Bank of New York Mellon Corp Sells 13,129 Shares of Timken Company (The) (NYSE:TKR)

Bank of New York Mellon Corp trimmed its holdings in Timken Company (The) (NYSE:TKR - Free Report) by 1.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 704,149 shares of the industrial products company's stock after selling 13,129 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.01% of Timken worth $50,607,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Amundi grew its stake in 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 acquiring an additional 174 shares in the last quarter. Parvin Asset Management LLC bought a new position in shares of Timken during the 4th quarter valued at about $66,000. UMB Bank n.a. grew its position in shares of Timken by 400.0% during the first quarter. UMB Bank n.a. now owns 1,000 shares of the industrial products company's stock valued at $72,000 after purchasing an additional 800 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Timken by 282.3% in the first quarter. GAMMA Investing LLC now owns 1,147 shares of the industrial products company's stock worth $82,000 after purchasing an additional 847 shares during the last quarter. Finally, Alpine Bank Wealth Management bought a new stake in shares of Timken in the first quarter worth about $108,000. 89.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on TKR shares. Evercore ISI cut their price target on Timken from $102.00 to $85.00 and set an "outperform" rating for the company in a report on Monday, May 19th. DA Davidson boosted their price target on shares of Timken from $66.00 to $71.00 and gave the stock a "neutral" rating in a research report on Monday, May 5th. Jefferies Financial Group reiterated a "hold" rating and set a $70.00 price objective (down previously from $90.00) on shares of Timken in a research report on Wednesday, April 2nd. Oppenheimer dropped their price objective on shares of Timken from $90.00 to $88.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Finally, Citigroup upped their target price on shares of Timken from $75.00 to $80.00 and gave the company a "buy" rating in a research report on Tuesday, June 24th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Timken currently has an average rating of "Hold" and an average target price of $79.00.

Timken Trading Up 0.5%

Shares of TKR stock traded up $0.34 during trading hours on Wednesday, reaching $76.67. 290,167 shares of the stock were exchanged, compared to its average volume of 585,448. Timken Company has a 12-month low of $56.20 and a 12-month high of $90.49. The company's 50-day moving average price is $72.40 and its 200-day moving average price is $72.67. The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of 16.52, a price-to-earnings-growth ratio of 1.84 and a beta of 1.27. The company has a current ratio of 3.15, a quick ratio of 1.71 and a debt-to-equity ratio of 0.68.

Timken (NYSE:TKR - Get Free Report) last issued its 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). Timken had a net margin of 7.24% and a return on equity of 12.62%. The company had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.13 billion. During the same period in the prior year, the firm posted $1.77 earnings per share. The firm's revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, equities analysts anticipate that Timken Company will post 5.62 earnings per share for the current year.

Timken Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Tuesday, May 13th were paid a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $1.40 annualized dividend and a yield of 1.83%. This is a boost from Timken's previous quarterly dividend of $0.34. Timken's dividend payout ratio is 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.