Timken (NYSE:TKR) Upgraded by Citigroup to Buy Rating

Citigroup upgraded shares of Timken (NYSE:TKR - Free Report) from a neutral rating to a buy rating in a research note released on Monday, Marketbeat Ratings reports. They currently have $90.00 price target on the industrial products company's stock, up from their prior price target of $85.00.

Several other brokerages have also issued reports on TKR. DA Davidson lowered their target price on Timken from $103.00 to $99.00 and set a "buy" rating on the stock in a research note on Wednesday, November 6th. KeyCorp reaffirmed a "sector weight" rating on shares of Timken in a report on Friday, November 22nd. Evercore ISI upgraded shares of Timken from an "in-line" rating to an "outperform" rating and lifted their target price for the stock from $87.00 to $91.00 in a research note on Wednesday, November 13th. Jefferies Financial Group upgraded shares of Timken from a "hold" rating to a "buy" rating and upped their price target for the company from $80.00 to $95.00 in a research note on Friday. Finally, Oppenheimer lowered their target price on shares of Timken from $102.00 to $97.00 and set an "outperform" rating on the stock in a report on Wednesday, November 6th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Timken presently has an average rating of "Moderate Buy" and a consensus target price of $91.00.

Timken Stock Performance

NYSE TKR traded up $2.14 during trading hours on Monday, reaching $78.48. 557,861 shares of the company were exchanged, compared to its average volume of 487,193. The stock has a market capitalization of $5.50 billion, a P/E ratio of 15.87, a P/E/G ratio of 1.13 and a beta of 1.39. The company has a quick ratio of 1.62, a current ratio of 3.00 and a debt-to-equity ratio of 0.71. Timken has a 1 year low of $72.35 and a 1 year high of $94.71. The business's 50 day simple moving average is $80.28 and its 200-day simple moving average is $81.78.

Timken (NYSE:TKR - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The industrial products company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.38 by ($0.15). Timken had a return on equity of 14.82% and a net margin of 7.41%. The company had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.12 billion. During the same quarter in the previous year, the business earned $1.55 EPS. The company's revenue for the quarter was down 1.4% on a year-over-year basis. On average, equities research analysts expect that Timken will post 5.61 earnings per share for the current year.

Timken Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Tuesday, November 19th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend was Tuesday, November 19th. Timken's payout ratio is 28.27%.

Insiders Place Their Bets

In other Timken news, Director Richard G. Kyle sold 30,000 shares of the business'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 completion of the transaction, the director now owns 194,485 shares of the company's stock, valued at $14,895,606.15. The trade was a 13.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 8.70% of the company's stock.

Institutional Trading of Timken

Institutional investors and hedge funds have recently made changes to their positions in the stock. Retirement Systems of Alabama increased its stake in Timken by 1.1% in the third quarter. Retirement Systems of Alabama now owns 176,643 shares of the industrial products company's stock valued at $14,889,000 after acquiring an additional 1,869 shares during the last quarter. Franklin Resources Inc. boosted its holdings in shares of Timken by 0.5% in the 3rd quarter. Franklin Resources Inc. now owns 41,373 shares of the industrial products company's stock worth $3,502,000 after purchasing an additional 222 shares in the last quarter. Synovus Financial Corp boosted its holdings in shares of Timken by 5.4% in the 3rd quarter. Synovus Financial Corp now owns 8,286 shares of the industrial products company's stock worth $698,000 after purchasing an additional 423 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Timken during the 3rd quarter valued at about $172,000. Finally, World Investment Advisors LLC purchased a new position in shares of Timken during the 3rd quarter valued at about $409,000. Hedge funds and other institutional investors own 89.08% 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.