Allspring Global Investments Holdings LLC Has $33.80 Million Stock Position in Teekay Corporation Ltd. $TK

Allspring Global Investments Holdings LLC increased its holdings in shares of Teekay Corporation Ltd. (NYSE:TK) by 58.7% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 2,783,869 shares of the shipping company’s stock after purchasing an additional 1,029,977 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Teekay were worth $33,796,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Transamerica Financial Advisors LLC grew its position in Teekay by 250.8% in the fourth quarter. Transamerica Financial Advisors LLC now owns 4,378 shares of the shipping company’s stock valued at $40,000 after acquiring an additional 3,130 shares during the last quarter. Zions Bancorporation National Association UT bought a new position in shares of Teekay in the fourth quarter worth about $43,000. Cubist Systematic Strategies LLC bought a new position in shares of Teekay in the first quarter worth about $48,000. CWM LLC boosted its stake in shares of Teekay by 34.2% in the 4th quarter. CWM LLC now owns 5,684 shares of the shipping company’s stock valued at $51,000 after purchasing an additional 1,449 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Teekay by 194.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 7,600 shares of the shipping company’s stock valued at $63,000 after purchasing an additional 5,022 shares in the last quarter. 46.73% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on TK shares. Wall Street Zen cut shares of Teekay from a “buy” rating to a “hold” rating in a research report on Saturday, May 23rd. Weiss Ratings cut shares of Teekay from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday. One analyst has rated the stock with a Hold rating, According to MarketBeat, Teekay presently has a consensus rating of “Hold”.

Teekay Price Performance

Shares of NYSE TK opened at $10.64 on Monday. The company has a 50 day simple moving average of $11.80 and a 200 day simple moving average of $11.59. The firm has a market cap of $923.77 million, a PE ratio of 7.05 and a beta of 0.22. 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 earnings results on Wednesday, May 13th. The shipping company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.44. Teekay had a net margin of 13.03% and a return on equity of 6.36%. The firm had revenue of $285.82 million for the quarter, compared to analyst estimates of $285.82 million.

Teekay Dividend Announcement

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

Insider Buying and Selling at Teekay

In related news, CFO Brody Speers sold 5,500 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $12.15, for a total value of $66,825.00. Following the sale, the chief financial officer owned 3,364 shares of the company’s stock, valued at $40,872.60. The trade was a 62.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Rudolph Krediet sold 63,042 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $11.80, for a total value of $743,895.60. Following the completion of the sale, the director owned 35,167 shares of the company’s stock, valued at $414,970.60. The trade was a 64.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 408,818 shares of company stock worth $5,014,530. Company insiders own 2.38% 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.