Allspring Global Investments Holdings LLC Grows Stock Position in Timken Company (The) (NYSE:TKR)

Allspring Global Investments Holdings LLC lifted its holdings in shares of Timken Company (The) (NYSE:TKR - Free Report) by 48.8% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 530,734 shares of the industrial products company's stock after acquiring an additional 174,145 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.76% of Timken worth $36,483,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Blue Trust Inc. raised its holdings in shares of Timken by 9.2% in the first quarter. Blue Trust Inc. now owns 2,050 shares of the industrial products company's stock worth $147,000 after buying an additional 173 shares during the last quarter. Amundi grew its holdings in shares of Timken by 25.8% during the fourth quarter. Amundi now owns 848 shares of the industrial products company's stock valued at $61,000 after buying an additional 174 shares during the last quarter. Ethic Inc. raised its stake in Timken by 2.8% in the 4th quarter. Ethic Inc. now owns 6,882 shares of the industrial products company's stock worth $491,000 after acquiring an additional 188 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Timken by 2.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,476 shares of the industrial products company's stock worth $537,000 after acquiring an additional 188 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its position in Timken by 0.5% during the 1st quarter. State of Alaska Department of Revenue now owns 35,118 shares of the industrial products company's stock worth $2,523,000 after acquiring an additional 190 shares during the period. Institutional investors and hedge funds own 89.08% of the company's stock.

Timken Stock Performance

Shares of TKR traded down $0.05 during trading hours on Thursday, hitting $76.67. The stock had a trading volume of 370,904 shares, compared to its average volume of 584,849. The firm has a 50-day moving average price of $70.29 and a 200 day moving average price of $72.37. Timken Company has a fifty-two week low of $56.20 and a fifty-two week high of $90.49. The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 1.79 and a beta of 1.27. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.71 and a current ratio of 3.15.

Timken (NYSE:TKR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $1.40 earnings per share for the quarter, missing analysts' consensus estimates of $1.43 by ($0.03). Timken had a return on equity of 12.62% and a net margin of 7.24%. The firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the company posted $1.77 EPS. The company's revenue was down 4.2% on a year-over-year basis. As a group, research analysts anticipate that Timken Company will post 5.62 EPS for the current year.

Timken Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Tuesday, May 13th were issued a $0.35 dividend. This is a positive change from Timken's previous quarterly dividend of $0.34. This represents a $1.40 annualized dividend and a yield of 1.83%. The ex-dividend date was Tuesday, May 13th. Timken's dividend payout ratio (DPR) is presently 30.17%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on TKR shares. Loop Capital reduced their price objective on Timken from $85.00 to $65.00 and set a "hold" rating for the company in a research note on Thursday, April 17th. Oppenheimer reduced their price target 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. The Goldman Sachs Group dropped their price objective on shares of Timken from $85.00 to $75.00 and set a "neutral" rating on the stock in a report on Wednesday, April 2nd. Citigroup increased their price objective on shares of Timken from $75.00 to $80.00 and gave the stock a "buy" rating in a research note on Tuesday, June 24th. Finally, Jefferies Financial Group reissued a "hold" rating and set a $70.00 target price (down previously from $90.00) on shares of Timken in a report on Wednesday, April 2nd. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $79.00.

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.