Point72 Hong Kong Ltd Cuts Stock Position in The Timken Company (NYSE:TKR)

Point72 Hong Kong Ltd lessened its stake in shares of The Timken Company (NYSE:TKR - Free Report) by 78.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,300 shares of the industrial products company's stock after selling 23,578 shares during the quarter. Point72 Hong Kong Ltd's holdings in Timken were worth $531,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Creative Planning increased its position in shares of Timken by 1.7% in the second quarter. Creative Planning now owns 9,123 shares of the industrial products company's stock valued at $731,000 after acquiring an additional 150 shares during the period. Beese Fulmer Investment Management Inc. increased its holdings in Timken by 1.0% during the 3rd quarter. Beese Fulmer Investment Management Inc. now owns 15,208 shares of the industrial products company's stock valued at $1,282,000 after purchasing an additional 155 shares during the period. Blue Trust Inc. raised its position in Timken by 20.0% during the 3rd quarter. Blue Trust Inc. now owns 997 shares of the industrial products company's stock valued at $80,000 after purchasing an additional 166 shares during the last quarter. UMB Bank n.a. lifted its holdings in Timken by 64.1% in the 3rd quarter. UMB Bank n.a. now owns 430 shares of the industrial products company's stock worth $36,000 after buying an additional 168 shares during the period. Finally, Verdence Capital Advisors LLC grew its position in shares of Timken by 3.8% in the 3rd quarter. Verdence Capital Advisors LLC now owns 4,539 shares of the industrial products company's stock worth $383,000 after buying an additional 168 shares during the last quarter. Institutional investors own 89.08% of the company's stock.

Insider Buying and Selling

In related news, Director Richard G. Kyle sold 30,000 shares of the firm's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $76.59, for a total transaction of $2,297,700.00. Following the completion of the transaction, 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 SEC, which is accessible through this link. 8.70% of the stock is currently owned by company insiders.

Timken Stock Performance

Shares of NYSE TKR traded down $0.31 during trading on Tuesday, hitting $77.62. The company had a trading volume of 392,611 shares, compared to its average volume of 484,503. The Timken Company has a 12 month low of $72.35 and a 12 month high of $94.71. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.62 and a current ratio of 3.00. The firm has a market capitalization of $5.44 billion, a P/E ratio of 16.12, a price-to-earnings-growth ratio of 1.16 and a beta of 1.38. The stock has a 50 day simple moving average of $80.85 and a 200 day simple moving average of $82.18.

Timken (NYSE:TKR - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The industrial products company reported $1.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.38 by ($0.15). Timken had a return on equity of 14.82% and a net margin of 7.41%. The firm had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.12 billion. During the same period last year, the company earned $1.55 earnings per share. The business's revenue for the quarter was down 1.4% on a year-over-year basis. As a group, analysts anticipate that The Timken Company will post 5.61 earnings per share for the current year.

Timken Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Tuesday, November 19th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend was Tuesday, November 19th. Timken's dividend payout ratio (DPR) is 28.27%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TKR. Oppenheimer dropped their price target on Timken from $102.00 to $97.00 and set an "outperform" rating for the company in a research note on Wednesday, November 6th. KeyCorp reaffirmed a "sector weight" rating on shares of Timken in a research report on Friday, November 22nd. Evercore ISI upgraded shares of Timken from an "in-line" rating to an "outperform" rating and boosted their price target for the company from $87.00 to $91.00 in a research report on Wednesday, November 13th. Citigroup initiated coverage on Timken in a research report on Monday, October 14th. They set a "neutral" rating and a $90.00 price objective on the stock. Finally, DA Davidson decreased their target price on Timken from $103.00 to $99.00 and set a "buy" rating for the company in a research report on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $90.00.

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.