New York State Common Retirement Fund lowered its stake in shares of The Timken Company (NYSE:TKR) by 1.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 493,696 shares of the industrial products company’s stock after selling 5,043 shares during the quarter. New York State Common Retirement Fund owned about 0.65% of Timken worth $32,298,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Dark Forest Capital Management LP acquired a new stake in Timken during the second quarter worth approximately $32,000. FORA Capital LLC acquired a new stake in shares of Timken in the 2nd quarter valued at $47,000. Quadrant Capital Group LLC boosted its holdings in shares of Timken by 56.8% in the 2nd quarter. Quadrant Capital Group LLC now owns 917 shares of the industrial products company’s stock valued at $74,000 after purchasing an additional 332 shares in the last quarter. Advisory Services Network LLC acquired a new stake in shares of Timken in the 2nd quarter valued at $108,000. Finally, Cullen Frost Bankers Inc. boosted its holdings in shares of Timken by 50.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 1,656 shares of the industrial products company’s stock valued at $133,000 after purchasing an additional 556 shares in the last quarter. 80.25% of the stock is currently owned by institutional investors and hedge funds.
In other news, CFO Philip D. Fracassa sold 9,220 shares of Timken stock in a transaction dated Friday, November 5th. The stock was sold at an average price of $72.71, for a total value of $670,386.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.05% of the stock is owned by company insiders.
Shares of NYSE:TKR opened at $67.37 on Monday. The firm has a market cap of $5.11 billion, a P/E ratio of 14.46 and a beta of 1.70. The company has a quick ratio of 1.44, a current ratio of 2.60 and a debt-to-equity ratio of 0.60. The Timken Company has a 12-month low of $62.96 and a 12-month high of $92.39. The business has a fifty day simple moving average of $70.48 and a 200 day simple moving average of $73.28.
Timken (NYSE:TKR) last announced its earnings results on Sunday, October 31st. The industrial products company reported $1.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.16 by $0.02. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.01 billion. Timken had a return on equity of 16.00% and a net margin of 8.94%. Timken’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period last year, the company earned $1.13 EPS. As a group, equities research analysts expect that The Timken Company will post 4.84 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 3rd. Investors of record on Monday, November 22nd were given a dividend of $0.30 per share. This is a positive change from Timken’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a yield of 1.78%. The ex-dividend date of this dividend was Friday, November 19th. Timken’s dividend payout ratio (DPR) is currently 25.75%.
TKR has been the topic of a number of research analyst reports. Loop Capital raised their target price on Timken from $72.00 to $78.00 and gave the company a “hold” rating in a report on Tuesday, November 2nd. Citigroup increased their price target on Timken from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Sunday, November 14th. Morgan Stanley dropped their price target on Timken from $84.00 to $76.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 13th. The Goldman Sachs Group cut Timken from a “buy” rating to a “neutral” rating and dropped their price target for the company from $84.00 to $73.00 in a research note on Sunday, December 12th. Finally, Jefferies Financial Group dropped their price target on Timken from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, September 16th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Timken presently has a consensus rating of “Hold” and a consensus target price of $85.70.
Timken Company Profile
The Timken Co engages in the engineering, manufacturing and marketing of bearings and power transmission products. It offers gearboxes, belts, chain, lubrication systems, couplings, industrial clutches and brakes. It operates through the Mobile Industries and Process Industries segments. The Mobile Industries segment serves OEM customers that manufacture off-highway equipment for the agricultural, mining and construction markets; on-highway vehicles including passenger cars, light trucks, and medium- and heavy-duty trucks; rail cars and locomotives; outdoor power equipment; and rotorcraft and fixed-wing aircraft.
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