The Timken Company (NYSE:TKR) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its stake in shares of The Timken Company (NYSE:TKR - Free Report) by 23.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 353,021 shares of the industrial products company's stock after selling 106,002 shares during the period. Bank of America Corp DE owned 0.50% of Timken worth $25,195,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Victory Capital Management Inc. increased its stake in Timken by 418.4% in the 4th quarter. Victory Capital Management Inc. now owns 882,156 shares of the industrial products company's stock worth $62,959,000 after acquiring an additional 711,979 shares during the last quarter. Norges Bank bought a new stake in Timken in the 4th quarter worth approximately $42,748,000. American Century Companies Inc. increased its position in shares of Timken by 11.3% during the 4th quarter. American Century Companies Inc. now owns 3,158,690 shares of the industrial products company's stock valued at $225,436,000 after purchasing an additional 320,354 shares during the last quarter. Becker Capital Management Inc. bought a new position in shares of Timken during the 4th quarter valued at approximately $15,550,000. Finally, Royce & Associates LP boosted its holdings in Timken by 108.9% during the 4th quarter. Royce & Associates LP now owns 397,895 shares of the industrial products company's stock valued at $28,398,000 after acquiring an additional 207,439 shares during the period. Institutional investors own 89.08% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on TKR shares. Bank of America upgraded Timken from an "underperform" rating to a "neutral" rating and upped their target price for the stock from $73.00 to $78.00 in a report on Tuesday, February 4th. Oppenheimer reduced their price target on Timken from $90.00 to $88.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Citigroup boosted their price target on Timken from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Jefferies Financial Group reissued a "hold" rating and issued a $70.00 price target (down from $90.00) on shares of Timken in a research report on Wednesday, April 2nd. Finally, Morgan Stanley reduced their price target on Timken from $94.00 to $88.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Seven research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $78.50.

Timken Trading Down 1.2%

Shares of NYSE TKR traded down $0.83 during trading on Friday, reaching $68.48. The stock had a trading volume of 375,851 shares, compared to its average volume of 569,847. The company has a market cap of $4.79 billion, a P/E ratio of 13.72, a PEG ratio of 1.51 and a beta of 1.30. The business's 50-day moving average price is $67.14 and its 200-day moving average price is $73.25. The Timken Company has a fifty-two week low of $56.20 and a fifty-two week high of $90.49. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.61 and a current ratio of 3.07.

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

Timken Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Tuesday, May 13th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.04%. This is an increase from Timken's previous quarterly dividend of $0.34. The ex-dividend date was Tuesday, May 13th. Timken's dividend payout ratio is 30.17%.

Timken 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.