JPMorgan Chase & Co. Sells 1,176,277 Shares of The Timken Company (NYSE:TKR)

JPMorgan Chase & Co. reduced its stake in The Timken Company (NYSE:TKR - Free Report) by 55.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 954,326 shares of the industrial products company's stock after selling 1,176,277 shares during the period. JPMorgan Chase & Co. owned approximately 1.36% of Timken worth $68,110,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in TKR. Vestcor Inc acquired a new position in Timken during the third quarter worth $560,000. TT International Asset Management LTD boosted its stake in shares of Timken by 1,075.2% during the third quarter. TT International Asset Management LTD now owns 39,274 shares of the industrial products company's stock valued at $3,310,000 after acquiring an additional 35,932 shares during the last quarter. Barclays PLC boosted its stake in shares of Timken by 221.6% during the 3rd quarter. Barclays PLC now owns 86,667 shares of the industrial products company's stock worth $7,307,000 after purchasing an additional 59,716 shares during the last quarter. Harbor Capital Advisors Inc. grew its stake in Timken by 29.2% in the 4th quarter. Harbor Capital Advisors Inc. now owns 60,625 shares of the industrial products company's stock worth $4,327,000 after acquiring an additional 13,697 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Timken in the fourth quarter valued at $14,460,000. Hedge funds and other institutional investors own 89.08% of the company's stock.

Insider Transactions at Timken

In other news, CFO Philip D. Fracassa sold 5,000 shares of Timken stock in a transaction on Friday, February 7th. The stock was sold at an average price of $81.50, for a total transaction of $407,500.00. Following the sale, the chief financial officer now directly owns 90,541 shares in the company, valued at $7,379,091.50. The trade was a 5.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.70% of the stock is currently owned by insiders.

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Wall Street Analysts Forecast Growth

TKR has been the topic of a number of recent research reports. Citigroup reduced their price target on shares of Timken from $95.00 to $70.00 and set a "buy" rating on the stock in a research report on Tuesday. The Goldman Sachs Group lowered their price objective on 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 shares of Timken from an "underperform" rating to a "neutral" rating and boosted their price objective for the company from $73.00 to $78.00 in a research report on Tuesday, February 4th. Evercore ISI raised their target price on Timken from $91.00 to $102.00 and gave the company an "outperform" rating in a research note on Wednesday, February 19th. Finally, Jefferies Financial Group reiterated a "hold" rating and set a $70.00 price objective (down from $90.00) on shares of Timken in a research report on Wednesday, April 2nd. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $87.45.

Timken Stock Performance

TKR stock traded up $6.23 during mid-day trading on Wednesday, hitting $63.57. 1,815,265 shares of the company were exchanged, compared to its average volume of 545,407. The Timken Company has a 1-year low of $56.21 and a 1-year high of $94.71. The company has a current ratio of 3.07, a quick ratio of 1.61 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $4.45 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 1.51 and a beta of 1.28. The business has a 50 day simple moving average of $75.26 and a 200-day simple moving average of $77.08.

Timken (NYSE:TKR - Get Free Report) last released its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $1.16 earnings per share (EPS) for the quarter, topping 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, equities analysts forecast that The Timken Company will post 5.62 earnings per share for the current year.

Timken Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Tuesday, February 25th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date was Tuesday, February 25th. Timken's dividend 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.