Flat Footed LLC Sells 140,100 Shares of Teekay Corporation Ltd. $TK

Flat Footed LLC lowered its stake in Teekay Corporation Ltd. (NYSE:TK) by 7.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,622,766 shares of the shipping company’s stock after selling 140,100 shares during the period. Teekay accounts for 2.2% of Flat Footed LLC’s holdings, making the stock its 3rd biggest position. Flat Footed LLC owned 1.87% of Teekay worth $19,814,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in TK. Dimensional Fund Advisors LP grew its holdings in shares of Teekay by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 5,405,895 shares of the shipping company’s stock valued at $66,004,000 after buying an additional 79,826 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in Teekay by 58.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,783,869 shares of the shipping company’s stock worth $33,796,000 after acquiring an additional 1,029,977 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Teekay by 5.3% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,215,192 shares of the shipping company’s stock worth $18,120,000 after acquiring an additional 110,755 shares during the last quarter. Millennium Management LLC lifted its position in Teekay by 88.5% during the 3rd quarter. Millennium Management LLC now owns 1,420,284 shares of the shipping company’s stock worth $11,618,000 after acquiring an additional 666,990 shares during the period. Finally, UBS Group AG lifted its position in Teekay by 3.5% during the 3rd quarter. UBS Group AG now owns 1,304,519 shares of the shipping company’s stock worth $10,671,000 after acquiring an additional 43,574 shares during the period. Hedge funds and other institutional investors own 46.73% of the company’s stock.

Teekay Price Performance

Shares of Teekay stock opened at $11.20 on Monday. The stock has a market cap of $971.68 million, a PE ratio of 7.42 and a beta of 0.22. The firm has a fifty day moving average price of $11.58 and a 200 day moving average price of $11.67. Teekay Corporation Ltd. has a 1 year low of $7.11 and a 1 year high of $14.38.

Teekay (NYSE:TK) last posted its quarterly earnings results on Wednesday, May 13th. The shipping company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.11 by $0.44. The company had revenue of $285.82 million for the quarter, compared to analyst estimates of $285.82 million. Teekay had a net margin of 13.03% and a return on equity of 6.36%.

Teekay Dividend Announcement

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

Insider Buying and Selling

In other Teekay news, Director Rudolph Krediet sold 63,042 shares of the company’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 value of $743,895.60. Following the sale, the director owned 35,167 shares in the company, valued at approximately $414,970.60. This represents a 64.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Simon Heidi Locke sold 18,119 shares of the firm’s 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 sale, the director directly owned 47,582 shares in the company, valued at $588,589.34. The trade was a 27.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 408,818 shares of company stock worth $5,014,530 over the last ninety days. 2.38% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have weighed in on the company. Wall Street Zen downgraded 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 note on Friday, July 17th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Teekay presently has an average 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.