Kovitz Investment Group Partners LLC cut its holdings in shares of The Timken Company (NYSE:TKR) by 3.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,647 shares of the industrial products company’s stock after selling 465 shares during the period. Kovitz Investment Group Partners LLC’s holdings in The Timken were worth $631,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of TKR. Nuveen Asset Management LLC increased its position in shares of The Timken by 639.8% during the second quarter. Nuveen Asset Management LLC now owns 2,983,841 shares of the industrial products company’s stock worth $135,735,000 after acquiring an additional 2,580,492 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in The Timken by 231.1% during the second quarter. Goldman Sachs Group Inc. now owns 1,208,038 shares of the industrial products company’s stock worth $54,953,000 after purchasing an additional 843,154 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in The Timken by 358.1% during the third quarter. Principal Financial Group Inc. now owns 981,050 shares of the industrial products company’s stock worth $53,191,000 after purchasing an additional 766,883 shares during the last quarter. Copper Rock Capital Partners LLC boosted its holdings in The Timken by 178.4% during the second quarter. Copper Rock Capital Partners LLC now owns 838,509 shares of the industrial products company’s stock worth $564,398,000 after purchasing an additional 537,346 shares during the last quarter. Finally, Seizert Capital Partners LLC purchased a new position in The Timken during the third quarter worth about $15,086,000. 81.95% of the stock is owned by institutional investors.
NYSE TKR opened at $71.94 on Friday. The company’s 50 day moving average is $62.19 and its 200-day moving average is $51.45. The Timken Company has a 12-month low of $22.25 and a 12-month high of $73.92. The company has a quick ratio of 1.84, a current ratio of 3.02 and a debt-to-equity ratio of 0.88. The firm has a market cap of $5.42 billion, a P/E ratio of 17.13, a price-to-earnings-growth ratio of 6.14 and a beta of 1.80.
The Timken (NYSE:TKR) last posted its quarterly earnings results on Thursday, October 29th. The industrial products company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.23. The Timken had a net margin of 9.06% and a return on equity of 16.41%. The company had revenue of $894.60 million for the quarter, compared to analyst estimates of $817.21 million. During the same quarter in the previous year, the firm posted $1.14 earnings per share. The company’s quarterly revenue was down 2.1% compared to the same quarter last year. Equities analysts expect that The Timken Company will post 3.71 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Tuesday, November 24th will be given a $0.29 dividend. The ex-dividend date is Monday, November 23rd. This represents a $1.16 annualized dividend and a dividend yield of 1.61%. This is a positive change from The Timken’s previous quarterly dividend of $0.25. The Timken’s payout ratio is 24.35%.
Several research analysts recently weighed in on TKR shares. ValuEngine upgraded shares of The Timken from a “sell” rating to a “hold” rating in a report on Tuesday, October 6th. KeyCorp boosted their price target on shares of The Timken from $68.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, November 13th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell started coverage on shares of The Timken in a report on Monday, November 2nd. They set a “buy” rating and a $75.00 price target on the stock. Morgan Stanley boosted their price target on shares of The Timken from $60.00 to $64.00 and gave the stock an “equal weight” rating in a report on Friday, October 30th. Finally, Zacks Investment Research cut shares of The Timken from a “strong-buy” rating to a “hold” rating and set a $63.00 target price on the stock. in a research note on Monday, October 19th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $70.57.
In related news, EVP Christopher A. Coughlin sold 48,280 shares of the company’s stock in a transaction that occurred on Monday, November 16th. The shares were sold at an average price of $73.10, for a total transaction of $3,529,268.00. Following the sale, the executive vice president now owns 123,407 shares of the company’s stock, valued at approximately $9,021,051.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ronald J. Myers sold 7,760 shares of the company’s stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $61.83, for a total transaction of $479,800.80. Following the sale, the executive vice president now directly owns 32,758 shares in the company, valued at approximately $2,025,427.14. The disclosure for this sale can be found here. In the last three months, insiders sold 71,554 shares of company stock worth $5,141,436. Insiders own 11.62% of the company’s stock.
The Timken Company Profile
The Timken Company designs, manufactures, and manages engineered bearings and power transmission products and services 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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