8.44 on Monday. The firm has a market cap of $775.10 million, a P/E ratio of 5.99 and a beta of 0.37. The firm’s 50 day moving average price is $6.91 and its 200 day moving average price is $7.02. Teekay has a 1 year low of $5.65 and a 1 year high of $9.95.

Teekay (NYSE:TK) last announced its quarterly earnings data on Wednesday, February 19th. The shipping company reported $0.19 earnings per share (EPS) for the quarter. Teekay had a net margin of 10.96% and a return on equity of 5.67%. The company had revenue of $161.63 million during the quarter.

Teekay Announces Dividend

The business also recently announced a — dividend, which will be paid on Wednesday, July 16th. Stockholders of record on Wednesday, July 2nd will be given a $1.00 dividend. The ex-dividend date is Wednesday, July 2nd. Teekay’s payout ratio is 17.73%.

Institutional Investors Weigh In On Teekay

A number of large investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. purchased a new stake in Teekay during the 1st quarter worth approximately $4,758,000. Millennium Management LLC grew its position in shares of Teekay by 153.8% during the first quarter. Millennium Management LLC now owns 1,188,289 shares of the shipping company’s stock worth $7,807,000 after buying an additional 720,093 shares in the last quarter. Empowered Funds LLC bought a new stake in shares of Teekay in the fourth quarter worth $4,945,000. Nuveen LLC bought a new stake in shares of Teekay in the first quarter worth $3,242,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in Teekay by 80.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 858,425 shares of the shipping company’s stock valued at $5,657,000 after acquiring an additional 383,997 shares in the last quarter. 46.73% of the stock is owned by institutional investors and hedge funds.

About Teekay

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.