Sierra Summit Advisors LLC Makes New Investment in Teekay Co. (NYSE:TK)

Sierra Summit Advisors LLC acquired a new stake in Teekay Co. (NYSE:TK) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 72,999 shares of the shipping company’s stock, valued at approximately $655,000. Sierra Summit Advisors LLC owned about 0.08% of Teekay as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently made changes to their positions in TK. Russell Investments Group Ltd. raised its stake in shares of Teekay by 66.5% during the fourth quarter. Russell Investments Group Ltd. now owns 128,820 shares of the shipping company’s stock valued at $923,000 after acquiring an additional 51,441 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Teekay by 21.1% in the 4th quarter. Victory Capital Management Inc. now owns 170,492 shares of the shipping company’s stock worth $1,219,000 after buying an additional 29,660 shares during the period. BNP Paribas Financial Markets grew its position in shares of Teekay by 70.5% in the 4th quarter. BNP Paribas Financial Markets now owns 161,427 shares of the shipping company’s stock worth $1,154,000 after buying an additional 66,726 shares during the last quarter. Jump Financial LLC increased its stake in shares of Teekay by 5.6% during the fourth quarter. Jump Financial LLC now owns 84,984 shares of the shipping company’s stock valued at $608,000 after buying an additional 4,484 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Teekay by 9.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,084,487 shares of the shipping company’s stock valued at $36,354,000 after acquiring an additional 449,307 shares in the last quarter. Institutional investors own 46.73% of the company’s stock.

Teekay Trading Up 0.8 %

Shares of TK opened at $8.64 on Monday. Teekay Co. has a 1-year low of $5.70 and a 1-year high of $9.95. The firm’s 50-day moving average price is $8.11 and its 200-day moving average price is $8.16. The firm has a market capitalization of $785.80 million, a price-to-earnings ratio of 5.33 and a beta of 0.59.

Teekay (NYSE:TK) last posted its quarterly earnings data on Thursday, August 1st. The shipping company reported $0.35 earnings per share for the quarter. Teekay had a return on equity of 7.03% and a net margin of 11.18%. The business had revenue of $326.14 million for the quarter.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of Teekay from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 28th.

About Teekay

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.