JPMorgan Chase & Co. Cuts Stock Holdings in Teekay Corporation Ltd. $TK

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

A number of other hedge funds have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew 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 buying an additional 1,404 shares during the period. Bell & Brown Wealth Advisors LLC raised its position in shares of Teekay by 0.9% in the third quarter. Bell & Brown Wealth Advisors LLC now owns 202,552 shares of the shipping company’s stock worth $1,657,000 after acquiring an additional 1,899 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Teekay by 3.8% during the 3rd quarter. Fisher Asset Management LLC now owns 52,500 shares of the shipping company’s stock worth $429,000 after acquiring an additional 1,900 shares in the last quarter. Evergreen Capital Management LLC grew its position in shares of Teekay by 17.3% during the 2nd quarter. Evergreen Capital Management LLC now owns 18,428 shares of the shipping company’s stock valued at $152,000 after acquiring an additional 2,721 shares during the period. Finally, Summit Global Investments grew its position in shares of Teekay by 8.1% during the 3rd quarter. Summit Global Investments now owns 45,425 shares of the shipping company’s stock valued at $372,000 after acquiring an additional 3,388 shares during the period. 46.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TK has been the subject of a number of analyst reports. Wall Street Zen raised Teekay from a “hold” rating to a “buy” rating in a report on Saturday, March 21st. Weiss Ratings restated a “hold (c-)” rating on shares of Teekay in a research report on Monday, December 29th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold”.

Teekay Stock Down 1.4%

Teekay stock opened at $11.84 on Friday. The company has a fifty day simple moving average of $11.26 and a 200-day simple moving average of $9.86. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 10.47 and a beta of 0.13. Teekay Corporation Ltd. has a 52-week low of $5.65 and a 52-week high of $13.76.

Teekay (NYSE:TK) last posted its quarterly earnings results on Friday, March 13th. The shipping company reported $0.37 earnings per share for the quarter. The firm had revenue of $243.09 million for the quarter. Teekay had a net margin of 10.33% and a return on equity of 4.76%.

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.