Highland Capital Management LLC Has $3.64 Million Stake in The Timken Company (NYSE:TKR)

Highland Capital Management LLC lowered its holdings in The Timken Company (NYSE:TKR) by 5.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 43,190 shares of the industrial products company’s stock after selling 2,370 shares during the quarter. Highland Capital Management LLC’s holdings in Timken were worth $3,640,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. State of Michigan Retirement System grew its holdings in shares of Timken by 2.6% during the first quarter. State of Michigan Retirement System now owns 15,923 shares of the industrial products company’s stock valued at $1,392,000 after buying an additional 400 shares during the last quarter. Tradewinds Capital Management LLC acquired a new position in Timken during the 1st quarter valued at about $350,000. Norden Group LLC bought a new stake in Timken during the 1st quarter worth approximately $1,341,000. Van ECK Associates Corp raised its stake in shares of Timken by 36.5% in the first quarter. Van ECK Associates Corp now owns 21,867 shares of the industrial products company’s stock worth $1,912,000 after purchasing an additional 5,849 shares during the last quarter. Finally, Diversify Advisory Services LLC bought a new position in shares of Timken in the first quarter valued at approximately $531,000. Institutional investors own 89.08% of the company’s stock.

Analyst Upgrades and Downgrades

TKR has been the subject of several recent research reports. Citigroup started coverage on Timken in a report on Monday, October 14th. They set a “neutral” rating and a $90.00 price target for the company. DA Davidson reiterated a “buy” rating and issued a $103.00 target price on shares of Timken in a research note on Tuesday, September 17th. Finally, Evercore ISI lowered their target price on shares of Timken from $94.00 to $87.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $91.70.

Insider Buying and Selling at Timken

In other news, CEO Richard G. Kyle sold 30,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $80.76, for a total transaction of $2,422,800.00. Following the completion of the transaction, the chief executive officer now owns 274,485 shares in the company, valued at approximately $22,167,408.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 8.70% of the company’s stock.

Timken Price Performance

Shares of NYSE:TKR opened at $84.61 on Friday. The company has a market capitalization of $5.96 billion, a P/E ratio of 16.12, a price-to-earnings-growth ratio of 1.92 and a beta of 1.43. The company’s 50-day moving average is $82.92 and its 200 day moving average is $84.05. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.64 and a current ratio of 2.95. The Timken Company has a fifty-two week low of $65.71 and a fifty-two week high of $94.71.

Timken (NYSE:TKR) last released its earnings results on Wednesday, July 31st. The industrial products company reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. Timken had a net margin of 7.52% and a return on equity of 16.36%. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period in the previous year, the company earned $2.01 earnings per share. The company’s quarterly revenue was down 7.1% on a year-over-year basis. On average, equities research analysts forecast that The Timken Company will post 6.05 earnings per share for the current year.

Timken Announces Dividend

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

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.