The Timken Company (NYSE:TKR) Holdings Cut by New York State Teachers Retirement System

New York State Teachers Retirement System lowered its stake in shares of The Timken Company (NYSE:TKR) by 3.3% in the second quarter, HoldingsChannel reports. The institutional investor owned 92,924 shares of the industrial products company’s stock after selling 3,200 shares during the period. New York State Teachers Retirement System’s holdings in Timken were worth $7,446,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of TKR. International Assets Investment Management LLC boosted its position in Timken by 7,913.6% during the fourth quarter. International Assets Investment Management LLC now owns 1,763 shares of the industrial products company’s stock valued at $141,000 after purchasing an additional 1,741 shares during the last quarter. Cerity Partners LLC acquired a new position in Timken during the fourth quarter worth $239,000. GAMMA Investing LLC bought a new stake in Timken during the fourth quarter worth approximately $35,000. Russell Investments Group Ltd. raised its position in shares of Timken by 11.1% in the fourth quarter. Russell Investments Group Ltd. now owns 107,153 shares of the industrial products company’s stock valued at $8,588,000 after purchasing an additional 10,712 shares during the period. Finally, Retirement Systems of Alabama lifted its stake in shares of Timken by 0.9% in the fourth quarter. Retirement Systems of Alabama now owns 176,113 shares of the industrial products company’s stock worth $14,115,000 after buying an additional 1,612 shares during the last quarter. 89.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on TKR. Raymond James assumed coverage on Timken in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Evercore ISI lowered their price objective on Timken from $94.00 to $87.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Stifel Nicolaus boosted their price target on shares of Timken from $92.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Loop Capital upped their target price on shares of Timken from $78.00 to $87.00 and gave the company a “hold” rating in a research note on Wednesday, May 1st. Finally, KeyCorp raised their price target on shares of Timken from $95.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, May 23rd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Timken has a consensus rating of “Hold” and an average price target of $88.18.

Timken Trading Up 2.6 %

TKR opened at $84.70 on Monday. The Timken Company has a 1-year low of $65.71 and a 1-year high of $94.71. The stock has a market capitalization of $5.96 billion, a PE ratio of 16.13, a PEG ratio of 1.78 and a beta of 1.46. The company has a current ratio of 2.95, a quick ratio of 1.64 and a debt-to-equity ratio of 0.72. The firm has a 50-day moving average price of $82.22 and a two-hundred day moving average price of $84.63.

Timken (NYSE:TKR) last announced its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.18 billion. Timken had a return on equity of 16.36% and a net margin of 7.52%. The business’s quarterly revenue was down 7.1% compared to the same quarter last year. During the same period last year, the company earned $2.01 EPS. As a group, equities analysts anticipate that The Timken Company will post 6.13 earnings per share for the current fiscal year.

Timken Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $1.36 dividend on an annualized basis and a yield of 1.61%. Timken’s payout ratio is presently 25.90%.

Insider Activity

In related news, CEO Richard G. Kyle sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $80.46, for a total transaction of $2,413,800.00. Following the completion of the sale, the chief executive officer now directly owns 244,485 shares of the company’s stock, valued at $19,671,263.10. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 8.70% of the company’s stock.

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.