Panagora Asset Management Inc. raised its position in Timken Co (NYSE:TKR) by 13.1% in the 2nd quarter, Holdings Channel.com reports. The fund owned 5,752 shares of the industrial products company’s stock after acquiring an additional 665 shares during the quarter. Panagora Asset Management Inc.’s holdings in Timken were worth $295,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently made changes to their positions in TKR. Prudential Financial Inc. boosted its stake in Timken by 91.5% in the second quarter. Prudential Financial Inc. now owns 1,209,106 shares of the industrial products company’s stock valued at $62,076,000 after acquiring an additional 577,669 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Timken by 29.6% in the second quarter. Russell Investments Group Ltd. now owns 1,441,088 shares of the industrial products company’s stock valued at $73,983,000 after acquiring an additional 329,553 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Timken by 10.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,159,524 shares of the industrial products company’s stock valued at $80,593,000 after acquiring an additional 197,312 shares in the last quarter. Strs Ohio boosted its stake in Timken by 2,552.2% in the second quarter. Strs Ohio now owns 204,592 shares of the industrial products company’s stock valued at $10,503,000 after acquiring an additional 196,878 shares in the last quarter. Finally, WINTON GROUP Ltd acquired a new stake in Timken in the second quarter valued at approximately $8,665,000. Institutional investors own 78.50% of the company’s stock.
In related news, Director John M. Timken, Jr. purchased 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was bought at an average price of $38.04 per share, with a total value of $190,200.00. Following the completion of the purchase, the director now owns 397,734 shares in the company, valued at approximately $15,129,801.36. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 11.58% of the company’s stock.
Shares of NYSE:TKR traded up $0.19 on Friday, hitting $44.62. 120,605 shares of the company were exchanged, compared to its average volume of 543,527. Timken Co has a 1-year low of $33.98 and a 1-year high of $52.45. The stock’s 50 day moving average price is $42.06 and its 200 day moving average price is $45.61. The company has a current ratio of 2.68, a quick ratio of 1.47 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $3.37 billion, a P/E ratio of 10.67, a price-to-earnings-growth ratio of 1.07 and a beta of 1.79.
Timken (NYSE:TKR) last posted its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.45 by ($0.18). Timken had a return on equity of 21.40% and a net margin of 8.38%. The company had revenue of $1,000.00 million for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the previous year, the firm posted $1.11 earnings per share. The company’s quarterly revenue was up 10.3% on a year-over-year basis. On average, equities analysts predict that Timken Co will post 4.87 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Wednesday, August 21st were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.12 annualized dividend and a dividend yield of 2.51%. Timken’s payout ratio is currently 26.79%.
Several equities research analysts have recently commented on the stock. Goldman Sachs Group upgraded shares of Timken from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $55.00 to $56.00 in a research note on Tuesday, July 16th. Bank of America downgraded shares of Timken from a “buy” rating to a “neutral” rating and set a $55.00 price objective for the company. in a research note on Monday, July 15th. ValuEngine downgraded shares of Timken from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Zacks Investment Research upgraded shares of Timken from a “sell” rating to a “hold” rating in a research note on Saturday, July 13th. Finally, Morgan Stanley assumed coverage on shares of Timken in a research note on Monday, June 10th. They set an “equal weight” rating and a $54.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. Timken has an average rating of “Hold” and an average target price of $55.75.
The Timken Company engineers, manufactures, and markets engineered bearings and power transmission products worldwide. It operates in two segments, Mobile Industries and Process Industries. The Mobile Industries segment offers a portfolio of bearings, seals, and lubrication devices and systems, as well as power transmission components, engineered chains, augers, belts, couplings, clutches, 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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