Corebridge Financial Inc. Sells 3,274 Shares of The Timken Company (NYSE:TKR)

Corebridge Financial Inc. trimmed its holdings in The Timken Company (NYSE:TKR) by 4.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 72,204 shares of the industrial products company’s stock after selling 3,274 shares during the quarter. Corebridge Financial Inc. owned approximately 0.10% of Timken worth $5,153,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its position in shares of Timken by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 649,952 shares of the industrial products company’s stock worth $54,784,000 after acquiring an additional 1,989 shares during the last quarter. Quantbot Technologies LP boosted its holdings in shares of Timken by 61.2% during the 3rd quarter. Quantbot Technologies LP now owns 13,804 shares of the industrial products company’s stock valued at $1,164,000 after purchasing an additional 5,240 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Timken by 184.3% during the third quarter. BNP Paribas Financial Markets now owns 48,918 shares of the industrial products company’s stock valued at $4,123,000 after purchasing an additional 31,714 shares in the last quarter. FORA Capital LLC bought a new stake in shares of Timken in the third quarter worth about $281,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Timken by 7.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,421 shares of the industrial products company’s stock worth $1,384,000 after buying an additional 1,068 shares in the last quarter. 89.08% of the stock is owned by hedge funds and other institutional investors.

Timken Stock Performance

Timken stock opened at $71.95 on Friday. The Timken Company has a fifty-two week low of $69.35 and a fifty-two week high of $94.71. The company has a market capitalization of $5.04 billion, a PE ratio of 14.42, a P/E/G ratio of 1.51 and a beta of 1.37. The company has a 50 day moving average price of $78.08 and a 200-day moving average price of $78.29. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.61 and a current ratio of 3.07.

Timken (NYSE:TKR) last released its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.08. Timken had a return on equity of 13.93% and a net margin of 7.71%. As a group, equities analysts forecast that The Timken Company will post 5.62 earnings per share for the current year.

Timken Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Tuesday, February 25th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.89%. The ex-dividend date was Tuesday, February 25th. Timken’s dividend payout ratio is presently 27.25%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TKR. Bank of America raised Timken from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $73.00 to $78.00 in a research note on Tuesday, February 4th. Evercore ISI increased their price objective on shares of Timken from $91.00 to $102.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Citigroup reduced their target price on shares of Timken from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Jefferies Financial Group raised shares of Timken from a “hold” rating to a “buy” rating and increased their price target for the company from $80.00 to $95.00 in a report on Friday, December 6th. Finally, Morgan Stanley upped their price objective on Timken from $93.00 to $94.00 and gave the company an “overweight” rating in a research report on Tuesday, February 11th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $92.70.

Insider Buying and Selling at Timken

In related news, CFO Philip D. Fracassa sold 5,000 shares of the company’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $81.50, for a total value of $407,500.00. Following the transaction, the chief financial officer now directly owns 90,541 shares of the company’s stock, valued at $7,379,091.50. This represents a 5.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.70% of the stock is currently owned by company insiders.

Timken Company Profile

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.