M&T Bank Corp Trims Stake in Timken Company (The) (NYSE:TKR)

M&T Bank Corp reduced its stake in Timken Company (The) (NYSE:TKR - Free Report) by 15.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,116 shares of the industrial products company's stock after selling 3,359 shares during the period. M&T Bank Corp's holdings in Timken were worth $1,302,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Sterling Capital Management LLC boosted its holdings in shares of Timken by 79.4% in the fourth quarter. Sterling Capital Management LLC now owns 26,838 shares of the industrial products company's stock worth $1,915,000 after acquiring an additional 11,876 shares during the period. GAMMA Investing LLC boosted 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 acquiring an additional 847 shares during the period. Teacher Retirement System of Texas boosted its holdings in shares of Timken by 77.8% in the first quarter. Teacher Retirement System of Texas now owns 11,912 shares of the industrial products company's stock worth $856,000 after acquiring an additional 5,212 shares during the period. Raymond James Financial Inc. bought a new position in shares of Timken in the fourth quarter worth $14,460,000. Finally, State of Alaska Department of Revenue boosted its holdings in shares of Timken by 0.5% in the first quarter. State of Alaska Department of Revenue now owns 35,118 shares of the industrial products company's stock worth $2,523,000 after acquiring an additional 190 shares during the period. 89.08% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

TKR has been the subject of a number of analyst reports. The Goldman Sachs Group cut their price target on Timken from $85.00 to $75.00 and set a "neutral" rating for the company in a report on Wednesday, April 2nd. Citigroup raised their price target on shares of Timken from $75.00 to $80.00 and gave the company a "buy" rating in a report on Tuesday, June 24th. DA Davidson raised their price target on shares of Timken from $66.00 to $71.00 and gave the company a "neutral" rating in a report on Monday, May 5th. Loop Capital cut their price target on shares of Timken from $85.00 to $65.00 and set a "hold" rating for the company in a report on Thursday, April 17th. Finally, Oppenheimer cut their price target on shares of Timken from $90.00 to $88.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Timken currently has a consensus rating of "Hold" and an average price target of $79.00.

Timken Price Performance

Shares of NYSE TKR traded up $1.05 during mid-day trading on Thursday, reaching $77.73. 91,746 shares of the company were exchanged, compared to its average volume of 584,003. Timken Company has a 52 week low of $56.20 and a 52 week 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 stock has a market capitalization of $5.44 billion, a PE ratio of 16.75, a PEG ratio of 1.82 and a beta of 1.27. The company's 50 day moving average price is $72.61 and its 200 day moving average price is $72.70.

Timken (NYSE:TKR - Get Free Report) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $1.40 EPS for the quarter, missing analysts' consensus estimates of $1.43 by ($0.03). The business 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%. Timken's revenue for the quarter was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.77 EPS. Sell-side analysts forecast that Timken Company will post 5.62 earnings per share for the current fiscal year.

Timken Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Tuesday, May 13th were given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date was Tuesday, May 13th. This is a boost from Timken's previous quarterly dividend of $0.34. Timken's dividend payout ratio (DPR) is presently 30.17%.

About Timken

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.