New York State Common Retirement Fund cut its position in Timken Co (NYSE:TKR) by 0.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 551,650 shares of the industrial products company’s stock after selling 5,000 shares during the quarter. New York State Common Retirement Fund owned approximately 0.73% of Timken worth $31,063,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. US Bancorp DE raised its stake in shares of Timken by 28.8% during the 4th quarter. US Bancorp DE now owns 10,249 shares of the industrial products company’s stock worth $577,000 after buying an additional 2,290 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Timken by 14.5% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 5,670 shares of the industrial products company’s stock valued at $319,000 after purchasing an additional 718 shares in the last quarter. SkyOak Wealt LLC purchased a new position in Timken in the 4th quarter valued at approximately $494,000. First Trust Advisors LP increased its stake in Timken by 44.5% in the 4th quarter. First Trust Advisors LP now owns 174,969 shares of the industrial products company’s stock valued at $9,853,000 after purchasing an additional 53,905 shares in the last quarter. Finally, Financial Counselors Inc. purchased a new position in Timken in the 4th quarter valued at approximately $299,000. 76.48% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently weighed in on the company. Bank of America raised Timken from an “underperform” rating to a “buy” rating and set a $68.00 price objective for the company in a research note on Tuesday, January 7th. Stifel Nicolaus raised their price objective on Timken from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Friday, December 13th. ValuEngine raised Timken from a “strong sell” rating to a “sell” rating in a research note on Thursday, October 31st. KeyCorp raised their price objective on Timken from $60.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Finally, Zacks Investment Research raised Timken from a “strong sell” rating to a “hold” rating and set a $60.00 price objective for the company in a research note on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $62.83.
Timken (NYSE:TKR) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $0.84 EPS for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.12). The company had revenue of $896.20 million for the quarter, compared to analyst estimates of $885.21 million. Timken had a net margin of 9.55% and a return on equity of 19.49%. Timken’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.00 EPS. On average, research analysts expect that Timken Co will post 4.45 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Friday, February 21st will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date is Thursday, February 20th. Timken’s dividend payout ratio (DPR) is presently 24.35%.
In other Timken news, CEO Richard G. Kyle sold 28,092 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $52.96, for a total transaction of $1,487,752.32. Following the sale, the chief executive officer now owns 173,990 shares in the company, valued at approximately $9,214,510.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. 11.58% of the stock is currently owned by corporate insiders.
The Timken Company engineers, manufactures, and markets engineered bearings and power transmission products worldwide. It operates in two segments, Mobile Industries and Process Industries. The Mobile Industries segment offers a portfolio of bearings, seals, and lubrication devices and systems, as well as power transmission components, engineered chains, augers, belts, couplings, clutches, brakes, and related products and maintenance services to original equipment manufacturers (OEMs) and end users of off-highway equipment for the agricultural, construction, mining, outdoor power equipment, and power sports markets; and on-highway vehicles, including passenger cars, light trucks, and medium- and heavy-duty trucks, as well as rail cars and locomotives.
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