Point72 Hong Kong Ltd Sells 23,578 Shares of The Timken Company (NYSE:TKR)

Point72 Hong Kong Ltd decreased its stake in shares of The Timken Company (NYSE:TKR) by 78.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,300 shares of the industrial products company’s stock after selling 23,578 shares during the period. Point72 Hong Kong Ltd’s holdings in Timken were worth $531,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Coastline Trust Co bought a new position in Timken during the 3rd quarter worth about $29,000. Versant Capital Management Inc bought a new position in shares of Timken during the second quarter worth about $30,000. EverSource Wealth Advisors LLC raised its position in Timken by 1,905.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 361 shares of the industrial products company’s stock valued at $32,000 after buying an additional 343 shares during the last quarter. Livelsberger Financial Advisory bought a new position in shares of Timken during the 3rd quarter worth approximately $32,000. Finally, UMB Bank n.a. raised its holdings in shares of Timken by 64.1% in the third quarter. UMB Bank n.a. now owns 430 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 168 shares during the last quarter. 89.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Timken

In related news, Director Richard G. Kyle sold 30,000 shares of Timken stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $76.59, for a total transaction of $2,297,700.00. Following the completion of the sale, the director now directly owns 194,485 shares of the company’s stock, valued at approximately $14,895,606.15. This trade represents a 13.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 8.70% of the company’s stock.

Timken Stock Performance

Shares of NYSE TKR opened at $77.93 on Tuesday. The Timken Company has a 12 month low of $72.35 and a 12 month high of $94.71. The stock has a 50 day moving average of $80.96 and a 200-day moving average of $82.27. The company has a current ratio of 3.00, a quick ratio of 1.62 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $5.46 billion, a P/E ratio of 16.20, a P/E/G ratio of 1.15 and a beta of 1.39.

Timken (NYSE:TKR) last released its quarterly earnings data on Tuesday, November 5th. The industrial products company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.15). The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.12 billion. Timken had a net margin of 7.41% and a return on equity of 14.82%. Timken’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.55 earnings per share. As a group, equities research analysts predict that The Timken Company will post 5.61 EPS for the current year.

Timken Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Tuesday, November 19th were given a dividend of $0.34 per share. The ex-dividend date was Tuesday, November 19th. This represents a $1.36 annualized dividend and a yield of 1.75%. Timken’s dividend payout ratio (DPR) is presently 28.27%.

Wall Street Analyst Weigh In

Several brokerages recently commented on TKR. KeyCorp restated a “sector weight” rating on shares of Timken in a report on Friday, November 22nd. DA Davidson decreased their price objective on Timken from $103.00 to $99.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Evercore ISI upgraded Timken from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $87.00 to $91.00 in a report on Wednesday, November 13th. Citigroup began coverage on Timken in a research report on Monday, October 14th. They set a “neutral” rating and a $90.00 price target for the company. Finally, Oppenheimer dropped their price objective on Timken from $102.00 to $97.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $90.00.

About Timken

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.