Russell Investments Group Ltd. Sells 88,296 Shares of Teekay Corporation Ltd. $TK

Key Points

• Russell Investments Group Ltd. significantly reduced its holdings in Teekay Corporation Ltd. by 81.7% during the first quarter, selling 88,296 shares and ending up with 19,816 shares valued at $130,000.
• Multiple institutional investors, including GAMMA Investing LLC and Parallel Advisors LLC, increased their positions in Teekay during the same period, highlighting ongoing interest in the company.
• Teekay's stock is currently priced at $8.32, with a market capitalization of $763.65 million and a recent downgrade from a "buy" to a "hold" rating by Wall Street Zen.

Russell Investments Group Ltd. cut its holdings in Teekay Corporation Ltd. (NYSE:TK - Free Report) by 81.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,816 shares of the shipping company's stock after selling 88,296 shares during the period. Russell Investments Group Ltd.'s holdings in Teekay were worth $130,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its position in Teekay by 80.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 858,425 shares of the shipping company's stock valued at $5,657,000 after acquiring an additional 383,997 shares in the last quarter. Concurrent Investment Advisors LLC boosted its stake in shares of Teekay by 101.7% during the 1st quarter. Concurrent Investment Advisors LLC now owns 36,592 shares of the shipping company's stock worth $240,000 after purchasing an additional 18,452 shares during the period. Cetera Investment Advisers purchased a new stake in Teekay during the fourth quarter valued at approximately $606,000. GAMMA Investing LLC increased its stake 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 worth $27,000 after acquiring an additional 3,280 shares during the period. Finally, GSA Capital Partners LLP grew its position in shares of Teekay by 150.8% in the first 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 period. 46.73% of the stock is owned by institutional investors and hedge funds.

Teekay Stock Performance

TK stock traded up $0.20 during trading on Monday, reaching $8.62. The company had a trading volume of 309,584 shares, compared to its average volume of 774,871. The company has a market cap of $791.20 million, a price-to-earnings ratio of 6.10 and a beta of 0.49. The firm has a 50-day simple moving average of $7.76 and a 200-day simple moving average of $7.52. Teekay Corporation Ltd. has a twelve month low of $5.65 and a twelve month high of $9.78.

Analysts Set New Price Targets

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

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.