Millennium Management LLC Grows Stake in Timken Company (The) $TKR

Key Points

• Millennium Management LLC increased its stake in Timken Company by 48.5%, acquiring 222,679 additional shares, bringing its total ownership to approximately 681,379 shares worth about $48.97 million.
• Timken reported a quarterly EPS of $1.42, exceeding analysts' expectations, although its revenue was down 0.8% compared to the previous year.
• The company recently announced a quarterly dividend of $0.35 per share, resulting in an annualized yield of 1.8% and a payout ratio of 31.82%.

Millennium Management LLC lifted its stake in shares of Timken Company (The) (NYSE:TKR - Free Report) by 48.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 681,379 shares of the industrial products company's stock after buying an additional 222,679 shares during the quarter. Millennium Management LLC owned about 0.97% of Timken worth $48,971,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. UMB Bank n.a. lifted its stake in Timken by 400.0% during the 1st quarter. UMB Bank n.a. now owns 1,000 shares of the industrial products company's stock valued at $72,000 after acquiring an additional 800 shares in the last quarter. GAMMA Investing LLC raised its stake in Timken by 282.3% in the 1st quarter. GAMMA Investing LLC now owns 1,147 shares of the industrial products company's stock valued at $82,000 after acquiring an additional 847 shares during the period. Alpine Bank Wealth Management bought a new stake in Timken in the 1st quarter valued at about $108,000. Blue Trust Inc. raised its stake in Timken by 9.2% in the 1st quarter. Blue Trust Inc. now owns 2,050 shares of the industrial products company's stock valued at $147,000 after acquiring an additional 173 shares during the period. Finally, Quarry LP grew its holdings in Timken by 162.6% during the 1st quarter. Quarry LP now owns 2,101 shares of the industrial products company's stock valued at $151,000 after buying an additional 1,301 shares in the last quarter. Institutional investors and hedge funds own 89.08% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on TKR. DA Davidson lifted their target price on Timken from $71.00 to $80.00 and gave the company a "neutral" rating in a report on Tuesday, July 22nd. Evercore ISI set a $84.00 target price on Timken and gave the stock an "outperform" rating in a research report on Tuesday, August 19th. Finally, Citigroup boosted their price objective on Timken from $75.00 to $80.00 and gave the company a "buy" rating in a research report on Tuesday, June 24th. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $79.80.

Timken Stock Down 1.9%

TKR stock traded down $1.50 during midday trading on Friday, hitting $77.67. The stock had a trading volume of 512,614 shares, compared to its average volume of 626,208. The firm has a market cap of $5.41 billion, a price-to-earnings ratio of 17.65, a price-to-earnings-growth ratio of 1.70 and a beta of 1.25. The business has a 50-day moving average of $77.35 and a two-hundred day moving average of $72.48. Timken Company has a 52-week low of $56.20 and a 52-week high of $87.52. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.13 and a quick ratio of 1.72.

Timken (NYSE:TKR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.08. The company had revenue of $1.17 billion for the quarter, compared to analysts' expectations of $1.15 billion. Timken had a return on equity of 11.78% and a net margin of 6.86%.The firm's revenue for the quarter was down .8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.63 earnings per share. Timken has set its FY 2025 guidance at 5.100-5.400 EPS. As a group, equities research analysts forecast that Timken Company will post 5.62 earnings per share for the current fiscal year.

Timken Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Tuesday, August 19th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Tuesday, August 19th. Timken's dividend payout ratio is presently 31.82%.

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.