The Manufacturers Life Insurance Company Purchases 71,505 Shares of The Timken Company (NYSE:TKR)

The Manufacturers Life Insurance Company lifted its position in shares of The Timken Company (NYSE:TKR - Free Report) by 15.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 525,612 shares of the industrial products company's stock after purchasing an additional 71,505 shares during the period. The Manufacturers Life Insurance Company owned 0.75% of Timken worth $37,513,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TKR. Barclays PLC raised its stake in shares of Timken by 221.6% in the third quarter. Barclays PLC now owns 86,667 shares of the industrial products company's stock valued at $7,307,000 after buying an additional 59,716 shares during the period. World Investment Advisors LLC purchased a new stake in Timken during the third quarter valued at about $409,000. Wilmington Savings Fund Society FSB bought a new position in Timken during the third quarter worth about $172,000. Synovus Financial Corp raised its position in shares of Timken by 5.4% in the third quarter. Synovus Financial Corp now owns 8,286 shares of the industrial products company's stock valued at $698,000 after purchasing an additional 423 shares during the period. Finally, Franklin Resources Inc. raised its position in shares of Timken by 0.5% in the third quarter. Franklin Resources Inc. now owns 41,373 shares of the industrial products company's stock valued at $3,502,000 after purchasing an additional 222 shares during the period. 89.08% of the stock is currently owned by hedge funds and other institutional investors.

Timken Trading Up 0.7 %

Shares of NYSE TKR traded up $0.48 during mid-day trading on Tuesday, hitting $66.84. The stock had a trading volume of 171,777 shares, compared to its average volume of 555,729. The business has a 50 day moving average price of $68.63 and a two-hundred day moving average price of $74.40. The Timken Company has a 1 year low of $56.20 and a 1 year high of $93.66. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.61 and a current ratio of 3.07. The firm has a market cap of $4.68 billion, a P/E ratio of 13.40, a price-to-earnings-growth ratio of 1.51 and a beta of 1.30.

Timken (NYSE:TKR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $1.40 earnings per share 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 the consensus estimate of $1.13 billion. Timken had a return on equity of 13.93% and a net margin of 7.71%. Timken's quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.77 earnings per share. On average, equities analysts anticipate that The Timken Company will post 5.62 EPS for the current fiscal year.

Timken Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Tuesday, May 13th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date is Tuesday, May 13th. This is a boost from Timken's previous quarterly dividend of $0.34. Timken's payout ratio is 30.17%.

Insider Buying and Selling

In other news, CFO Philip D. Fracassa sold 5,000 shares of Timken stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $81.50, for a total transaction of $407,500.00. Following the completion of the transaction, the chief financial officer now directly owns 90,541 shares in the company, valued at approximately $7,379,091.50. This trade represents a 5.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 8.70% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group lowered their target price on shares of Timken from $85.00 to $75.00 and set a "neutral" rating on the stock in a report on Wednesday, April 2nd. Oppenheimer decreased their price objective on Timken from $90.00 to $88.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Loop Capital reduced their target price on Timken from $85.00 to $65.00 and set a "hold" rating for the company in a report on Thursday, April 17th. Bank of America raised shares of Timken from an "underperform" rating to a "neutral" rating and increased their price target for the stock from $73.00 to $78.00 in a report on Tuesday, February 4th. Finally, Morgan Stanley cut their price target on shares of Timken from $94.00 to $88.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $79.70.

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.