Teekay Corporation (TK) is Cedar Capital LLC’s 8th Largest Position
Cedar Capital LLC boosted its holdings in Teekay Corporation (NYSE:TK) by 10.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 497,668 shares of the company’s stock after acquiring an additional 46,059 shares during the period. Teekay Corporation accounts for about 2.1% of Cedar Capital LLC’s portfolio, making the stock its 8th largest holding. Cedar Capital LLC owned approximately 0.58% of Teekay Corporation worth $4,444,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Fox Run Management L.L.C. acquired a new position in Teekay Corporation during the third quarter worth $296,000. Fondren Management LP acquired a new position in Teekay Corporation during the second quarter worth $267,000. Scotia Capital Inc. acquired a new position in Teekay Corporation during the second quarter worth $309,000. The Manufacturers Life Insurance Company acquired a new position in Teekay Corporation during the second quarter worth $306,000. Finally, State Street Corp lifted its stake in Teekay Corporation by 3.8% during the second quarter. State Street Corp now owns 1,185,982 shares of the company’s stock worth $7,910,000 after purchasing an additional 43,160 shares in the last quarter. Hedge funds and other institutional investors own 31.46% of the company’s stock.
TK has been the topic of a number of recent research reports. Zacks Investment Research lowered Teekay Corporation from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 24th. Jefferies Group LLC reaffirmed a “hold” rating and set a $8.00 price objective on shares of Teekay Corporation in a research report on Thursday, October 12th. ValuEngine raised Teekay Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 20th. Finally, BidaskClub raised Teekay Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. Teekay Corporation currently has a consensus rating of “Hold” and a consensus target price of C$7.00.
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Teekay Corporation (TK) traded up C$0.23 during trading hours on Friday, reaching C$9.12. The company had a trading volume of 1,140,000 shares, compared to its average volume of 760,825. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.55 and a current ratio of 0.55. Teekay Corporation has a 52-week low of C$5.14 and a 52-week high of C$11.77.
Teekay Corporation (NYSE:TK) last posted its earnings results on Thursday, November 9th. The company reported C($0.41) EPS for the quarter, beating the consensus estimate of C($0.44) by C$0.03. Teekay Corporation had a negative return on equity of 3.18% and a negative net margin of 6.66%. The firm had revenue of C$500.80 million for the quarter, compared to analyst estimates of C$475.32 million. During the same quarter in the prior year, the company posted ($0.23) earnings per share. Teekay Corporation’s revenue for the quarter was down 8.5% compared to the same quarter last year. analysts predict that Teekay Corporation will post -1.16 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 15th. Shareholders of record on Friday, November 3rd will be paid a $0.055 dividend. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $0.22 annualized dividend and a yield of 2.41%. Teekay Corporation’s dividend payout ratio is presently -13.33%.
Teekay Corporation Company Profile
Teekay Corporation (Teekay) is a provider of crude oil and gas marine transportation services. The Company also offers offshore oil production, storage and offloading services, primarily under long-term, fixed-rate contracts. The Company is engaged in the liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipping sectors, as well as in the operations in the offshore production, storage and transportation sector.
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