Pacer Advisors Inc. Acquires New Holdings in Teekay Corporation Ltd. (NYSE:TK)

Key Points

• Pacer Advisors Inc. has acquired a new position in Teekay Corporation Ltd., purchasing 724,173 shares valued at approximately $4.76 million, representing 0.79% of the company.
• Teekay recently experienced a downgrade from a "buy" to a "hold" rating by Wall Street analysts, reflecting a potentially cautious outlook for the stock.
• The company declared a $1.00 per share dividend, which was paid out to investors of record on July 2nd, indicating ongoing returns to shareholders.

Pacer Advisors Inc. purchased a new stake in shares of Teekay Corporation Ltd. (NYSE:TK - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 724,173 shares of the shipping company's stock, valued at approximately $4,758,000. Pacer Advisors Inc. owned 0.79% of Teekay as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in shares of Teekay by 381.8% in the first quarter. GAMMA Investing LLC now owns 4,139 shares of the shipping company's stock valued at $27,000 after buying an additional 3,280 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Teekay by 68.2% in the 1st quarter. Parallel Advisors LLC now owns 7,406 shares of the shipping company's stock worth $49,000 after acquiring an additional 3,002 shares during the last quarter. New Age Alpha Advisors LLC acquired a new position in shares of Teekay in the 4th quarter worth $56,000. Pinnacle Holdings LLC raised its position in shares of Teekay by 100.0% during the fourth quarter. Pinnacle Holdings LLC now owns 10,028 shares of the shipping company's stock worth $69,000 after purchasing an additional 5,014 shares during the period. Finally, New York State Common Retirement Fund lifted its holdings in shares of Teekay by 20.9% during the first quarter. New York State Common Retirement Fund now owns 10,425 shares of the shipping company's stock valued at $68,000 after purchasing an additional 1,802 shares during the last quarter. 46.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Teekay Price Performance

Teekay stock traded up $0.02 during midday trading on Friday, reaching $7.22. The stock had a trading volume of 317,445 shares, compared to its average volume of 805,780. Teekay Corporation Ltd. has a twelve month low of $5.65 and a twelve month high of $9.78. The firm has a market cap of $662.63 million, a price-to-earnings ratio of 5.12 and a beta of 0.47. The firm's fifty day simple moving average is $8.19 and its two-hundred day simple moving average is $7.40.

Teekay Dividend Announcement

The firm also recently disclosed a -- dividend, which was paid on Wednesday, July 16th. Investors of record on Wednesday, July 2nd were paid a $1.00 dividend. The ex-dividend date of this dividend was Wednesday, July 2nd.

About Teekay

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.