Allspring Global Investments Holdings LLC Sells 13,961 Shares of The Timken Company (NYSE:TKR)

Allspring Global Investments Holdings LLC lowered its stake in The Timken Company (NYSE:TKR - Free Report) by 2.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 462,700 shares of the industrial products company's stock after selling 13,961 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.66% of Timken worth $37,085,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. International Assets Investment Management LLC lifted its position in shares of Timken by 7,913.6% during the 4th quarter. International Assets Investment Management LLC now owns 1,763 shares of the industrial products company's stock worth $141,000 after purchasing an additional 1,741 shares during the last quarter. Edmp Inc. acquired a new position in shares of Timken during the 4th quarter worth about $259,000. Oak Thistle LLC acquired a new position in shares of Timken during the 4th quarter worth about $586,000. Quent Capital LLC lifted its position in shares of Timken by 50.4% during the 4th quarter. Quent Capital LLC now owns 1,018 shares of the industrial products company's stock worth $82,000 after purchasing an additional 341 shares during the last quarter. Finally, Ellsworth Advisors LLC increased its stake in Timken by 4.8% during the fourth quarter. Ellsworth Advisors LLC now owns 53,920 shares of the industrial products company's stock valued at $4,322,000 after acquiring an additional 2,479 shares during the period. Institutional investors and hedge funds own 89.08% of the company's stock.

Analyst Upgrades and Downgrades

TKR has been the topic of several research reports. Jefferies Financial Group lowered Timken from a "buy" rating to a "hold" rating and lowered their price target for the company from $105.00 to $85.00 in a research note on Wednesday, December 20th. Oppenheimer restated an "outperform" rating and set a $100.00 price target (up from $97.00) on shares of Timken in a research note on Thursday, March 21st. Morgan Stanley initiated coverage on Timken in a research note on Monday, January 8th. They set an "equal weight" rating and a $74.00 price target on the stock. The Goldman Sachs Group boosted their price target on Timken from $78.00 to $87.00 and gave the company a "neutral" rating in a research note on Tuesday, February 6th. Finally, DA Davidson initiated coverage on Timken in a research note on Tuesday, January 23rd. They set a "buy" rating and a $92.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $85.90.

Timken Price Performance

Shares of TKR traded down $1.77 during mid-day trading on Friday, reaching $84.80. The company had a trading volume of 266,708 shares, compared to its average volume of 425,479. The Timken Company has a twelve month low of $65.71 and a twelve month high of $95.08. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.79 and a quick ratio of 0.96. The company's 50-day moving average is $84.62 and its 200-day moving average is $78.59. The company has a market capitalization of $5.97 billion, a P/E ratio of 15.53, a P/E/G ratio of 1.20 and a beta of 1.54.

Timken (NYSE:TKR - Get Free Report) last released its quarterly earnings results on Monday, February 5th. The industrial products company reported $1.37 earnings per share for the quarter, beating analysts' consensus estimates of $1.22 by $0.15. Timken had a return on equity of 19.57% and a net margin of 8.26%. The firm had revenue of $1.09 billion during the quarter, compared to analysts' expectations of $1.06 billion. During the same period last year, the firm posted $1.22 EPS. The business's revenue was up .9% on a year-over-year basis. On average, equities analysts anticipate that The Timken Company will post 6.01 EPS for the current year.

Timken Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 6th. Investors of record on Tuesday, February 20th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, February 16th. This represents a $1.32 dividend on an annualized basis and a yield of 1.56%. Timken's dividend payout ratio is 24.18%.

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.