State Board of Administration of Florida Retirement System raised its holdings in shares of The Timken Company (NYSE:TKR) by 0.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 103,748 shares of the industrial products company’s stock after purchasing an additional 652 shares during the period. State Board of Administration of Florida Retirement System’s holdings in The Timken were worth $5,625,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. GAM Holding AG bought a new position in shares of The Timken during the third quarter valued at approximately $266,000. M&T Bank Corp bought a new stake in shares of The Timken during the third quarter valued at approximately $337,000. Aperio Group LLC increased its position in shares of The Timken by 11.8% during the third quarter. Aperio Group LLC now owns 52,191 shares of the industrial products company’s stock valued at $2,830,000 after acquiring an additional 5,527 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of The Timken by 358.1% during the third quarter. Principal Financial Group Inc. now owns 981,050 shares of the industrial products company’s stock valued at $53,191,000 after acquiring an additional 766,883 shares in the last quarter. Finally, Wright Investors Service Inc. bought a new stake in shares of The Timken during the third quarter valued at approximately $356,000. 81.95% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently weighed in on the stock. Morgan Stanley raised their price target on shares of The Timken from $60.00 to $64.00 and gave the company an “equal weight” rating in a research report on Friday, October 30th. Zacks Investment Research downgraded shares of The Timken from a “strong-buy” rating to a “hold” rating and set a $63.00 price target for the company. in a research report on Monday, October 19th. KeyCorp raised their price target on shares of The Timken from $68.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, November 13th. Smith Barney Citigroup began coverage on shares of The Timken in a research report on Monday, November 2nd. They set a “buy” rating and a $75.00 price target for the company. Finally, ValuEngine upgraded shares of The Timken from a “sell” rating to a “hold” rating in a report on Tuesday, October 6th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $70.57.
In other news, CFO Philip D. Fracassa sold 15,514 shares of The Timken stock in a transaction on Monday, November 16th. The shares were sold at an average price of $72.99, for a total transaction of $1,132,366.86. Following the transaction, the chief financial officer now owns 80,681 shares in the company, valued at approximately $5,888,906.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ronald J. Myers sold 7,760 shares of The Timken stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $61.83, for a total transaction of $479,800.80. Following the transaction, the executive vice president now owns 32,758 shares in the company, valued at approximately $2,025,427.14. The disclosure for this sale can be found here. Insiders have sold a total of 71,554 shares of company stock worth $5,141,436 in the last quarter. Corporate insiders own 11.62% of the company’s stock.
Shares of TKR stock opened at $71.94 on Friday. The Timken Company has a 12-month low of $22.25 and a 12-month high of $73.92. The company has a current ratio of 3.02, a quick ratio of 1.84 and a debt-to-equity ratio of 0.88. The firm’s 50 day moving average is $62.19 and its 200 day moving average is $51.45. The stock has a market capitalization of $5.42 billion, a P/E ratio of 17.13, a P/E/G ratio of 6.14 and a beta of 1.80.
The Timken (NYSE:TKR) last issued its earnings results on Thursday, October 29th. The industrial products company reported $1.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.23. The Timken had a net margin of 9.06% and a return on equity of 16.41%. The company had revenue of $894.60 million for the quarter, compared to analysts’ expectations of $817.21 million. During the same quarter last year, the company posted $1.14 earnings per share. The firm’s quarterly revenue was down 2.1% on a year-over-year basis. As a group, equities analysts predict that The Timken Company will post 3.71 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Tuesday, November 24th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Monday, November 23rd. This is a boost from The Timken’s previous quarterly dividend of $0.25. The Timken’s dividend payout ratio (DPR) is currently 24.35%.
About The Timken
The Timken Company designs, manufactures, and manages engineered bearings and power transmission products and services worldwide. It operates in two segments, Mobile Industries and Process Industries. The Mobile Industries segment offers a portfolio of bearings, seals, and lubrication devices and systems, as well as power transmission components, engineered chains, augers, belts, couplings, clutches, brakes, and related products and maintenance services to original equipment manufacturers (OEMs) and end users of off-highway equipment for the agricultural, construction, mining, outdoor power equipment, and power sports markets; and on-highway vehicles, including passenger cars, light trucks, and medium- and heavy-duty trucks, as well as rail cars and locomotives.
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