Advisors Capital Management LLC Cuts Holdings in The Timken Company (NYSE:TKR)

Advisors Capital Management LLC reduced its position in The Timken Company (NYSE:TKR - Free Report) by 67.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,564 shares of the industrial products company's stock after selling 141,091 shares during the quarter. Advisors Capital Management LLC owned 0.10% of Timken worth $4,893,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its holdings in shares of Timken by 418.4% in the 4th quarter. Victory Capital Management Inc. now owns 882,156 shares of the industrial products company's stock valued at $62,959,000 after purchasing an additional 711,979 shares in the last quarter. Norges Bank purchased a new position in Timken during the fourth quarter valued at approximately $42,748,000. American Century Companies Inc. raised its stake in Timken by 11.3% in the fourth quarter. American Century Companies Inc. now owns 3,158,690 shares of the industrial products company's stock worth $225,436,000 after buying an additional 320,354 shares in the last quarter. Royce & Associates LP lifted its holdings in Timken by 108.9% during the fourth quarter. Royce & Associates LP now owns 397,895 shares of the industrial products company's stock worth $28,398,000 after buying an additional 207,439 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Timken during the 4th quarter valued at $14,460,000. 89.08% of the stock is owned by hedge funds and other institutional investors.

Timken Stock Performance

Shares of NYSE:TKR traded up $0.42 on Friday, hitting $61.39. 652,480 shares of the company were exchanged, compared to its average volume of 553,850. The company has a current ratio of 3.07, a quick ratio of 1.61 and a debt-to-equity ratio of 0.69. The stock's 50 day moving average price is $72.55 and its 200 day moving average price is $76.04. The Timken Company has a 1-year low of $56.20 and a 1-year high of $94.71. The firm has a market capitalization of $4.30 billion, a P/E ratio of 12.30, a price-to-earnings-growth ratio of 1.51 and a beta of 1.28.

Timken (NYSE:TKR - Get Free Report) last posted its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.08. Timken had a return on equity of 13.93% and a net margin of 7.71%. Sell-side analysts predict that The Timken Company will post 5.62 EPS for the current year.

Timken Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Tuesday, February 25th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend was Tuesday, February 25th. Timken's dividend payout ratio is presently 27.25%.

Analysts Set New Price Targets

Several research firms have recently commented on TKR. Jefferies Financial Group reissued a "hold" rating and issued a $70.00 price target (down from $90.00) on shares of Timken in a research report on Wednesday, April 2nd. Loop Capital reduced their target price on shares of Timken from $85.00 to $65.00 and set a "hold" rating for the company in a report on Thursday. The Goldman Sachs Group lowered their price target on shares of Timken from $85.00 to $75.00 and set a "neutral" rating on the stock in a report on Wednesday, April 2nd. Evercore ISI boosted their price objective on shares of Timken from $91.00 to $102.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 19th. Finally, Bank of America upgraded shares of Timken from an "underperform" rating to a "neutral" rating and raised their target price for the company from $73.00 to $78.00 in a research note on Tuesday, February 4th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $84.91.

Insider Buying and Selling at Timken

In other Timken news, CFO Philip D. Fracassa sold 5,000 shares of the company's stock in a transaction on Friday, February 7th. The shares were sold at an average price of $81.50, for a total value of $407,500.00. Following the sale, the chief financial officer now directly owns 90,541 shares of the company's stock, valued at approximately $7,379,091.50. This represents a 5.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 8.70% of the company's stock.

About Timken

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.