Retirement Systems of Alabama trimmed its position in The Timken Company (NYSE:TKR – Get Rating) by 4.1% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 204,904 shares of the industrial products company’s stock after selling 8,786 shares during the quarter. Retirement Systems of Alabama’s holdings in Timken were worth $12,438,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. TCI Wealth Advisors Inc. increased its holdings in Timken by 101.7% during the 4th quarter. TCI Wealth Advisors Inc. now owns 361 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 182 shares in the last quarter. CWM LLC bought a new stake in Timken during the 4th quarter worth approximately $28,000. Confluence Wealth Services Inc. bought a new stake in Timken during the 4th quarter worth approximately $30,000. Covestor Ltd bought a new stake in Timken during the 4th quarter worth approximately $70,000. Finally, Moors & Cabot Inc. bought a new stake in Timken during the 3rd quarter worth approximately $86,000. 80.18% of the stock is owned by institutional investors and hedge funds.
TKR has been the subject of a number of recent research reports. StockNews.com raised Timken from a “hold” rating to a “buy” rating in a report on Tuesday, May 3rd. Oppenheimer initiated coverage on Timken in a report on Wednesday, April 13th. They issued an “outperform” rating and a $75.00 target price for the company. KeyCorp reduced their target price on Timken from $84.00 to $75.00 in a report on Tuesday, May 3rd. Morgan Stanley reduced their target price on Timken from $76.00 to $72.00 and set an “equal weight” rating for the company in a report on Monday, April 18th. Finally, The Goldman Sachs Group dropped their price objective on Timken from $74.00 to $64.00 and set a “neutral” rating on the stock in a research note on Thursday, April 7th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $79.11.
In other news, CFO Philip D. Fracassa sold 9,511 shares of the company’s stock in a transaction on Thursday, May 26th. The shares were sold at an average price of $59.94, for a total value of $570,089.34. Following the transaction, the chief financial officer now owns 85,659 shares of the company’s stock, valued at $5,134,400.46. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Jacqueline F. Woods sold 2,860 shares of the company’s stock in a transaction on Thursday, May 26th. The stock was sold at an average price of $59.89, for a total transaction of $171,285.40. Following the completion of the transaction, the director now directly owns 16,568 shares in the company, valued at approximately $992,257.52. The disclosure for this sale can be found here. Corporate insiders own 10.79% of the company’s stock.
NYSE:TKR opened at $53.50 on Monday. The company has a market cap of $3.97 billion, a P/E ratio of 10.96, a P/E/G ratio of 0.84 and a beta of 1.55. The stock’s fifty day moving average price is $58.26 and its two-hundred day moving average price is $62.80. The Timken Company has a 1 year low of $51.06 and a 1 year high of $80.77. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.94 and a quick ratio of 1.66.
Timken (NYSE:TKR – Get Rating) last posted its earnings results on Monday, May 2nd. The industrial products company reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.46. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Timken had a return on equity of 15.97% and a net margin of 8.84%. The business’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.38 earnings per share. On average, analysts expect that The Timken Company will post 5.3 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, June 2nd. Shareholders of record on Monday, May 16th were given a dividend of $0.31 per share. The ex-dividend date was Friday, May 13th. This represents a $1.24 annualized dividend and a dividend yield of 2.32%. This is an increase from Timken’s previous quarterly dividend of $0.30. Timken’s dividend payout ratio is currently 25.41%.
Timken Company Profile (Get Rating)
The Timken Company designs, manufactures, and manages 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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