Point72 Asset Management L.P. Cuts Position in The Timken Company (NYSE:TKR)

Point72 Asset Management L.P. decreased its holdings in The Timken Company (NYSE:TKR - Free Report) by 22.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,000 shares of the industrial products company's stock after selling 19,069 shares during the quarter. Point72 Asset Management L.P. owned about 0.10% of Timken worth $5,647,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Coastline Trust Co acquired a new stake in shares of Timken during the third quarter worth $29,000. Livelsberger Financial Advisory purchased a new stake in shares of Timken in the third quarter valued at about $32,000. UMB Bank n.a. raised its holdings in Timken by 64.1% during the third quarter. UMB Bank n.a. now owns 430 shares of the industrial products company's stock worth $36,000 after purchasing an additional 168 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Timken in the second quarter valued at about $44,000. Finally, Brooklyn Investment Group purchased a new stake in Timken in the 3rd quarter valued at approximately $74,000. Institutional investors and hedge funds own 89.08% of the company's stock.

Insider Buying and Selling at Timken

In related news, Director Richard G. Kyle sold 30,000 shares of the firm's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $76.59, for a total value of $2,297,700.00. Following the sale, the director now directly owns 194,485 shares of the company's stock, valued at approximately $14,895,606.15. This trade represents a 13.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Oppenheimer reduced their price target on Timken from $102.00 to $97.00 and set an "outperform" rating for the company in a report on Wednesday, November 6th. KeyCorp reissued a "sector weight" rating on shares of Timken in a report on Friday, November 22nd. Jefferies Financial Group upgraded shares of Timken from a "hold" rating to a "buy" rating and increased their price target for the company from $80.00 to $95.00 in a report on Friday. Evercore ISI raised shares of Timken from an "in-line" rating to an "outperform" rating and increased their target price for the company from $87.00 to $91.00 in a report on Wednesday, November 13th. Finally, Citigroup raised Timken from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $85.00 to $90.00 in a research note on Monday. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $91.00.

Timken Price Performance

Timken stock traded up $1.95 during mid-day trading on Monday, hitting $78.29. 292,164 shares of the company were exchanged, compared to its average volume of 486,015. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.00 and a quick ratio of 1.62. The Timken Company has a 12-month low of $72.35 and a 12-month high of $94.71. The business's 50 day simple moving average is $80.28 and its two-hundred day simple moving average is $81.78. The company has a market capitalization of $5.49 billion, a P/E ratio of 15.87, a PEG ratio of 1.13 and a beta of 1.39.

Timken (NYSE:TKR - Get Free Report) last announced its earnings results on Tuesday, November 5th. The industrial products company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.38 by ($0.15). Timken had a net margin of 7.41% and a return on equity of 14.82%. The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same period in the previous year, the firm posted $1.55 EPS. The company's revenue for the quarter was down 1.4% compared to the same quarter last year. Analysts forecast that The Timken Company will post 5.61 earnings per share for the current fiscal year.

Timken Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Tuesday, November 19th were paid a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $1.36 annualized dividend and a yield of 1.74%. Timken's payout ratio is currently 28.27%.

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.