Bank of Nova Scotia Purchases New Position in The Timken Company (NYSE:TKR)

Bank of Nova Scotia bought a new position in shares of The Timken Company (NYSE:TKR - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 4,728 shares of the industrial products company's stock, valued at approximately $337,000.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Timken by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 6,465,760 shares of the industrial products company's stock worth $461,461,000 after purchasing an additional 26,973 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Timken by 11.3% in the 4th quarter. American Century Companies Inc. now owns 3,158,690 shares of the industrial products company's stock worth $225,436,000 after acquiring an additional 320,354 shares during the period. Geode Capital Management LLC lifted its position in Timken by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,073,123 shares of the industrial products company's stock valued at $90,477,000 after purchasing an additional 5,970 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Timken by 418.4% during the 4th quarter. Victory Capital Management Inc. now owns 882,156 shares of the industrial products company's stock valued at $62,959,000 after purchasing an additional 711,979 shares during the period. Finally, Principal Financial Group Inc. grew its position in Timken by 4.0% in the 4th quarter. Principal Financial Group Inc. now owns 783,560 shares of the industrial products company's stock worth $55,928,000 after purchasing an additional 30,411 shares during the last quarter. Institutional investors and hedge funds own 89.08% of the company's stock.

Insider Transactions at Timken

In other news, CFO Philip D. Fracassa sold 5,000 shares of the stock in a transaction that occurred on Friday, February 7th. The shares were 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 directly owns 90,541 shares of the company's stock, 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 can be accessed through this link. 8.70% of the stock is currently owned by insiders.

Timken Trading Up 0.7 %

Shares of NYSE TKR traded up $0.42 during mid-day trading on Friday, hitting $61.39. 652,480 shares of the company traded hands, compared to its average volume of 553,850. The business has a 50 day moving average of $72.55 and a two-hundred day moving average of $76.04. The stock has a market capitalization of $4.30 billion, a price-to-earnings ratio of 12.30, a PEG ratio of 1.51 and a beta of 1.28. The Timken Company has a 1 year low of $56.20 and a 1 year high of $94.71. The company has a quick ratio of 1.61, a current ratio of 3.07 and a debt-to-equity ratio of 0.69.

Timken (NYSE:TKR - Get Free Report) last posted its quarterly earnings data 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 net margin of 7.71% and a return on equity of 13.93%. On average, sell-side 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. Shareholders of record on Tuesday, February 25th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend was Tuesday, February 25th. Timken's dividend payout ratio (DPR) is currently 27.25%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Evercore ISI boosted their price objective on Timken from $91.00 to $102.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Citigroup reduced their price target on Timken from $95.00 to $70.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. The Goldman Sachs Group lowered their price target on Timken from $85.00 to $75.00 and set a "neutral" rating on the stock in a report on Wednesday, April 2nd. 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. Finally, Morgan Stanley lowered their target price on shares of Timken from $94.00 to $88.00 and set an "overweight" rating on the stock in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $84.91.

Timken 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.