Teekay Corporation Ltd. $TK Stock Holdings Lowered by Cetera Investment Advisers

Key Points

• Cetera Investment Advisers decreased its stake in Teekay Corporation Ltd. by 56.3%, now owning 38,154 shares after selling 49,240 shares, valued at $251,000.
• Other institutional investors like GAMMA Investing LLC and Parallel Advisors LLC increased their holdings in Teekay by significant margins, with GAMMA boosting its stake by 381.8%.
• Analysts have downgraded Teekay from a "buy" rating to a "hold" rating, indicating a cautious outlook on the stock's performance.

Cetera Investment Advisers decreased its holdings in shares of Teekay Corporation Ltd. (NYSE:TK - Free Report) by 56.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,154 shares of the shipping company's stock after selling 49,240 shares during the period. Cetera Investment Advisers' holdings in Teekay were worth $251,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in TK. Wells Fargo & Company MN increased its stake in Teekay by 22.4% during the fourth quarter. Wells Fargo & Company MN now owns 32,755 shares of the shipping company's stock valued at $227,000 after purchasing an additional 5,988 shares during the last quarter. Envestnet Asset Management Inc. bought a new stake in Teekay during the fourth quarter valued at $696,000. Legal & General Group Plc increased its stake in Teekay by 17.9% during the fourth quarter. Legal & General Group Plc now owns 11,719 shares of the shipping company's stock valued at $81,000 after purchasing an additional 1,781 shares during the last quarter. Barclays PLC increased its stake in Teekay by 3.3% during the fourth quarter. Barclays PLC now owns 82,695 shares of the shipping company's stock valued at $573,000 after purchasing an additional 2,649 shares during the last quarter. Finally, Jump Financial LLC bought a new stake in Teekay during the fourth quarter valued at $100,000. Institutional investors 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 note on Monday, May 19th.

Teekay Stock Performance

Shares of Teekay stock traded up $0.08 during trading on Wednesday, hitting $8.09. 377,964 shares of the stock were exchanged, compared to its average volume of 683,683. The stock's fifty day moving average is $7.84 and its 200 day moving average is $7.45. The stock has a market cap of $742.53 million, a PE ratio of 5.73 and a beta of 0.49. Teekay Corporation Ltd. has a 12 month low of $5.65 and a 12 month 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.