Allspring Global Investments Holdings LLC cut its stake in shares of The Timken Company (NYSE:TKR - Free Report) by 8.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 351,368 shares of the industrial products company's stock after selling 31,582 shares during the period. Allspring Global Investments Holdings LLC owned 0.50% of Timken worth $29,617,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the company. Fidelis Capital Partners LLC bought a new stake in Timken in the 1st quarter valued at $26,000. EverSource Wealth Advisors LLC boosted its position in shares of Timken by 1,905.6% in the first quarter. EverSource Wealth Advisors LLC now owns 361 shares of the industrial products company's stock valued at $32,000 after acquiring an additional 343 shares during the period. Versant Capital Management Inc bought a new stake in shares of Timken in the second quarter valued at about $30,000. UMB Bank n.a. grew its stake in shares of Timken by 64.1% in the third quarter. UMB Bank n.a. now owns 430 shares of the industrial products company's stock valued at $36,000 after acquiring an additional 168 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Timken during the second quarter worth about $44,000. Institutional investors own 89.08% of the company's stock.
Insider Activity at Timken
In other news, CEO Richard G. Kyle sold 30,000 shares of Timken stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $80.46, for a total transaction of $2,413,800.00. Following the sale, the chief executive officer now directly owns 244,485 shares of the company's stock, valued at approximately $19,671,263.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 8.70% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
A number of analysts have issued reports on the stock. Citigroup initiated coverage on shares of Timken in a report on Monday, October 14th. They issued a "neutral" rating and a $90.00 price objective for the company. DA Davidson reissued a "buy" rating and set a $103.00 price target on shares of Timken in a research report on Tuesday, September 17th. Evercore ISI lowered their price objective on Timken from $94.00 to $87.00 and set an "in-line" rating on the stock in a research note on Monday, August 19th. Finally, Raymond James began coverage on Timken in a report on Friday, June 28th. They set a "market perform" rating on the stock. Eight analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Timken presently has a consensus rating of "Hold" and an average price target of $91.70.
Get Our Latest Stock Analysis on TKR
Timken Price Performance
Shares of NYSE TKR traded up $0.61 during mid-day trading on Thursday, reaching $84.70. The company had a trading volume of 313,671 shares, compared to its average volume of 468,755. The business's 50-day simple moving average is $82.89 and its 200 day simple moving average is $84.11. The firm has a market cap of $5.94 billion, a price-to-earnings ratio of 17.36, a PEG ratio of 1.92 and a beta of 1.43. 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 one year low of $65.71 and a one year high of $94.71.
Timken (NYSE:TKR - Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.03. The business had revenue of $1.18 billion for 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%. Timken's revenue was down 7.1% compared to the same quarter last year. During the same period last year, the firm posted $2.01 earnings per share. On average, research analysts predict that The Timken Company will post 6.05 earnings per share for the current fiscal year.
Timken Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Tuesday, August 20th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend was Tuesday, August 20th. Timken's dividend payout ratio (DPR) is presently 27.87%.
Timken Profile
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Free Report)
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.
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