Victory Capital Management Inc. Boosts Stake in Timken Company (The) (NYSE:TKR)

Victory Capital Management Inc. raised its holdings in Timken Company (The) (NYSE:TKR - Free Report) by 108.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,841,828 shares of the industrial products company's stock after purchasing an additional 959,672 shares during the quarter. Victory Capital Management Inc. owned 2.63% of Timken worth $132,372,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Sterling Capital Management LLC raised its holdings 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 last quarter. GAMMA Investing LLC raised its holdings in Timken by 282.3% during the first quarter. GAMMA Investing LLC now owns 1,147 shares of the industrial products company's stock worth $82,000 after purchasing an additional 847 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in Timken by 77.8% during the first quarter. Teacher Retirement System of Texas now owns 11,912 shares of the industrial products company's stock worth $856,000 after purchasing an additional 5,212 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Timken during the fourth quarter worth $14,460,000. Finally, State of Alaska Department of Revenue raised its holdings in Timken by 0.5% during 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 purchasing an additional 190 shares during the last quarter. Hedge funds and other institutional investors own 89.08% of the company's stock.

Timken Trading Up 0.2%

Shares of NYSE:TKR traded up $0.15 during midday trading on Friday, reaching $79.28. The company's stock had a trading volume of 634,982 shares, compared to its average volume of 586,141. The firm has a market cap of $5.55 billion, a price-to-earnings ratio of 17.09, a price-to-earnings-growth ratio of 1.82 and a beta of 1.27. The business has a 50 day moving average price of $72.82 and a 200 day moving average price of $72.76. Timken Company has a 1 year low of $56.20 and a 1 year 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.

Timken (NYSE:TKR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.43 by ($0.03). Timken had a return on equity of 12.62% and a net margin of 7.24%. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same period in the previous year, the business posted $1.77 earnings per share. The firm's quarterly revenue was down 4.2% on a year-over-year basis. Research analysts forecast that Timken Company will post 5.62 EPS for the current year.

Timken Increases Dividend

The firm 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. This represents a $1.40 dividend on an annualized basis and a yield of 1.77%. This is a positive change from Timken's previous quarterly dividend of $0.34. The ex-dividend date was Tuesday, May 13th. Timken's dividend payout ratio (DPR) is presently 30.17%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. DA Davidson lifted their price objective on Timken from $66.00 to $71.00 and gave the stock a "neutral" rating in a report on Monday, May 5th. The Goldman Sachs Group reduced their price objective on Timken from $85.00 to $75.00 and set a "neutral" rating for the company in a report on Wednesday, April 2nd. Morgan Stanley reduced their price objective on Timken from $94.00 to $88.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Evercore ISI cut their price target on Timken from $102.00 to $85.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Finally, Citigroup boosted their price target on Timken from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Tuesday, June 24th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Timken currently has a consensus rating of "Hold" and an average target price of $79.00.

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.