Principal Financial Group Inc. Sells 61,791 Shares of Teekay Corporation Ltd. $TK

Principal Financial Group Inc. lowered its position in shares of Teekay Corporation Ltd. (NYSE:TK) by 50.5% in the first quarter, Holdings Channel reports. The institutional investor owned 60,606 shares of the shipping company’s stock after selling 61,791 shares during the period. Principal Financial Group Inc.’s holdings in Teekay were worth $740,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of TK. Tudor Investment Corp ET AL grew its stake in shares of Teekay by 191.0% in the third quarter. Tudor Investment Corp ET AL now owns 407,901 shares of the shipping company’s stock valued at $3,337,000 after acquiring an additional 267,743 shares in the last quarter. Denali Advisors LLC boosted its holdings in Teekay by 38.3% in the 4th quarter. Denali Advisors LLC now owns 283,213 shares of the shipping company’s stock valued at $2,557,000 after purchasing an additional 78,389 shares during the period. Hussman Strategic Advisors Inc. bought a new stake in Teekay in the 4th quarter valued at about $948,000. Allspring Global Investments Holdings LLC grew its position in shares of Teekay by 25.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,753,892 shares of the shipping company’s stock worth $15,469,000 after purchasing an additional 359,376 shares in the last quarter. Finally, Versor Investments LP increased its holdings in shares of Teekay by 177.0% during the fourth quarter. Versor Investments LP now owns 63,700 shares of the shipping company’s stock worth $575,000 after purchasing an additional 40,700 shares during the period. Institutional investors own 46.73% of the company’s stock.

Teekay Trading Up 2.9%

Teekay stock opened at $11.62 on Friday. The stock has a 50-day moving average price of $11.36 and a two-hundred day moving average price of $11.72. Teekay Corporation Ltd. has a 12 month low of $7.11 and a 12 month high of $14.38. The company has a market capitalization of $1.01 billion, a PE ratio of 5.59 and a beta of 0.22.

Teekay (NYSE:TK) last released its quarterly earnings results on Wednesday, July 29th. The shipping company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.68. The firm had revenue of $379.12 million during the quarter, compared to the consensus estimate of $379.12 million. Teekay had a net margin of 15.78% and a return on equity of 8.40%. During the same quarter last year, the firm earned $0.22 earnings per share.

Teekay Dividend Announcement

The firm 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.

Insiders Place Their Bets

In other news, Director Simon Heidi Locke sold 18,119 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $12.37, for a total value of $224,132.03. Following the completion of the sale, the director directly owned 47,582 shares in the company, valued at $588,589.34. This trade represents a 27.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Kenneth Hvid sold 315,335 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $12.36, for a total value of $3,897,540.60. Following the completion of the sale, the chief executive officer directly owned 112,322 shares of the company’s stock, valued at $1,388,299.92. The trade was a 73.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 408,818 shares of company stock valued at $5,014,530 over the last 90 days. 2.38% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on TK. Wall Street Zen cut Teekay from a “buy” rating to a “hold” rating in a research note on Saturday, May 23rd. Weiss Ratings cut Teekay from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, July 17th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Teekay has a consensus rating of “Hold”.

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.