Teekay Co. (NYSE:TK) Shares Sold by Summit Global Investments

Summit Global Investments lowered its position in Teekay Co. (NYSE:TK) by 6.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 75,225 shares of the shipping company’s stock after selling 5,087 shares during the quarter. Summit Global Investments owned 0.08% of Teekay worth $675,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in TK. Allspring Global Investments Holdings LLC boosted its position in shares of Teekay by 9.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 114,809 shares of the shipping company’s stock worth $821,000 after buying an additional 9,436 shares during the period. Semanteon Capital Management LP acquired a new position in shares of Teekay during the fourth quarter worth approximately $313,000. Russell Investments Group Ltd. boosted its position in shares of Teekay by 66.5% during the fourth quarter. Russell Investments Group Ltd. now owns 128,820 shares of the shipping company’s stock worth $923,000 after buying an additional 51,441 shares during the period. Naviter Wealth LLC acquired a new position in shares of Teekay during the fourth quarter worth approximately $89,000. Finally, Victory Capital Management Inc. boosted its position in shares of Teekay by 21.1% during the fourth quarter. Victory Capital Management Inc. now owns 170,492 shares of the shipping company’s stock worth $1,219,000 after buying an additional 29,660 shares during the period. 46.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com downgraded Teekay from a “strong-buy” rating to a “buy” rating in a research report on Friday.

Teekay Stock Performance

Shares of NYSE TK traded down $0.12 during mid-day trading on Tuesday, hitting $7.93. 586,472 shares of the stock were exchanged, compared to its average volume of 633,003. The company has a market cap of $721.23 million, a P/E ratio of 4.90 and a beta of 0.64. The stock’s fifty day simple moving average is $8.37 and its two-hundred day simple moving average is $8.14. Teekay Co. has a twelve month low of $5.70 and a twelve month high of $9.95.

Teekay (NYSE:TK) last posted its quarterly earnings data on Thursday, August 1st. The shipping company reported $0.35 earnings per share for the quarter. Teekay had a net margin of 11.18% and a return on equity of 7.03%. The company had revenue of $326.14 million during the quarter.

Teekay Company Profile

Teekay Corporation engages in the international crude oil and other marine transportation services worldwide. The company owns and operates crude oil and refined product tankers. It also provides ship-to-ship support services; tanker commercial management operation services; and operational and maintenance marine services.