Meeder Asset Management Inc. grew its holdings in shares of Timken Co (NYSE:TKR) by 3,876.6% during the third quarter, HoldingsChannel reports. The firm owned 3,738 shares of the industrial products company’s stock after purchasing an additional 3,644 shares during the period. Meeder Asset Management Inc.’s holdings in Timken were worth $187,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in TKR. Assenagon Asset Management S.A. bought a new position in shares of Timken during the 3rd quarter valued at $17,907,000. Victory Capital Management Inc. raised its holdings in shares of Timken by 23.3% during the 3rd quarter. Victory Capital Management Inc. now owns 1,384,005 shares of the industrial products company’s stock valued at $68,993,000 after purchasing an additional 261,313 shares in the last quarter. Segall Bryant & Hamill LLC bought a new position in shares of Timken during the 2nd quarter valued at $9,475,000. ClariVest Asset Management LLC bought a new position in shares of Timken during the 2nd quarter valued at $7,376,000. Finally, Nomura Asset Management Co. Ltd. bought a new position in shares of Timken during the 2nd quarter valued at $7,051,000. Institutional investors and hedge funds own 79.14% of the company’s stock.
NYSE:TKR opened at $40.12 on Wednesday. Timken Co has a 1 year low of $34.90 and a 1 year high of $55.65. The company has a current ratio of 2.72, a quick ratio of 1.44 and a debt-to-equity ratio of 1.03. The firm has a market capitalization of $3.13 billion, a P/E ratio of 15.25, a PEG ratio of 0.65 and a beta of 1.86.
Timken (NYSE:TKR) last posted its earnings results on Monday, October 29th. The industrial products company reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.01). Timken had a net margin of 7.89% and a return on equity of 19.58%. The firm had revenue of $881.30 million during the quarter, compared to analyst estimates of $912.58 million. During the same quarter in the previous year, the business posted $0.71 earnings per share. The business’s quarterly revenue was up 14.2% compared to the same quarter last year. Research analysts forecast that Timken Co will post 4.18 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 4th. Investors of record on Tuesday, November 20th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Monday, November 19th. This represents a $1.12 dividend on an annualized basis and a yield of 2.79%. Timken’s payout ratio is presently 42.59%.
A number of research firms have recently weighed in on TKR. Goldman Sachs Group began coverage on shares of Timken in a report on Tuesday, October 2nd. They set a “neutral” rating and a $56.00 price target on the stock. KeyCorp raised their price target on shares of Timken from $54.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, August 1st. Bank of America upgraded shares of Timken from an “underperform” rating to a “neutral” rating and set a $56.00 price target on the stock in a report on Wednesday, August 8th. ValuEngine upgraded shares of Timken from a “strong sell” rating to a “sell” rating in a report on Saturday, July 28th. Finally, Zacks Investment Research upgraded shares of Timken from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Saturday, October 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $56.20.
In related news, Director Frank C. Sullivan purchased 5,000 shares of the firm’s stock in a transaction on Monday, November 5th. The shares were bought at an average cost of $41.05 per share, for a total transaction of $205,250.00. Following the transaction, the director now directly owns 51,932 shares of the company’s stock, valued at approximately $2,131,808.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Shelly Marie Chadwick sold 1,043 shares of the firm’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $48.85, for a total transaction of $50,950.55. Following the completion of the sale, the insider now owns 3,102 shares in the company, valued at $151,532.70. The disclosure for this sale can be found here. Company insiders own 11.15% of the company’s stock.
Timken Company Profile
The Timken Company engineers, manufactures, and markets bearings, transmissions, gearboxes, belts, chains, lubrication systems, couplings, industrial clutches and brakes, and related products worldwide. It operates through two segments, Mobile Industries and Process Industries. The Mobile Industries segment offers a portfolio of bearings, seals, lubrication devices, and systems, as well as power transmission components, engineered chains, augers, belts, couplings, clutches and brakes, and related products and maintenance services to original equipment manufacturers (OEMs) and end users of off-highway equipment for the agricultural, construction, mining, outdoor power equipment, and power sports markets; and on-highway vehicles, including passenger cars, light trucks, and medium- and heavy-duty trucks, as well as rail cars and locomotives.
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