State of Tennessee Department of Treasury Reduces Stake in The Timken Company (NYSE:TKR)

State of Tennessee Department of Treasury cut its stake in The Timken Company (NYSE:TKR) by 2.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,772 shares of the industrial products company’s stock after selling 755 shares during the quarter. State of Tennessee Department of Treasury’s holdings in Timken were worth $1,911,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of TKR. First Horizon Advisors Inc. increased its position in shares of Timken by 8.7% during the 4th quarter. First Horizon Advisors Inc. now owns 1,981 shares of the industrial products company’s stock worth $141,000 after purchasing an additional 158 shares during the last quarter. Amundi raised its stake in shares of Timken by 25.8% in the 4th quarter. Amundi now owns 848 shares of the industrial products company’s stock valued at $61,000 after acquiring an additional 174 shares during the period. Sheets Smith Wealth Management lifted its holdings in shares of Timken by 3.4% in the 4th quarter. Sheets Smith Wealth Management now owns 5,856 shares of the industrial products company’s stock worth $418,000 after acquiring an additional 190 shares during the last quarter. Principal Securities Inc. boosted its position in shares of Timken by 7.8% during the 4th quarter. Principal Securities Inc. now owns 2,857 shares of the industrial products company’s stock worth $204,000 after purchasing an additional 207 shares during the period. Finally, Franklin Resources Inc. increased its holdings in Timken by 0.5% in the 3rd quarter. Franklin Resources Inc. now owns 41,373 shares of the industrial products company’s stock valued at $3,502,000 after purchasing an additional 222 shares during the last quarter. Hedge funds and other institutional investors own 89.08% of the company’s stock.

Insider Activity at Timken

In related news, CFO Philip D. Fracassa sold 5,000 shares of the stock in a transaction on Friday, February 7th. The shares were sold at an average price of $81.50, for a total transaction 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 8.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Bank of America upgraded Timken from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $73.00 to $78.00 in a research report on Tuesday, February 4th. Citigroup lowered their price objective on shares of Timken from $95.00 to $70.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. The Goldman Sachs Group cut their target price on shares of Timken from $85.00 to $75.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 2nd. Evercore ISI raised their price target 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. Finally, DA Davidson reaffirmed a “neutral” rating and set a $66.00 price objective (down previously from $97.00) on shares of Timken in a research report on Monday, April 21st. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $81.91.

Timken Price Performance

TKR stock opened at $65.23 on Wednesday. The business has a 50 day moving average price of $69.82 and a 200 day moving average price of $75.06. 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 stock has a market cap of $4.57 billion, a price-to-earnings ratio of 13.07, a PEG ratio of 1.51 and a beta of 1.28. The Timken Company has a fifty-two week low of $56.20 and a fifty-two week high of $94.71.

Timken (NYSE:TKR) last issued its earnings results on Wednesday, February 5th. The industrial products company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.08. Timken had a net margin of 7.71% and a return on equity of 13.93%. Equities research analysts anticipate that The Timken Company will post 5.62 earnings per share for the current fiscal year.

Timken Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Tuesday, February 25th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend was Tuesday, February 25th. Timken’s payout ratio is currently 27.25%.

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.