Harbor Capital Advisors Inc. Buys 34,311 Shares of The Timken Company (NYSE:TKR)

Harbor Capital Advisors Inc. boosted its position in The Timken Company (NYSE:TKR - Free Report) by 271.9% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 46,928 shares of the industrial products company's stock after purchasing an additional 34,311 shares during the period. Harbor Capital Advisors Inc. owned about 0.07% of Timken worth $3,956,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Cubist Systematic Strategies LLC purchased a new stake in shares of Timken during the 2nd quarter valued at $4,363,000. Comerica Bank increased its position in shares of Timken by 13.8% during the 1st quarter. Comerica Bank now owns 58,945 shares of the industrial products company's stock valued at $5,154,000 after purchasing an additional 7,160 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Timken by 5.6% during the 1st quarter. Vanguard Group Inc. now owns 6,515,972 shares of the industrial products company's stock valued at $569,691,000 after purchasing an additional 347,794 shares during the last quarter. Sei Investments Co. increased its position in shares of Timken by 26.4% during the 1st quarter. Sei Investments Co. now owns 394,170 shares of the industrial products company's stock valued at $34,462,000 after purchasing an additional 82,382 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Timken by 29.4% during the 1st quarter. Russell Investments Group Ltd. now owns 138,705 shares of the industrial products company's stock valued at $12,127,000 after purchasing an additional 31,552 shares during the last quarter. 89.08% of the stock is owned by institutional investors.

Insider Transactions at Timken

In related news, CEO Richard G. Kyle sold 30,000 shares of the firm's stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $80.46, for a total value 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 $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 is available through the SEC website. 8.70% of the stock is owned by insiders.

Timken Price Performance

Shares of TKR stock traded up $0.22 on Monday, reaching $83.37. The company's stock had a trading volume of 599,949 shares, compared to its average volume of 468,198. The company has a market capitalization of $5.85 billion, a P/E ratio of 17.08, a PEG ratio of 1.89 and a beta of 1.43. The Timken Company has a 12-month low of $70.15 and a 12-month high of $94.71. The stock's 50 day simple moving average is $83.01 and its 200-day simple moving average is $84.00. The company has a quick ratio of 1.64, a current ratio of 2.95 and a debt-to-equity ratio of 0.72.

Timken Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Tuesday, August 20th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.63%. Timken's dividend payout ratio (DPR) is presently 27.87%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. DA Davidson reaffirmed a "buy" rating and set a $103.00 price objective on shares of Timken in a report on Tuesday, September 17th. Evercore ISI lowered their price target on shares of Timken from $94.00 to $87.00 and set an "in-line" rating on the stock in a research report on Monday, August 19th. Finally, Citigroup began 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. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $91.70.

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.