Cedar Capital LLC grew its stake in Teekay Corporation (NYSE:TK) by 10.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 497,668 shares of the company’s stock after purchasing an additional 46,059 shares during the period. Teekay Corporation makes up about 2.1% of Cedar Capital LLC’s portfolio, making the stock its 8th biggest position. Cedar Capital LLC owned about 0.58% of Teekay Corporation worth $4,444,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its holdings in shares of Teekay Corporation by 404.5% in the second quarter. Goldman Sachs Group Inc. now owns 566,352 shares of the company’s stock worth $3,778,000 after buying an additional 454,087 shares during the period. Bank of America Corp DE raised its holdings in shares of Teekay Corporation by 333.1% in the first quarter. Bank of America Corp DE now owns 412,008 shares of the company’s stock worth $3,770,000 after buying an additional 316,885 shares during the period. Wellington Shields & Co. LLC purchased a new stake in shares of Teekay Corporation in the second quarter worth approximately $1,434,000. FMR LLC raised its holdings in shares of Teekay Corporation by 1.6% in the second quarter. FMR LLC now owns 8,606,199 shares of the company’s stock worth $57,403,000 after buying an additional 131,584 shares during the period. Finally, Engineers Gate Manager LP purchased a new stake in shares of Teekay Corporation in the second quarter worth approximately $865,000. 31.46% of the stock is owned by institutional investors and hedge funds.
Several research analysts have commented on the company. ValuEngine upgraded Teekay Corporation from a “sell” rating to a “hold” rating in a report on Thursday, July 20th. BidaskClub upgraded Teekay Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Zacks Investment Research upgraded Teekay Corporation from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Finally, Jefferies Group LLC restated a “hold” rating and set a $8.00 price objective on shares of Teekay Corporation in a report on Thursday, October 12th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. Teekay Corporation presently has an average rating of “Hold” and an average target price of C$7.00.
Shares of Teekay Corporation (NYSE:TK) traded up C$0.23 during trading hours on Friday, hitting C$9.12. The stock had a trading volume of 1,140,000 shares, compared to its average volume of 760,825. Teekay Corporation has a twelve month low of C$5.14 and a twelve month high of C$11.77. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 1.49.
Teekay Corporation (NYSE:TK) last announced its quarterly earnings results on Thursday, November 9th. The company reported C($0.41) earnings per share (EPS) for the quarter, beating the Zacks’ 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 business had revenue of C$500.80 million for the quarter, compared to the consensus estimate of C$475.32 million. During the same period last year, the business posted ($0.23) EPS. The business’s revenue was down 8.5% compared to the same quarter last year. equities research analysts forecast that Teekay Corporation will post -1.16 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 15th. Stockholders of record on Friday, November 3rd will be issued a $0.055 dividend. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $0.22 dividend on an annualized basis and a dividend yield of 2.41%. Teekay Corporation’s dividend payout ratio is presently -13.33%.
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About Teekay Corporation
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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