Bank of Montreal Can Cuts Stake in The Timken Company (NYSE:TKR)

Bank of Montreal Can reduced its holdings in shares of The Timken Company (NYSE:TKR - Free Report) by 37.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,743 shares of the industrial products company's stock after selling 13,147 shares during the period. Bank of Montreal Can's holdings in Timken were worth $1,848,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Coastline Trust Co purchased a new stake in shares of Timken in the third quarter worth $29,000. EverSource Wealth Advisors LLC grew its position in Timken by 1,905.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 361 shares of the industrial products company's stock valued at $32,000 after purchasing an additional 343 shares during the last quarter. Livelsberger Financial Advisory bought a new stake in Timken during the 3rd quarter valued at about $32,000. UMB Bank n.a. raised its holdings in Timken by 64.1% in the third quarter. UMB Bank n.a. now owns 430 shares of the industrial products company's stock worth $36,000 after buying an additional 168 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Timken in the second quarter worth approximately $44,000. Institutional investors own 89.08% of the company's stock.

Timken Stock Performance

TKR stock traded up $0.23 during midday trading on Friday, reaching $76.34. 728,664 shares of the company's stock traded hands, compared to its average volume of 486,894. 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 Timken Company has a 52-week low of $72.35 and a 52-week high of $94.71. The stock has a market cap of $5.35 billion, a P/E ratio of 15.99, a PEG ratio of 1.15 and a beta of 1.38. The stock's 50-day moving average is $80.45 and its 200 day moving average is $82.02.

Timken (NYSE:TKR - Get Free Report) last posted 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 analysts' expectations of $1.12 billion. Timken had a return on equity of 14.82% and a net margin of 7.41%. The company's revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter last year, the company earned $1.55 earnings per share. As a group, analysts anticipate that The Timken Company will post 5.61 EPS for the current year.

Timken Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Tuesday, November 19th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.78%. Timken's payout ratio is currently 28.27%.

Insider Activity at Timken

In other Timken news, Director Richard G. Kyle sold 30,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $76.59, for a total value of $2,297,700.00. Following the completion of the sale, the director now owns 194,485 shares in the company, valued at approximately $14,895,606.15. This represents a 13.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 8.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Oppenheimer decreased their price objective on shares of Timken from $102.00 to $97.00 and set an "outperform" rating for the company in a report on Wednesday, November 6th. Citigroup assumed coverage on Timken in a research note on Monday, October 14th. They issued a "neutral" rating and a $90.00 price target for the company. Jefferies Financial Group upgraded Timken from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $80.00 to $95.00 in a report on Friday. Evercore ISI upgraded shares of Timken from an "in-line" rating to an "outperform" rating and upped their target price for the company from $87.00 to $91.00 in a research note on Wednesday, November 13th. Finally, KeyCorp reiterated a "sector weight" rating on shares of Timken in a research note on Friday, November 22nd. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Timken presently has an average rating of "Hold" and a consensus price target of $91.00.

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.