Amalgamated Bank Trims Position in The Timken Company (NYSE:TKR)

Amalgamated Bank decreased its stake in shares of The Timken Company (NYSE:TKR - Free Report) by 24.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,433 shares of the industrial products company's stock after selling 10,051 shares during the quarter. Amalgamated Bank's holdings in Timken were worth $2,565,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TKR. Cubist Systematic Strategies LLC purchased a new stake in Timken during the second quarter valued at $4,363,000. Comerica Bank raised its stake in Timken by 13.8% during the first 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 in the last quarter. Vanguard Group Inc. raised its stake in Timken by 5.6% during the first 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 in the last quarter. Sei Investments Co. raised its stake in Timken by 26.4% during the first 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 in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Timken by 29.4% during the first 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 in the last quarter. Institutional investors own 89.08% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TKR. Oppenheimer reduced their target price on shares of Timken from $102.00 to $97.00 and set an "outperform" rating on the stock in a research note on Wednesday, November 6th. Evercore ISI reduced their target price on shares of Timken from $94.00 to $87.00 and set an "in-line" rating on the stock in a research note on Monday, August 19th. KeyCorp reduced their target price on shares of Timken from $104.00 to $90.00 and set an "overweight" rating on the stock in a research note on Wednesday, November 6th. DA Davidson reduced their target price on shares of Timken from $103.00 to $99.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. Finally, Citigroup began coverage on shares of Timken in a research note on Monday, October 14th. They issued a "neutral" rating and a $90.00 target price on the stock. 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 MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $89.60.

Timken Stock Down 0.4 %

Shares of NYSE:TKR traded down $0.33 during trading on Monday, reaching $76.52. The stock had a trading volume of 546,031 shares, compared to its average volume of 485,386. The Timken Company has a one year low of $70.15 and a one year high of $94.71. The company has a market capitalization of $5.37 billion, a P/E ratio of 15.91, a PEG ratio of 1.14 and a beta of 1.43. The company has a current ratio of 3.00, a quick ratio of 1.64 and a debt-to-equity ratio of 0.71. The firm's 50-day simple moving average is $82.25 and its 200 day simple moving average is $83.67.

Timken (NYSE:TKR - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The industrial products company reported $1.23 earnings per share for the quarter, missing analysts' consensus estimates of $1.38 by ($0.15). The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. Timken had a net margin of 7.41% and a return on equity of 14.82%. The firm's quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.55 earnings per share. As a group, research analysts expect that The Timken Company will post 5.62 EPS for the current fiscal year.

Timken Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Tuesday, November 19th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 1.78%. The ex-dividend date of this dividend is Tuesday, November 19th. Timken's payout ratio is currently 28.27%.

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.