Bank of New York Mellon Corp Trims Stock Position in Timken Company (The) (NYSE:TKR)

Bank of New York Mellon Corp cut its stake in shares of Timken Company (The) (NYSE:TKR - Free Report) by 1.8% during the first quarter, according to the company in its most recent Form 13F filing with the 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 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Amundi increased its position in shares of Timken by 25.8% during the fourth quarter. Amundi now owns 848 shares of the industrial products company's stock worth $61,000 after acquiring an additional 174 shares during the period. Parvin Asset Management LLC bought a new position in shares of Timken during the fourth quarter valued at approximately $66,000. UMB Bank n.a. boosted its stake 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 boosted its stake in shares of Timken by 282.3% during the first quarter. GAMMA Investing LLC now owns 1,147 shares of the industrial products company's stock valued at $82,000 after purchasing an additional 847 shares in the last quarter. Finally, Alpine Bank Wealth Management bought a new position in shares of Timken during the first quarter valued at approximately $108,000. 89.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TKR has been the topic of a number of recent research reports. 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 research note on Wednesday, April 2nd. Citigroup increased their price objective on shares of Timken from $75.00 to $80.00 and gave the company a "buy" rating in a research note on Tuesday, June 24th. DA Davidson increased their price objective on shares of Timken from $66.00 to $71.00 and gave the company a "neutral" rating in a research note on Monday, May 5th. Loop Capital dropped their price objective on shares of Timken from $85.00 to $65.00 and set a "hold" rating on the stock in a research note on Thursday, April 17th. Finally, Morgan Stanley dropped their price objective on shares of Timken from $94.00 to $88.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Timken currently has an average rating of "Hold" and a consensus price target of $79.00.

Timken Price Performance

Shares of TKR opened at $78.11 on Friday. The company has a market cap of $5.46 billion, a price-to-earnings ratio of 16.83, a price-to-earnings-growth ratio of 1.86 and a beta of 1.27. Timken Company has a twelve month low of $56.20 and a twelve month high of $90.49. The company has a quick ratio of 1.71, a current ratio of 3.15 and a debt-to-equity ratio of 0.68. The company has a 50 day moving average of $71.98 and a two-hundred day moving average of $72.60.

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

Timken Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Tuesday, May 13th were issued a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.79%. 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.

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