Victory Capital Management Inc. Takes $1.28 Million Position in Teekay Corporation Ltd. (NYSE:TK)

Key Points

• Victory Capital Management Inc. has acquired a new position in Teekay Corporation Ltd., purchasing 195,386 shares valued at approximately $1.28 million.
• Several institutional investors, including American Century Companies Inc. and JPMorgan Chase & Co., have also increased their holdings in Teekay, contributing to a total institutional ownership of 46.73%.
• Teekay recently declared a $1.00 dividend for shareholders, with a significant downgrade from "buy" to "hold" by Wall Street Zen impacting its stock rating.

Victory Capital Management Inc. purchased a new position in Teekay Corporation Ltd. (NYSE:TK - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 195,386 shares of the shipping company's stock, valued at approximately $1,284,000. Victory Capital Management Inc. owned 0.21% of Teekay as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Legal & General Group Plc raised its position in shares of Teekay by 17.9% in the 4th quarter. Legal & General Group Plc now owns 11,719 shares of the shipping company's stock worth $81,000 after purchasing an additional 1,781 shares during the last quarter. New York State Common Retirement Fund increased its stake in Teekay by 20.9% during the 1st 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 in the last quarter. SummerHaven Investment Management LLC raised its holdings in Teekay by 2.2% in the first quarter. SummerHaven Investment Management LLC now owns 95,486 shares of the shipping company's stock worth $627,000 after buying an additional 2,014 shares during the last quarter. Barclays PLC lifted its stake in shares of Teekay by 3.3% in the fourth quarter. Barclays PLC now owns 82,695 shares of the shipping company's stock worth $573,000 after buying an additional 2,649 shares in the last quarter. Finally, Parallel Advisors LLC lifted its stake in shares of Teekay by 68.2% in the first quarter. Parallel Advisors LLC now owns 7,406 shares of the shipping company's stock worth $49,000 after buying an additional 3,002 shares in the last quarter. Institutional investors own 46.73% of the company's stock.

Wall Street Analyst Weigh In

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

Teekay Stock Performance

Shares of TK stock traded up $0.04 during mid-day trading on Friday, hitting $7.24. The company's stock had a trading volume of 808,301 shares, compared to its average volume of 685,086. The stock has a market cap of $664.92 million, a price-to-earnings ratio of 5.13 and a beta of 0.49. Teekay Corporation Ltd. has a 52-week low of $5.65 and a 52-week high of $9.78. The business has a 50-day moving average price of $8.17 and a 200 day moving average price of $7.39.

Teekay Announces Dividend

The business also recently announced a -- dividend, which was paid on Wednesday, July 16th. Shareholders of record on Wednesday, July 2nd were paid a dividend of $1.00 per share. The ex-dividend date was Wednesday, July 2nd.

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.