Insider Selling: Teekay (NYSE:TK) CEO Sells $3,897,540.60 in Stock

Teekay Corporation Ltd. (NYSE:TK) CEO Kenneth Hvid sold 315,335 shares of the business’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $12.36, for a total transaction of $3,897,540.60. Following the completion of the sale, the chief executive officer owned 112,322 shares in the company, valued at approximately $1,388,299.92. This trade represents a 73.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Kenneth Hvid also recently made the following trade(s):

• On Friday, June 12th, Kenneth Hvid sold 6,822 shares of Teekay stock. The stock was sold at an average price of $12.04, for a total transaction of $82,136.88.

Teekay Stock Up 0.1%

Teekay stock opened at $12.34 on Monday. The company’s 50-day moving average price is $12.72 and its 200-day moving average price is $11.29. Teekay Corporation Ltd. has a twelve month low of $7.11 and a twelve month high of $14.38. The company has a market cap of $1.07 billion, a PE ratio of 8.17 and a beta of 0.19.

Teekay (NYSE:TK) last posted its earnings results on Wednesday, May 13th. The shipping company reported $0.55 earnings per share 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 the consensus estimate of $285.82 million.

Teekay Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on TK shares. Weiss Ratings downgraded shares of Teekay from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, June 8th. Wall Street Zen downgraded shares of Teekay from a “buy” rating to a “hold” rating in a report on Saturday, May 23rd. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Teekay currently has a consensus rating of “Hold”.

Institutional Investors Weigh In On Teekay

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 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. CWM LLC lifted its position in Teekay by 34.2% during the fourth quarter. CWM LLC now owns 5,684 shares of the shipping company’s stock valued at $51,000 after acquiring an additional 1,449 shares during the last quarter. Bell & Brown Wealth Advisors LLC lifted its position in Teekay by 0.9% during the third quarter. Bell & Brown Wealth Advisors LLC now owns 202,552 shares of the shipping company’s stock valued at $1,657,000 after acquiring an additional 1,899 shares during the last quarter. Fisher Asset Management LLC lifted its position in Teekay by 3.8% during the third quarter. Fisher Asset Management LLC now owns 52,500 shares of the shipping company’s stock valued at $429,000 after acquiring an additional 1,900 shares during the last quarter. Finally, Ritholtz Wealth Management increased its stake in Teekay by 1.4% during the 4th quarter. Ritholtz Wealth Management now owns 154,498 shares of the shipping company’s stock valued at $1,395,000 after purchasing an additional 2,177 shares in the last quarter. Hedge funds and other institutional investors own 46.73% of the company’s stock.

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.