Millennium Management LLC Purchases 428,545 Shares of The Timken Company (NYSE:TKR)

Millennium Management LLC grew its position in The Timken Company (NYSE:TKR - Free Report) by 1,421.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 458,700 shares of the industrial products company's stock after acquiring an additional 428,545 shares during the quarter. Millennium Management LLC owned about 0.65% of Timken worth $32,737,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Barclays PLC boosted its stake in Timken by 221.6% during the 3rd quarter. Barclays PLC now owns 86,667 shares of the industrial products company's stock worth $7,307,000 after purchasing an additional 59,716 shares during the period. Park Avenue Securities LLC raised its holdings in shares of Timken by 13.6% in the fourth quarter. Park Avenue Securities LLC now owns 3,093 shares of the industrial products company's stock valued at $221,000 after buying an additional 371 shares during the last quarter. Sheets Smith Wealth Management raised its holdings in shares of Timken by 3.4% in the fourth quarter. Sheets Smith Wealth Management now owns 5,856 shares of the industrial products company's stock valued at $418,000 after buying an additional 190 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of Timken by 25.9% during the fourth quarter. Janney Montgomery Scott LLC now owns 107,102 shares of the industrial products company's stock worth $7,644,000 after buying an additional 22,003 shares during the last quarter. Finally, Inspire Investing LLC increased its position in Timken by 15.2% in the 4th quarter. Inspire Investing LLC now owns 5,647 shares of the industrial products company's stock valued at $403,000 after acquiring an additional 746 shares during the period. 89.08% of the stock is currently owned by hedge funds and other institutional investors.

Timken Price Performance

Shares of NYSE TKR traded down $2.92 during mid-day trading on Wednesday, reaching $69.57. 627,779 shares of the company traded hands, compared to its average volume of 568,957. The Timken Company has a fifty-two week low of $56.20 and a fifty-two week high of $91.77. The firm has a market cap of $4.87 billion, a PE ratio of 13.94, a price-to-earnings-growth ratio of 1.51 and a beta of 1.30. The stock has a fifty day simple moving average of $67.38 and a 200-day simple moving average of $73.42. 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 posted its quarterly earnings results 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 business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.13 billion. Timken had a return on equity of 13.93% and a net margin of 7.71%. The company's quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.77 EPS. Equities research analysts anticipate that The Timken Company will post 5.62 EPS for the current fiscal year.

Timken Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Tuesday, May 13th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend is Tuesday, May 13th. This is a positive change from Timken's previous quarterly dividend of $0.34. Timken's dividend payout ratio is currently 30.17%.

Analysts Set New Price Targets

TKR has been the subject of a number of recent research reports. Jefferies Financial Group reaffirmed a "hold" rating and set a $70.00 price objective (down from $90.00) on shares of Timken in a research report on Wednesday, April 2nd. Oppenheimer lowered their price objective on shares of Timken from $90.00 to $88.00 and set an "outperform" rating on the stock 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 research note on Wednesday, April 2nd. Citigroup raised their target price on shares of Timken from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, Loop Capital dropped their price target 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. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $78.50.

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.