The Timken Company (NYSE:TKR) Stake Lessened by Granite Investment Partners LLC

Granite Investment Partners LLC cut its stake in The Timken Company (NYSE:TKR) by 9.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,153 shares of the industrial products company’s stock after selling 5,057 shares during the period. Granite Investment Partners LLC owned 0.07% of Timken worth $3,365,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in TKR. M&T Bank Corp raised its holdings in shares of Timken by 0.6% during the third quarter. M&T Bank Corp now owns 24,482 shares of the industrial products company’s stock valued at $2,064,000 after buying an additional 144 shares during the last quarter. First Horizon Advisors Inc. raised its stake in Timken by 8.7% during the 4th quarter. First Horizon Advisors Inc. now owns 1,981 shares of the industrial products company’s stock valued at $141,000 after acquiring an additional 158 shares in the last quarter. Amundi boosted its position in Timken by 25.8% during the 4th quarter. Amundi now owns 848 shares of the industrial products company’s stock worth $61,000 after acquiring an additional 174 shares during the period. Sheets Smith Wealth Management grew its stake in shares of Timken by 3.4% in the fourth quarter. Sheets Smith Wealth Management now owns 5,856 shares of the industrial products company’s stock worth $418,000 after purchasing an additional 190 shares in the last quarter. Finally, Principal Securities Inc. increased its holdings in shares of Timken by 7.8% during the fourth quarter. Principal Securities Inc. now owns 2,857 shares of the industrial products company’s stock valued at $204,000 after purchasing an additional 207 shares during the period. 89.08% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TKR has been the subject of several research analyst reports. Jefferies Financial Group reaffirmed a “hold” rating and issued a $70.00 price objective (down previously from $90.00) on shares of Timken in a report on Wednesday, April 2nd. The Goldman Sachs Group decreased their price objective on shares of Timken from $85.00 to $75.00 and set a “neutral” rating for the company in a report on Wednesday, April 2nd. Bank of America raised Timken from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $73.00 to $78.00 in a report on Tuesday, February 4th. Morgan Stanley increased their price target on Timken from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Tuesday, February 11th. Finally, Citigroup dropped their price objective on Timken from $95.00 to $70.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Timken currently has a consensus rating of “Moderate Buy” and an average price target of $87.45.

Timken Stock Performance

Shares of NYSE TKR opened at $61.50 on Monday. The stock’s fifty day simple moving average is $74.57 and its 200 day simple moving average is $76.72. The stock has a market capitalization of $4.30 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 1.51 and a beta of 1.28. The company has a quick ratio of 1.61, a current ratio of 3.07 and a debt-to-equity ratio of 0.69. The Timken Company has a 52-week low of $56.20 and a 52-week high of $94.71.

Timken (NYSE:TKR) last issued its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $1.16 earnings per share for the quarter, topping 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, sell-side analysts forecast that The Timken Company will post 5.62 earnings per share for the current fiscal year.

Timken Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Tuesday, February 25th were given a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, February 25th. This represents a $1.36 annualized dividend and a dividend yield of 2.21%. Timken’s dividend payout ratio (DPR) is presently 27.25%.

Insider Buying and Selling

In other news, CFO Philip D. Fracassa sold 5,000 shares of the 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 completion of the sale, the chief financial officer now owns 90,541 shares in the company, valued at $7,379,091.50. This represents a 5.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 8.70% of the company’s stock.

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.