Teekay Corporation Ltd. $TK Shares Sold by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. has reduced its stake in Teekay Corporation Ltd. by 38.7%, selling 145,004 shares and now owning 229,287 shares worth approximately $1.5 million.
• Several other institutional investors, such as GAMMA Investing LLC and Parallel Advisors LLC, have increased their stakes in Teekay, indicating ongoing interest despite Schwab's sell-off.
• Wall Street Zen downgraded Teekay from a "buy" rating to a "hold" rating, reflecting a cautious outlook on the stock's performance.

Charles Schwab Investment Management Inc. lowered its holdings in Teekay Corporation Ltd. (NYSE:TK - Free Report) by 38.7% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 229,287 shares of the shipping company's stock after selling 145,004 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.25% of Teekay worth $1,506,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in TK. Wells Fargo & Company MN grew its stake in Teekay by 22.4% during the 4th quarter. Wells Fargo & Company MN now owns 32,755 shares of the shipping company's stock worth $227,000 after buying an additional 5,988 shares during the last quarter. Barclays PLC grew its stake in Teekay by 3.3% during the 4th quarter. Barclays PLC now owns 82,695 shares of the shipping company's stock worth $573,000 after buying an additional 2,649 shares during the last quarter. MetLife Investment Management LLC grew its stake in Teekay by 60.9% during the 4th quarter. MetLife Investment Management LLC now owns 45,834 shares of the shipping company's stock worth $318,000 after buying an additional 17,343 shares during the last quarter. Hsbc Holdings PLC purchased a new position in Teekay during the 4th quarter worth approximately $131,000. Finally, Price T Rowe Associates Inc. MD grew its stake in Teekay by 22.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 22,673 shares of the shipping company's stock worth $158,000 after buying an additional 4,096 shares during the last quarter. Hedge funds and other institutional investors own 46.73% of the company's stock.

Wall Street Analyst Weigh In

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

Teekay Trading Up 2.1%

Shares of TK traded up $0.18 during mid-day trading on Wednesday, hitting $8.32. The company's stock had a trading volume of 556,778 shares, compared to its average volume of 781,352. The firm has a 50-day simple moving average of $7.77 and a 200 day simple moving average of $7.48. The firm 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.

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.