Shellback Capital LP Sells 62,712 Shares of The Timken Company (NYSE:TKR)

Shellback Capital LP reduced its position in shares of The Timken Company (NYSE:TKR - Free Report) by 71.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,635 shares of the industrial products company's stock after selling 62,712 shares during the period. Shellback Capital LP's holdings in Timken were worth $1,974,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Fidelis Capital Partners LLC purchased a new position in Timken in the 1st quarter worth about $26,000. EverSource Wealth Advisors LLC increased its stake in Timken by 1,905.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 361 shares of the industrial products company's stock worth $32,000 after purchasing an additional 343 shares in the last quarter. Versant Capital Management Inc purchased a new position in Timken in the 2nd quarter worth about $30,000. Livelsberger Financial Advisory purchased a new position in Timken in the 4th quarter worth about $30,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Timken in the 2nd quarter worth about $44,000. 89.08% of the stock is owned by institutional investors and hedge funds.

Timken Stock Up 0.1 %

Shares of Timken stock traded up $0.11 during trading on Friday, hitting $84.90. 470,212 shares of the stock traded hands, compared to its average volume of 475,610. The stock has a market cap of $5.95 billion, a P/E ratio of 16.50, a PEG ratio of 1.80 and a beta of 1.44. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.64 and a current ratio of 2.95. The Timken Company has a twelve month low of $65.71 and a twelve month high of $94.71. The company has a fifty day moving average price of $82.28 and a two-hundred day moving average price of $84.45.

Timken (NYSE:TKR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.03. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. Timken had a return on equity of 16.36% and a net margin of 7.52%. The firm's revenue was down 7.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.01 EPS. Equities research analysts predict that The Timken Company will post 6.11 EPS for the current fiscal year.

Timken Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Tuesday, August 20th were issued a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.36 annualized dividend and a yield of 1.60%. Timken's dividend payout ratio (DPR) is currently 25.90%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TKR. Raymond James began coverage on Timken in a research note on Friday, June 28th. They issued a "market perform" rating on the stock. Evercore ISI decreased their price objective on Timken from $94.00 to $87.00 and set an "in-line" rating for the company in a research report on Monday, August 19th. Finally, DA Davidson restated a "buy" rating and set a $103.00 price objective on shares of Timken in a research report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $89.18.

Insider Buying and Selling

In related news, CEO Richard G. Kyle sold 30,000 shares of the business's stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $80.46, for a total value of $2,413,800.00. Following the completion of the sale, the chief executive officer now directly owns 244,485 shares in the company, valued at approximately $19,671,263.10. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 8.70% of the company's stock.

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.