State of New Jersey Common Pension Fund D Boosts Stock Holdings in The Timken Company (NYSE:TKR)

State of New Jersey Common Pension Fund D boosted its stake in The Timken Company (NYSE:TKR) by 3.3% during the 3rd quarter, Holdings Channel reports. The firm owned 23,397 shares of the industrial products company’s stock after buying an additional 753 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Timken were worth $1,972,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in TKR. Versant Capital Management Inc purchased a new position in shares of Timken in the second quarter valued at $30,000. EverSource Wealth Advisors LLC grew its stake in shares of Timken by 1,905.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 361 shares of the industrial products company’s stock worth $32,000 after buying an additional 343 shares in the last quarter. Livelsberger Financial Advisory bought a new stake in shares of Timken in the 3rd quarter worth about $32,000. UMB Bank n.a. raised its position in shares of Timken by 64.1% during the 3rd quarter. UMB Bank n.a. now owns 430 shares of the industrial products company’s stock valued at $36,000 after buying an additional 168 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Timken in the 2nd quarter valued at about $44,000. Institutional investors own 89.08% of the company’s stock.

Insiders Place Their Bets

In other news, Director Richard G. Kyle sold 30,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $76.59, for a total transaction of $2,297,700.00. Following the transaction, the director now owns 194,485 shares of the company’s stock, valued at approximately $14,895,606.15. This represents a 13.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 8.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TKR. DA Davidson reduced their price objective on Timken from $103.00 to $99.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Citigroup assumed coverage on Timken in a research report on Monday, October 14th. They set a “neutral” rating and a $90.00 target price on the stock. Evercore ISI upgraded Timken from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $87.00 to $91.00 in a research report on Wednesday, November 13th. KeyCorp cut their price objective on shares of Timken from $104.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, November 6th. Finally, Oppenheimer reduced their target price on shares of Timken from $102.00 to $97.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $90.00.

Timken Stock Performance

TKR stock opened at $75.59 on Monday. The Timken Company has a twelve month low of $71.57 and a twelve month high of $94.71. The firm has a market cap of $5.30 billion, a price-to-earnings ratio of 15.72, a PEG ratio of 1.12 and a beta of 1.43. The business’s fifty day simple moving average is $81.89 and its two-hundred day simple moving average is $83.33. The company has a quick ratio of 1.62, a current ratio of 3.00 and a debt-to-equity ratio of 0.71.

Timken (NYSE:TKR) last posted its quarterly earnings results on Tuesday, November 5th. The industrial products company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.15). The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Timken had a return on equity of 14.82% and a net margin of 7.41%. The company’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.55 EPS. Analysts predict that The Timken Company will post 5.61 earnings per share for the current year.

Timken Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 19th will be paid a $0.34 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $1.36 annualized dividend and a yield of 1.80%. Timken’s dividend payout ratio (DPR) is currently 28.27%.

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.