New England Research & Management Inc. increased its position in shares of Timken Company (The) (NYSE:TKR - Free Report) by 126.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,975 shares of the industrial products company's stock after buying an additional 7,800 shares during the quarter. New England Research & Management Inc.'s holdings in Timken were worth $1,004,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in TKR. Sterling Capital Management LLC boosted its position in Timken by 79.4% during the fourth quarter. Sterling Capital Management LLC now owns 26,838 shares of the industrial products company's stock worth $1,915,000 after purchasing an additional 11,876 shares during the period. Raymond James Financial Inc. acquired a new position in Timken during the fourth quarter valued at approximately $14,460,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Timken during the 4th quarter worth $574,000. Blue Trust Inc. lifted its holdings in shares of Timken by 88.3% in the fourth quarter. Blue Trust Inc. now owns 1,877 shares of the industrial products company's stock worth $134,000 after acquiring an additional 880 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Timken by 1.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 356,589 shares of the industrial products company's stock worth $24,908,000 after buying an additional 5,221 shares in the last quarter. Institutional investors own 89.08% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on TKR. The Goldman Sachs Group lowered their target price on shares of Timken from $85.00 to $75.00 and set a "neutral" rating for the company in a research note on Wednesday, April 2nd. DA Davidson upped their target price on shares of Timken from $66.00 to $71.00 and gave the stock a "neutral" rating in a research note on Monday, May 5th. Jefferies Financial Group reaffirmed a "hold" rating and set a $70.00 target price (down from $90.00) on shares of Timken in a research report on Wednesday, April 2nd. Morgan Stanley decreased their target price on Timken from $94.00 to $88.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Evercore ISI dropped their price target on shares of Timken from $102.00 to $85.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $78.50.
Check Out Our Latest Analysis on TKR
Timken Price Performance
Shares of Timken stock traded down $1.22 during trading hours on Tuesday, hitting $70.41. The company's stock had a trading volume of 469,371 shares, compared to its average volume of 575,037. The business has a 50 day moving average price of $67.79 and a two-hundred day moving average price of $72.65. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.71 and a current ratio of 3.15. Timken Company has a 12-month low of $56.20 and a 12-month high of $90.49. The company has a market cap of $4.93 billion, a PE ratio of 15.17, a PEG ratio of 1.70 and a beta of 1.28.
Timken (NYSE:TKR - Get Free Report) last posted 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 firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.13 billion. Timken had a net margin of 7.24% and a return on equity of 12.62%. The firm's revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.77 earnings per share. Analysts expect that Timken Company will post 5.62 earnings per share for the current fiscal year.
Timken Increases Dividend
The firm 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 was Tuesday, May 13th. This is a positive change from Timken's previous quarterly dividend of $0.34. This represents a $1.40 dividend on an annualized basis and a yield of 1.99%. Timken's dividend payout ratio is 30.17%.
Timken Company Profile
(
Free Report)
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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