JPMorgan Chase & Co. Lowers Stock Position in Teekay Corporation Ltd. $TK

JPMorgan Chase & Co. trimmed its position in Teekay Corporation Ltd. (NYSE:TK) by 3.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,917,232 shares of the shipping company’s stock after selling 66,520 shares during the quarter. JPMorgan Chase & Co.’s holdings in Teekay were worth $15,683,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TK. Principal Financial Group Inc. bought a new position in Teekay in the 3rd quarter worth $681,000. Envestnet Asset Management Inc. boosted its stake in shares of Teekay by 24.0% in the second quarter. Envestnet Asset Management Inc. now owns 149,205 shares of the shipping company’s stock worth $1,231,000 after acquiring an additional 28,860 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Teekay by 40.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 2,104,437 shares of the shipping company’s stock worth $17,362,000 after purchasing an additional 604,666 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Teekay by 36.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,394,516 shares of the shipping company’s stock valued at $11,477,000 after purchasing an additional 371,530 shares during the period. Finally, American Century Companies Inc. lifted its holdings in Teekay by 5.7% in the 2nd quarter. American Century Companies Inc. now owns 2,254,112 shares of the shipping company’s stock worth $18,596,000 after purchasing an additional 121,152 shares in the last quarter. Institutional investors own 46.73% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Teekay in a report on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Teekay presently has a consensus rating of “Hold”.

Teekay Trading Down 2.3%

NYSE:TK opened at $12.59 on Wednesday. The business’s 50-day moving average is $10.39 and its 200 day moving average is $9.42. Teekay Corporation Ltd. has a 12 month low of $5.65 and a 12 month high of $13.76. The company has a market capitalization of $1.16 billion, a P/E ratio of 11.14 and a beta of 0.13.

Teekay (NYSE:TK) last released its quarterly earnings data on Wednesday, February 18th. The shipping company reported $0.40 earnings per share (EPS) for the quarter. Teekay had a return on equity of 5.02% and a net margin of 10.33%.

Teekay 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.