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

Teekay Corporation Ltd. (NYSE:TK) traded down 5.4% on Thursday . The company traded as low as $10.44 and last traded at $10.4250. 45,304 shares were traded during trading, a decline of 92% from the average daily volume of 591,786 shares. The stock had previously closed at $11.02.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TK. Wall Street Zen downgraded 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 research note on Tuesday, June 23rd. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company presently has an average rating of “Hold”.

Teekay Price Performance

The firm’s 50 day simple moving average is $12.10 and its two-hundred day simple moving average is $11.52. The firm has a market capitalization of $952.41 million, a P/E ratio of 7.27 and a beta of 0.22.

Teekay (NYSE:TK) last announced its quarterly earnings data on Wednesday, May 13th. The shipping company reported $0.55 earnings per share (EPS) for the quarter, beating 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 Dividend Announcement

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

Insider Buying and Selling

In other news, Director Simon Heidi Locke sold 18,119 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $12.37, for a total transaction of $224,132.03. Following the completion of the sale, the director owned 47,582 shares of the company’s stock, valued at approximately $588,589.34. This represents a 27.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Rudolph Krediet sold 63,042 shares of the firm’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 completion of the transaction, the director owned 35,167 shares in the company, valued at $414,970.60. This represents a 64.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 408,818 shares of company stock valued at $5,014,530 over the last quarter. Company insiders own 2.38% of the company’s stock.

Institutional Investors Weigh In On Teekay

Several institutional investors have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC bought a new stake in Teekay in the 1st quarter worth $48,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Teekay by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,460 shares of the shipping company’s stock valued at $213,000 after acquiring an additional 1,404 shares during the last quarter. Millennium Management LLC boosted its holdings 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 purchasing an additional 720,093 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Teekay during the first quarter worth about $267,000. Finally, Jane Street Group LLC grew its stake in shares of Teekay by 82.3% in the first quarter. Jane Street Group LLC now owns 160,068 shares of the shipping company’s stock worth $1,052,000 after purchasing an additional 72,240 shares during the last quarter. Hedge funds and other institutional investors own 46.73% 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.