The Timken Company (NYSE:TKR) Position Lessened by Truist Financial Corp

Truist Financial Corp decreased its stake in The Timken Company (NYSE:TKR) by 16.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,354 shares of the industrial products company’s stock after selling 3,616 shares during the period. Truist Financial Corp’s holdings in Timken were worth $1,471,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Cubist Systematic Strategies LLC bought a new stake in shares of Timken in the 2nd quarter worth approximately $4,363,000. Comerica Bank lifted its holdings in shares of Timken by 13.8% in the 1st quarter. Comerica Bank now owns 58,945 shares of the industrial products company’s stock worth $5,154,000 after purchasing an additional 7,160 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Timken by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 6,515,972 shares of the industrial products company’s stock worth $569,691,000 after purchasing an additional 347,794 shares during the last quarter. BNP Paribas bought a new stake in shares of Timken in the 1st quarter worth approximately $1,144,000. Finally, Nomura Holdings Inc. bought a new stake in shares of Timken in the 4th quarter worth approximately $1,667,000. Institutional investors own 89.08% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on TKR shares. DA Davidson restated a “buy” rating and issued a $103.00 target price on shares of Timken in a research report on Tuesday, September 17th. Evercore ISI lowered their target price 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. Finally, Raymond James started coverage on Timken in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Timken has a consensus rating of “Hold” and an average price target of $90.70.

Timken Stock Up 2.6 %

Shares of TKR stock opened at $84.04 on Friday. The Timken Company has a 1 year low of $65.71 and a 1 year high of $94.71. The stock has a market cap of $5.89 billion, a PE ratio of 17.22, a price-to-earnings-growth ratio of 1.77 and a beta of 1.43. The business’s fifty day moving average is $82.11 and its 200-day moving average is $84.20. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.64 and a current ratio of 2.95.

Timken (NYSE:TKR) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.03. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.18 billion. Timken had a return on equity of 16.36% and a net margin of 7.52%. The company’s quarterly revenue was down 7.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.01 EPS. Equities analysts expect that The Timken Company will post 6.09 earnings per share for the current fiscal year.

Timken Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Tuesday, August 20th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date was Tuesday, August 20th. Timken’s payout ratio is 27.87%.

Insider Buying and Selling

In related news, CEO Richard G. Kyle sold 30,000 shares of Timken stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $80.46, for a total value of $2,413,800.00. Following the transaction, the chief executive officer now directly owns 244,485 shares in the company, valued at $19,671,263.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 8.70% of the company’s stock.

Timken 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.