Industry News
Dana Investment Advisors Inc. acquired a new position in Timken Co (NYSE:TKR) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 46,803 shares of the industrial products company’s stock, valued at approximately $2,038,000. Dana Investment Advisors Inc. owned approximately 0.06% of Timken as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the company. BlackRock Inc. lifted its position in shares of Timken by 4.1% in the first quarter. BlackRock Inc. now owns 5,970,137 shares of the industrial products company’s stock worth $272,236,000 after purchasing an additional 235,279 shares in the last quarter. Earnest Partners LLC increased its holdings in Timken by 1.8% during the first quarter. Earnest Partners LLC now owns 1,966,488 shares of the industrial products company’s stock worth $89,672,000 after buying an additional 34,121 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Timken by 4.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,694,314 shares of the industrial products company’s stock worth $77,260,000 after buying an additional 78,190 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Timken by 46.3% during the first quarter. Victory Capital Management Inc. now owns 1,218,249 shares of the industrial products company’s stock worth $55,552,000 after buying an additional 385,825 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Timken by 46.9% in the first quarter. Millennium Management LLC now owns 1,060,345 shares of the industrial products company’s stock valued at $48,352,000 after purchasing an additional 338,365 shares during the last quarter. 79.20% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have commented on TKR shares. ValuEngine downgraded shares of Timken from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Vertical Research upgraded shares of Timken from a “hold” rating to a “buy” rating in a report on Friday, May 4th. Bank of America upped their price objective on shares of Timken from $50.00 to $51.00 and gave the company an “underperform” rating in a report on Tuesday, May 22nd. Stifel Nicolaus upgraded shares of Timken from a “hold” rating to a “buy” rating and upped their price objective for the company from $52.00 to $60.00 in a report on Monday, May 28th. Finally, KeyCorp upgraded shares of Timken from a “sector weight” rating to an “overweight” rating and set a $54.00 price objective on the stock in a report on Wednesday, June 27th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $55.40.
In related news, Director Ward J. Timken, Jr. sold 4,002 shares of the firm’s stock in a transaction that occurred on Wednesday, May 30th. The shares were sold at an average price of $49.10, for a total value of $196,498.20. Following the completion of the transaction, the director now owns 269,902 shares in the company, valued at approximately $13,252,188.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Philip D. Fracassa sold 3,582 shares of the stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $48.39, for a total transaction of $173,332.98. Following the sale, the chief financial officer now directly owns 43,534 shares of the company’s stock, valued at approximately $2,106,610.26. The disclosure for this sale can be found here. 11.15% of the stock is currently owned by corporate insiders.
TKR traded up $1.05 on Tuesday, hitting $48.90. 7,016 shares of the stock were exchanged, compared to its average volume of 763,487. Timken Co has a 12 month low of $41.85 and a 12 month high of $55.65. The company has a quick ratio of 1.30, a current ratio of 2.39 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $3.68 billion, a price-to-earnings ratio of 18.29, a P/E/G ratio of 0.77 and a beta of 1.60.
Timken (NYSE:TKR) last posted its quarterly earnings data on Tuesday, July 31st. The industrial products company reported $1.11 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.03. Timken had a net margin of 7.60% and a return on equity of 18.39%. The business had revenue of $906.30 million during the quarter, compared to analysts’ expectations of $904.77 million. During the same quarter in the prior year, the business posted $0.68 earnings per share. Timken’s revenue was up 20.7% compared to the same quarter last year. sell-side analysts anticipate that Timken Co will post 4.17 EPS for the current fiscal year.
