Virtus Fund Advisers LLC Trims Stake in Teekay Co. (NYSE:TK)

Virtus Fund Advisers LLC decreased its position in shares of Teekay Co. (NYSE:TK - Free Report) by 84.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,867 shares of the shipping company's stock after selling 57,289 shares during the period. Virtus Fund Advisers LLC's holdings in Teekay were worth $75,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Empowered Funds LLC purchased a new position in shares of Teekay in the fourth quarter worth about $4,945,000. Millennium Management LLC purchased a new position in shares of Teekay in the fourth quarter worth about $3,245,000. JPMorgan Chase & Co. increased its holdings in shares of Teekay by 47.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,043,479 shares of the shipping company's stock worth $7,231,000 after buying an additional 338,105 shares during the period. Alliancebernstein L.P. increased its holdings in shares of Teekay by 738.1% in the fourth quarter. Alliancebernstein L.P. now owns 357,890 shares of the shipping company's stock worth $2,480,000 after buying an additional 315,190 shares during the period. Finally, American Century Companies Inc. increased its holdings in shares of Teekay by 9.9% in the fourth quarter. American Century Companies Inc. now owns 2,022,149 shares of the shipping company's stock worth $14,013,000 after buying an additional 181,474 shares during the period. Hedge funds and other institutional investors own 46.73% of the company's stock.

Teekay Stock Up 1.7%

Shares of TK traded up $0.14 during trading hours on Friday, hitting $8.33. The company had a trading volume of 565,987 shares, compared to its average volume of 759,281. Teekay Co. has a 52-week low of $5.65 and a 52-week high of $9.95. The firm has a market cap of $764.99 million, a P/E ratio of 5.91 and a beta of 0.37. The stock's 50 day moving average price is $7.06 and its 200 day moving average price is $7.04.

Teekay (NYSE:TK - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The shipping company reported $0.19 earnings per share (EPS) for the quarter. Teekay had a return on equity of 5.67% and a net margin of 10.96%. The company had revenue of $161.63 million for the quarter.

Teekay Dividend Announcement

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

Analyst Upgrades and Downgrades

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

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.