AQR Capital Management LLC Reduces Position in The Timken Company (NYSE:TKR)

AQR Capital Management LLC lessened its holdings in shares of The Timken Company (NYSE:TKR - Free Report) by 60.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 112,421 shares of the industrial products company's stock after selling 171,753 shares during the period. AQR Capital Management LLC owned 0.16% of Timken worth $7,990,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of TKR. Victory Capital Management Inc. increased its holdings in shares of Timken by 418.4% during the fourth quarter. Victory Capital Management Inc. now owns 882,156 shares of the industrial products company's stock valued at $62,959,000 after acquiring an additional 711,979 shares in the last quarter. Norges Bank bought a new stake in shares of Timken during the fourth quarter valued at approximately $42,748,000. American Century Companies Inc. raised its stake in shares of Timken by 11.3% in the fourth quarter. American Century Companies Inc. now owns 3,158,690 shares of the industrial products company's stock worth $225,436,000 after purchasing an additional 320,354 shares during the last quarter. Royce & Associates LP lifted its holdings in shares of Timken by 108.9% during the fourth quarter. Royce & Associates LP now owns 397,895 shares of the industrial products company's stock valued at $28,398,000 after purchasing an additional 207,439 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Timken during the fourth quarter valued at $14,460,000. Institutional investors own 89.08% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Jefferies Financial Group restated a "hold" rating and set a $70.00 target price (down previously from $90.00) on shares of Timken in a research note on Wednesday, April 2nd. Oppenheimer cut their target price on shares of Timken from $90.00 to $88.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Evercore ISI boosted their target price on shares of Timken from $91.00 to $102.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. The Goldman Sachs Group cut their price objective on Timken from $85.00 to $75.00 and set a "neutral" rating for the company in a report on Wednesday, April 2nd. Finally, Morgan Stanley lowered their target price on Timken from $94.00 to $88.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Seven equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $80.20.

Timken Price Performance

Shares of NYSE:TKR traded up $3.83 during trading on Monday, hitting $72.45. 136,697 shares of the company's stock were exchanged, compared to its average volume of 558,618. The business's 50-day simple moving average is $67.77 and its 200 day simple moving average is $73.92. The company has a market cap of $5.07 billion, a price-to-earnings ratio of 14.53, a PEG ratio of 1.51 and a beta of 1.30. The Timken Company has a 52-week low of $56.20 and a 52-week high of $93.66. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.07 and a quick ratio of 1.61.

Timken (NYSE:TKR - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.03). The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.13 billion. Timken had a net margin of 7.71% and a return on equity of 13.93%. The company's quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.77 EPS. As a group, equities analysts predict that The Timken Company will post 5.62 EPS for the current year.

Timken Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Tuesday, May 13th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend is Tuesday, May 13th. This is a boost from Timken's previous quarterly dividend of $0.34. Timken's dividend payout ratio (DPR) is currently 30.17%.

Timken Company Profile

The Timken Company designs, manufactures, and sells engineered bearings and industrial motion products, and related services in the United States and internationally. The company's Engineered Bearings segment provides various bearing products, including tapered, spherical, and cylindrical roller bearings; plain bearings, metal-polymer bearings, and rod end bearings; radial, angular, and precision ball bearings; thrust and specialty ball bearings; journal bearings; and housed or mounted bearings.