Wedge Capital Management L L P NC decreased its position in The Timken Company (NYSE:TKR - Free Report) by 3.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 174,631 shares of the industrial products company's stock after selling 6,088 shares during the period. Wedge Capital Management L L P NC owned about 0.25% of Timken worth $12,551,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Sterling Capital Management LLC boosted its stake in Timken by 79.4% in the 4th quarter. Sterling Capital Management LLC now owns 26,838 shares of the industrial products company's stock worth $1,915,000 after buying an additional 11,876 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Timken during the 4th quarter valued at $14,460,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Timken in the 4th quarter valued at $574,000. Blue Trust Inc. lifted its holdings in shares of Timken by 88.3% during the 4th quarter. Blue Trust Inc. now owns 1,877 shares of the industrial products company's stock valued at $134,000 after acquiring an additional 880 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Timken by 1.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 356,589 shares of the industrial products company's stock valued at $24,908,000 after purchasing an additional 5,221 shares during the period. Hedge funds and other institutional investors own 89.08% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages recently commented on TKR. Morgan Stanley dropped their target price on Timken from $94.00 to $88.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. DA Davidson upped their price objective on shares of Timken from $66.00 to $71.00 and gave the company a "neutral" rating in a research report on Monday, May 5th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $70.00 target price (down from $90.00) on shares of Timken in a research report on Wednesday, April 2nd. Loop Capital cut their price target on shares of Timken from $85.00 to $65.00 and set a "hold" rating on the stock in a report on Thursday, April 17th. Finally, Citigroup boosted their target price on shares of Timken from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Timken presently has an average rating of "Hold" and a consensus target price of $78.50.
Get Our Latest Research Report on TKR
Timken Stock Performance
Shares of NYSE TKR traded down $0.22 during midday trading on Thursday, hitting $72.02. The company's stock had a trading volume of 321,529 shares, compared to its average volume of 574,107. The firm has a market cap of $5.04 billion, a P/E ratio of 14.43, a P/E/G ratio of 1.51 and a beta of 1.28. The Timken Company has a 1-year low of $56.20 and a 1-year high of $90.49. The firm's fifty day moving average price is $66.84 and its 200-day moving average price is $72.84. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.61 and a current ratio of 3.07.
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 the consensus estimate of $1.43 by ($0.03). The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.13 billion. Timken had a net margin of 7.71% and a return on equity of 13.93%. The firm's revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period last year, the company posted $1.77 earnings per share. On average, sell-side analysts forecast that The Timken Company will post 5.62 EPS for the current fiscal year.
Timken Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Tuesday, May 13th were paid a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $1.40 annualized dividend and a dividend yield of 1.94%. This is a positive change from Timken's previous quarterly dividend of $0.34. Timken's dividend payout ratio (DPR) is presently 30.17%.
About Timken
(
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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