Allspring Global Investments Holdings LLC Sells 67,290 Shares of The Timken Company (NYSE:TKR)

Allspring Global Investments Holdings LLC reduced its holdings in shares of The Timken Company (NYSE:TKR) by 14.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 395,410 shares of the industrial products company’s stock after selling 67,290 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.56% of Timken worth $34,571,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Livelsberger Financial Advisory purchased a new position in shares of Timken in the 4th quarter worth about $30,000. GAMMA Investing LLC purchased a new stake in shares of Timken during the 4th quarter worth approximately $35,000. Anchor Investment Management LLC bought a new stake in shares of Timken in the 4th quarter worth approximately $58,000. Ramirez Asset Management Inc. purchased a new position in Timken in the third quarter valued at approximately $81,000. Finally, Quent Capital LLC grew its holdings in Timken by 50.4% during the fourth quarter. Quent Capital LLC now owns 1,018 shares of the industrial products company’s stock valued at $82,000 after purchasing an additional 341 shares during the period. Institutional investors own 89.08% of the company’s stock.

Timken Price Performance

Shares of NYSE TKR opened at $79.91 on Friday. The firm has a market capitalization of $5.63 billion, a P/E ratio of 15.22, a P/E/G ratio of 1.69 and a beta of 1.46. The company has a quick ratio of 1.02, a current ratio of 1.87 and a debt-to-equity ratio of 0.66. The stock’s 50-day simple moving average is $85.70 and its two-hundred day simple moving average is $83.89. The Timken Company has a twelve month low of $65.71 and a twelve month high of $95.08.

Timken (NYSE:TKR) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $1.77 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.27. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.15 billion. Timken had a net margin of 7.99% and a return on equity of 17.98%. Timken’s quarterly revenue was down 5.7% on a year-over-year basis. During the same period last year, the firm posted $2.09 earnings per share. As a group, equities analysts anticipate that The Timken Company will post 6.2 EPS for the current fiscal year.

Timken Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 28th. Shareholders of record on Tuesday, May 14th were given a dividend of $0.34 per share. This is an increase from Timken’s previous quarterly dividend of $0.33. The ex-dividend date was Monday, May 13th. This represents a $1.36 dividend on an annualized basis and a yield of 1.70%. Timken’s dividend payout ratio (DPR) is presently 25.90%.

Insiders Place Their Bets

In other news, EVP Christopher A. Coughlin sold 29,006 shares of the stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $89.30, for a total transaction of $2,590,235.80. Following the transaction, the executive vice president now directly owns 84,995 shares in the company, valued at approximately $7,590,053.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Christopher A. Coughlin sold 29,006 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $89.30, for a total value of $2,590,235.80. Following the completion of the sale, the executive vice president now directly owns 84,995 shares in the company, valued at approximately $7,590,053.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Richard G. Kyle sold 20,000 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $89.09, for a total transaction of $1,781,800.00. Following the transaction, the chief executive officer now directly owns 366,799 shares in the company, valued at approximately $32,678,122.91. The disclosure for this sale can be found here. Insiders sold a total of 59,006 shares of company stock valued at $5,269,636 over the last 90 days. Insiders own 8.70% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on TKR shares. KeyCorp upped their price target on Timken from $95.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Loop Capital boosted their price target on shares of Timken from $78.00 to $87.00 and gave the company a “hold” rating in a research report on Wednesday, May 1st. Oppenheimer reaffirmed an “outperform” rating and issued a $100.00 price objective (up from $97.00) on shares of Timken in a report on Thursday, March 21st. Raymond James started coverage on shares of Timken in a report on Friday, June 28th. They set a “market perform” rating on the stock. Finally, Stifel Nicolaus raised their price target on Timken from $92.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Timken presently has an average rating of “Hold” and a consensus target price of $87.91.

About Timken

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.