Timken Co (NYSE:TKR) Stake Cut by Raymond James & Associates

Raymond James & Associates lowered its holdings in Timken Co (NYSE:TKR) by 5.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 84,703 shares of the industrial products company’s stock after selling 4,872 shares during the quarter. Raymond James & Associates owned 0.11% of Timken worth $3,695,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. JOYN Advisors Inc. increased its position in Timken by 23,766.7% during the fourth quarter. JOYN Advisors Inc. now owns 716 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 713 shares during the last quarter. Bronfman E.L. Rothschild L.P. increased its position in Timken by 22.4% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 1,555 shares of the industrial products company’s stock worth $58,000 after purchasing an additional 285 shares during the last quarter. Bank of Montreal Can increased its position in Timken by 17.7% during the first quarter. Bank of Montreal Can now owns 2,427 shares of the industrial products company’s stock worth $106,000 after purchasing an additional 365 shares during the last quarter. World Asset Management Inc acquired a new stake in Timken during the first quarter worth about $207,000. Finally, Investment Partners LTD. acquired a new stake in Timken during the first quarter worth about $236,000. Hedge funds and other institutional investors own 77.93% of the company’s stock.

A number of brokerages have weighed in on TKR. ValuEngine upgraded shares of Timken from a “sell” rating to a “hold” rating in a research report on Wednesday, June 19th. Morgan Stanley initiated coverage on shares of Timken in a research note on Monday, June 10th. They issued an “equal weight” rating and a $54.00 price objective for the company. Finally, Zacks Investment Research raised shares of Timken from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Friday, May 3rd. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Timken has a consensus rating of “Hold” and an average price target of $53.63.

TKR traded up $0.87 during trading on Friday, hitting $51.34. The stock had a trading volume of 912,500 shares, compared to its average volume of 709,210. The company has a quick ratio of 1.58, a current ratio of 2.81 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $3.86 billion, a price-to-earnings ratio of 12.28, a P/E/G ratio of 1.02 and a beta of 1.73. The business has a 50-day moving average of $47.30. Timken Co has a twelve month low of $33.98 and a twelve month high of $52.45.

Timken (NYSE:TKR) last posted its quarterly earnings results on Wednesday, May 1st. The industrial products company reported $1.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.24 by $0.11. Timken had a net margin of 8.55% and a return on equity of 21.51%. The business had revenue of $979.70 million for the quarter, compared to analysts’ expectations of $983.81 million. During the same period in the prior year, the company posted $1.01 EPS. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. As a group, analysts predict that Timken Co will post 5.29 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 4th. Stockholders of record on Wednesday, May 22nd were paid a dividend of $0.28 per share. The ex-dividend date was Tuesday, May 21st. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.18%. Timken’s dividend payout ratio (DPR) is presently 26.79%.

In other Timken news, insider Shelly Marie Chadwick sold 2,400 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $51.44, for a total value of $123,456.00. Following the transaction, the insider now directly owns 1,443 shares in the company, valued at approximately $74,227.92. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Ronald J. Myers sold 13,191 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $50.77, for a total transaction of $669,707.07. Following the completion of the transaction, the executive vice president now owns 18,987 shares in the company, valued at $963,969.99. The disclosure for this sale can be found here. Corporate insiders own 11.58% of the company’s stock.

Timken Company Profile

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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Institutional Ownership by Quarter for Timken (NYSE:TKR)

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