Teekay (NYSE:TK) Hits New 52-Week Low – Here’s Why

Teekay Co. (NYSE:TK)’s share price reached a new 52-week low on Tuesday . The stock traded as low as $5.98 and last traded at $6.10, with a volume of 89300 shares trading hands. The stock had previously closed at $6.12.

Wall Street Analysts Forecast Growth

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

Teekay Trading Up 1.3 %

The company has a market capitalization of $569.41 million, a PE ratio of 4.08 and a beta of 0.56. The business’s 50-day simple moving average is $7.76 and its 200-day simple moving average is $8.28.

Teekay Dividend Announcement

The company also recently declared a — dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Wednesday, December 4th. Teekay’s dividend payout ratio (DPR) is presently 16.67%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its position in shares of Teekay by 3.3% in the second quarter. Dimensional Fund Advisors LP now owns 5,527,077 shares of the shipping company’s stock valued at $49,579,000 after acquiring an additional 176,641 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Teekay by 19.2% during the second quarter. Renaissance Technologies LLC now owns 4,026,075 shares of the shipping company’s stock worth $36,114,000 after buying an additional 649,900 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of Teekay by 2.9% in the second quarter. Acadian Asset Management LLC now owns 1,763,197 shares of the shipping company’s stock valued at $15,808,000 after buying an additional 50,077 shares during the last quarter. American Century Companies Inc. boosted its position in Teekay by 27.2% during the second quarter. American Century Companies Inc. now owns 1,546,328 shares of the shipping company’s stock worth $13,871,000 after acquiring an additional 331,002 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Teekay by 2.5% during the 3rd quarter. Geode Capital Management LLC now owns 803,936 shares of the shipping company’s stock worth $7,452,000 after purchasing an additional 19,961 shares during the last quarter. Hedge funds and other institutional investors own 46.73% of the company’s stock.

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.