Teekay (NYSE:TK) Shares Down 3.1% - Should You Sell?

Teekay Corporation Ltd. (NYSE:TK - Get Free Report) dropped 3.1% during trading on Wednesday . The stock traded as low as $7.70 and last traded at $7.70. Approximately 44,230 shares traded hands during trading, a decline of 94% from the average daily volume of 804,066 shares. The stock had previously closed at $7.94.

Wall Street Analysts Forecast Growth

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

Teekay Price Performance

The company has a market capitalization of $692.93 million, a price-to-earnings ratio of 5.36 and a beta of 0.47. The firm's 50-day simple moving average is $8.32 and its two-hundred day simple moving average is $7.33.

Teekay Announces Dividend

The business also recently disclosed a -- dividend, which will be paid on Wednesday, July 16th. Investors of record on Wednesday, July 2nd will be given a $1.00 dividend. The ex-dividend date of this dividend is Wednesday, July 2nd.

Hedge Funds Weigh In On Teekay

Hedge funds have recently bought and sold shares of the business. American Century Companies Inc. increased its stake in shares of Teekay by 5.5% in the first quarter. American Century Companies Inc. now owns 2,132,960 shares of the shipping company's stock worth $14,014,000 after purchasing an additional 110,811 shares in the last quarter. Bridgeway Capital Management LLC grew its position in shares of Teekay by 1.9% in the fourth quarter. Bridgeway Capital Management LLC now owns 1,877,818 shares of the shipping company's stock valued at $13,013,000 after purchasing an additional 34,681 shares in the last quarter. Millennium Management LLC grew its position in shares of Teekay by 153.8% in the first quarter. Millennium Management LLC now owns 1,188,289 shares of the shipping company's stock valued at $7,807,000 after purchasing an additional 720,093 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Teekay by 47.9% during the fourth quarter. JPMorgan Chase & Co. now owns 1,043,479 shares of the shipping company's stock valued at $7,231,000 after acquiring an additional 338,105 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in Teekay by 80.9% during the first 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. 46.73% of the stock is owned by institutional investors.

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.

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