Kenneth Hvid Sells 315,335 Shares of Teekay (NYSE:TK) Stock

Teekay Corporation Ltd. (NYSE:TK) CEO Kenneth Hvid sold 315,335 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $12.36, for a total value of $3,897,540.60. Following the completion of the transaction, the chief executive officer directly owned 112,322 shares of the company’s stock, valued at $1,388,299.92. This represents a 73.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

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

Teekay Price Performance

Teekay stock opened at $12.34 on Friday. The business has a 50 day moving average of $12.72 and a 200-day moving average of $11.28. Teekay Corporation Ltd. has a 1 year low of $7.11 and a 1 year high of $14.38. The company has a market capitalization of $1.07 billion, a P/E ratio of 8.17 and a beta of 0.19.

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

Teekay Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TK. Weiss Ratings downgraded shares of Teekay from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, June 8th. Wall Street Zen downgraded shares of Teekay from a “buy” rating to a “hold” rating in a research report on Saturday, May 23rd. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of “Hold”.

Institutional Trading of Teekay

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TK. Mercuria Capital Strategies LLC acquired a new stake in Teekay during the 4th quarter valued at approximately $11,091,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Teekay by 58.7% during 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 buying an additional 1,029,977 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Teekay by 153.8% during the 1st quarter. Millennium Management LLC now owns 1,188,289 shares of the shipping company’s stock worth $7,807,000 after buying an additional 720,093 shares in the last quarter. O Shaughnessy Asset Management LLC bought a new position in shares of Teekay during the 4th quarter worth approximately $4,066,000. Finally, HRT Financial LP bought a new position in shares of Teekay during the 4th quarter worth approximately $2,996,000. Institutional investors and hedge funds own 46.73% of the company’s stock.

Teekay Company 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.