Allspring Global Investments Holdings LLC Purchases 1,029,977 Shares of Teekay Corporation Ltd. $TK

Allspring Global Investments Holdings LLC increased its position in Teekay Corporation Ltd. (NYSE:TK) by 58.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,783,869 shares of the shipping company’s stock after purchasing an additional 1,029,977 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 3.23% of Teekay worth $33,796,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of TK. Dimensional Fund Advisors LP grew its holdings in Teekay by 0.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,326,069 shares of the shipping company’s stock worth $48,094,000 after purchasing an additional 48,309 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in Teekay by 5.3% in the third quarter. Arrowstreet Capital Limited Partnership now owns 2,215,192 shares of the shipping company’s stock valued at $18,120,000 after buying an additional 110,755 shares during the period. Millennium Management LLC lifted its position in shares of Teekay by 88.5% in the third quarter. Millennium Management LLC now owns 1,420,284 shares of the shipping company’s stock valued at $11,618,000 after buying an additional 666,990 shares during the last quarter. UBS Group AG lifted its position in shares of Teekay by 3.5% in the third quarter. UBS Group AG now owns 1,304,519 shares of the shipping company’s stock valued at $10,671,000 after buying an additional 43,574 shares during the last quarter. Finally, Mercuria Capital Strategies LLC bought a new position in shares of Teekay during the 4th quarter worth approximately $11,091,000. 46.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TK. Wall Street Zen downgraded Teekay from a “buy” rating to a “hold” rating in a report on Saturday, May 23rd. Weiss Ratings downgraded shares of Teekay from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of “Hold”.

Teekay Stock Performance

NYSE:TK opened at $10.64 on Monday. Teekay Corporation Ltd. has a 52 week low of $7.11 and a 52 week high of $14.38. The firm’s 50-day simple moving average is $11.80 and its 200 day simple moving average is $11.59. The firm has a market cap of $923.77 million, a price-to-earnings ratio of 7.05 and a beta of 0.22.

Teekay (NYSE:TK) last announced 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 net margin of 13.03% and a return on equity of 6.36%. The firm had revenue of $285.82 million for the quarter, compared to analyst estimates of $285.82 million.

Teekay Dividend Announcement

The business also recently announced a special dividend, which was paid on Tuesday, June 2nd. Stockholders of record on Tuesday, May 26th were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Tuesday, May 26th.

Insider Buying and Selling

In related news, Director Simon Heidi Locke sold 18,119 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $12.37, for a total value of $224,132.03. Following the transaction, the director owned 47,582 shares in the company, valued at approximately $588,589.34. This trade represents a 27.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rudolph Krediet sold 63,042 shares of the stock in a transaction dated 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. The trade was a 64.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 408,818 shares of company stock valued at $5,014,530. Company insiders own 2.38% of the company’s stock.

Teekay Company Profile

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.