Here Is What Hedge Funds Think of Teekay Corporation (TK)

Because Teekay Corporation (NYSE:TK) has faced a declination in interest from the smart money, it’s easy to see that there is a sect of hedge funds that slashed their entire stakes by the end of the third quarter. Intriguingly, Marc Lisker, Glenn Fuhrman and John Phelan’s MSDC Management sold off the biggest investment of the 700 funds monitored by Insider Monkey, valued at close to $27.8 million in stock. Robert Vollero and Gentry T. Beach’s fund, Vollero Beach Capital Partners, also said goodbye to its stock, about $18.5 million worth. These moves are interesting, as aggregate hedge fund interest dropped by 4 funds by the end of the third quarter.

Let’s go over hedge fund activity in other stocks similar to Teekay Corporation (NYSE:TK). We will take a look at CyrusOne Inc (NASDAQ:CONE), Monro Muffler Brake Inc (NASDAQ:MNRO), WP Glimcher Inc (NYSE:WPG), and Zulily Inc (NASDAQ:ZU). This group of stocks’ market caps are similar to TK’s market cap.

As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $178 million. That figure was $290 million in TK’s case. CyrusOne Inc (NASDAQ:CONE) is the most popular stock in this table. On the other hand Zulily Inc (NASDAQ:ZU) is the least popular one with only 14 bullish hedge fund positions. Compared to these stocks Teekay Corporation (NYSE:TK) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.