Norges Bank Takes Position in The Timken Company (NYSE:TKR)

Norges Bank purchased a new position in shares of The Timken Company (NYSE:TKR - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 598,970 shares of the industrial products company's stock, valued at approximately $42,748,000. Norges Bank owned 0.85% of Timken as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Timken by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 6,465,760 shares of the industrial products company's stock valued at $461,461,000 after buying an additional 26,973 shares during the period. American Century Companies Inc. boosted its position in Timken by 11.3% during the fourth quarter. American Century Companies Inc. now owns 3,158,690 shares of the industrial products company's stock valued at $225,436,000 after purchasing an additional 320,354 shares during the last quarter. State Street Corp boosted its position in Timken by 3.5% during the third quarter. State Street Corp now owns 1,953,838 shares of the industrial products company's stock valued at $164,689,000 after purchasing an additional 66,208 shares during the last quarter. Geode Capital Management LLC grew its stake in Timken by 0.6% in the third 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 in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Timken by 418.4% during the 4th quarter. Victory Capital Management Inc. now owns 882,156 shares of the industrial products company's stock worth $62,959,000 after purchasing an additional 711,979 shares in the last quarter. 89.08% of the stock is owned by hedge funds and other institutional investors.

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Insider Transactions at Timken

In other Timken news, CFO Philip D. Fracassa sold 5,000 shares of the business's stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $81.50, for a total value of $407,500.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on TKR shares. The Goldman Sachs Group lowered their price target on Timken from $85.00 to $75.00 and set a "neutral" rating for the company in a research note on Wednesday, April 2nd. Citigroup dropped their price target on shares of Timken from $95.00 to $70.00 and set a "buy" rating on the stock in a research note on Tuesday. Morgan Stanley raised their price target on shares of Timken from $93.00 to $94.00 and gave the company an "overweight" rating in a report on Tuesday, February 11th. Evercore ISI increased their target price on shares of Timken from $91.00 to $102.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Finally, Jefferies Financial Group restated a "hold" rating and set a $70.00 target price (down from $90.00) on shares of Timken in a report on Wednesday, April 2nd. Six 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, Timken has a consensus rating of "Moderate Buy" and an average target price of $87.45.

Timken Stock Performance

TKR stock traded up $6.23 during trading on Wednesday, reaching $63.57. 1,815,265 shares of the stock were exchanged, compared to its average volume of 545,407. The company has a market capitalization of $4.45 billion, a P/E ratio of 12.74, a price-to-earnings-growth ratio of 1.51 and a beta of 1.28. 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 Timken Company has a twelve month low of $56.21 and a twelve month high of $94.71. The stock 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 posted 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 net margin of 7.71% and a return on equity of 13.93%. As a group, sell-side analysts anticipate that The Timken Company will post 5.62 earnings per share for the current year.

Timken Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Tuesday, February 25th were paid a $0.34 dividend. The ex-dividend date was Tuesday, February 25th. This represents a $1.36 annualized dividend and a dividend yield of 2.14%. Timken's dividend payout ratio is currently 27.25%.

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.