Nuveen Asset Management LLC Sells 602,408 Shares of Teekay Co. (NYSE:TK)

Nuveen Asset Management LLC lessened its stake in Teekay Co. (NYSE:TK - Free Report) by 72.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 230,069 shares of the shipping company's stock after selling 602,408 shares during the quarter. Nuveen Asset Management LLC owned about 0.25% of Teekay worth $1,594,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of TK. Millennium Management LLC acquired a new position in Teekay during the fourth quarter worth about $3,245,000. Graham Capital Management L.P. acquired a new position in Teekay during the fourth quarter worth about $754,000. First Manhattan CO. LLC. acquired a new position in Teekay during the fourth quarter worth about $157,000. Cetera Investment Advisers acquired a new position in Teekay during the fourth quarter worth about $606,000. Finally, Centiva Capital LP acquired a new position in Teekay during the fourth quarter worth about $361,000. Institutional investors and hedge funds own 46.73% of the company's stock.

Wall Street Analysts Forecast Growth

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

Teekay Stock Performance

Shares of Teekay stock traded up $0.11 on Thursday, hitting $8.74. The stock had a trading volume of 684,304 shares, compared to its average volume of 763,480. The stock has a 50 day moving average of $7.33 and a 200 day moving average of $7.07. Teekay Co. has a twelve month low of $5.65 and a twelve month high of $9.80. The firm has a market capitalization of $802.19 million, a P/E ratio of 6.20 and a beta of 0.37.

Teekay Dividend Announcement

The business also recently announced a -- dividend, which will be paid on Wednesday, July 16th. Investors of record on Wednesday, July 2nd will be issued a $1.00 dividend. The ex-dividend date is Wednesday, July 2nd. Teekay's payout ratio is presently 17.73%.

Teekay 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.