Bridgeway Capital Management LLC Decreases Position in Teekay Corporation Ltd. $TK

Key Points

• Bridgeway Capital Management LLC reduced its stake in Teekay Corporation by 1.9%, selling 35,359 shares to hold 1,842,459 shares valued at approximately $12.1 million.
• Other institutional investors, including Allspring Global Investments and GSA Capital Partners, significantly increased their positions in Teekay during the same quarter.
• Analysts downgraded Teekay's stock rating from "buy" to "hold" as of May 19th, indicating a more cautious outlook on the company's performance.

Bridgeway Capital Management LLC reduced its stake in Teekay Corporation Ltd. (NYSE:TK - Free Report) by 1.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,842,459 shares of the shipping company's stock after selling 35,359 shares during the period. Bridgeway Capital Management LLC owned 2.01% of Teekay worth $12,105,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its position in shares of Teekay by 80.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 858,425 shares of the shipping company's stock worth $5,657,000 after buying an additional 383,997 shares during the last quarter. Concurrent Investment Advisors LLC lifted its position in Teekay by 101.7% in the first quarter. Concurrent Investment Advisors LLC now owns 36,592 shares of the shipping company's stock valued at $240,000 after acquiring an additional 18,452 shares during the last quarter. Cetera Investment Advisers acquired a new position in Teekay in the fourth quarter valued at $606,000. GAMMA Investing LLC grew its holdings in shares of Teekay by 381.8% during the first quarter. GAMMA Investing LLC now owns 4,139 shares of the shipping company's stock worth $27,000 after purchasing an additional 3,280 shares during the last quarter. Finally, GSA Capital Partners LLP lifted its holdings in shares of Teekay by 150.8% in the 1st quarter. GSA Capital Partners LLP now owns 135,021 shares of the shipping company's stock valued at $887,000 after purchasing an additional 81,192 shares during the last quarter. Institutional investors and hedge funds own 46.73% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of Teekay from a "buy" rating to a "hold" rating in a research report on Monday, May 19th.

Teekay Stock Performance

Shares of TK opened at $8.32 on Thursday. The stock has a market capitalization of $763.65 million, a P/E ratio of 5.90 and a beta of 0.49. Teekay Corporation Ltd. has a 1 year low of $5.65 and a 1 year high of $9.78. The company's fifty day moving average is $7.76 and its two-hundred day moving average is $7.49.

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.

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