Timken Co. (TKR) Upgraded by Zacks Investment Research to “Hold”
According to Zacks, “The Timken Company engineers, manufactures and markets bearings, transmissions, gearboxes, belts, chain and related products, and offers a spectrum of powertrain rebuild and repair services. The leading authority on tapered roller bearings, Timken today applies its deep knowledge of metallurgy, tribology and mechanical power transmission across a variety of bearings and related systems to improve reliability and efficiency of machinery and equipment all around the world. The company’s growing product and services portfolio features many strong industrial brands including Timken, Fafnir, Philadelphia Gear, Carlisle, Drives and Interlube. “
Separately, Avondale Partners upgraded shares of Timken from a market perform rating to an outperform rating and set a $35.00 target price on the stock in a research note on Monday, July 11th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $33.33.
Timken (NYSE:TKR) traded up 1.39% during mid-day trading on Thursday, reaching $35.04. 106,755 shares of the company were exchanged. Timken has a one year low of $22.22 and a one year high of $37.07. The company has a market capitalization of $2.74 billion, a PE ratio of 21.05 and a beta of 1.70. The stock has a 50-day moving average price of $33.53 and a 200 day moving average price of $33.16.
Timken (NYSE:TKR) last posted its earnings results on Thursday, July 28th. The company reported $0.55 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.05. The business had revenue of $673.50 million for the quarter, compared to analysts’ expectations of $693.64 million. Timken had a net margin of 4.88% and a return on equity of 12.98%. The business’s revenue for the quarter was down 7.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.57 EPS. Analysts predict that Timken will post $1.92 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 2nd. Shareholders of record on Monday, August 15th were paid a $0.26 dividend. The ex-dividend date was Thursday, August 11th. This represents a $1.04 annualized dividend and a yield of 3.01%. Timken’s payout ratio is 62.65%.
In other news, EVP William R. Burkhart sold 4,235 shares of the stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $34.37, for a total transaction of $145,556.95. Following the completion of the transaction, the executive vice president now directly owns 40,607 shares in the company, valued at approximately $1,395,662.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Philip D. Fracassa sold 2,229 shares of the stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $34.27, for a total value of $76,387.83. Following the transaction, the chief financial officer now owns 30,784 shares of the company’s stock, valued at $1,054,967.68. The disclosure for this sale can be found here. 10.30% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Algert Global LLC purchased a new position in Timken during the first quarter worth approximately $472,000. Americafirst Capital Management LLC purchased a new position in Timken during the second quarter worth approximately $233,000. Nisa Investment Advisors L.L.C. increased its position in Timken by 7.8% in the first quarter. Nisa Investment Advisors L.L.C. now owns 43,730 shares of the company’s stock worth $1,465,000 after buying an additional 3,150 shares in the last quarter. Invictus RG increased its position in Timken by 61.0% in the first quarter. Invictus RG now owns 4,168 shares of the company’s stock worth $140,000 after buying an additional 1,579 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its position in Timken by 26.3% in the first quarter. Meeder Asset Management Inc. now owns 6,725 shares of the company’s stock worth $225,000 after buying an additional 1,402 shares in the last quarter. Hedge funds and other institutional investors own 75.99% of the company’s stock.
The Timken Company engineers, manufactures and markets bearings, transmissions, gearboxes, chain and related products and offers a spectrum of power system rebuild and repair services around the world. The Company operates through two segments: Mobile Industries, which offers bearings, seals, lubrication devices and systems, as well as power transmission components, engineered chain, augers and related products and maintenance services, and Process Industries, which provides industrial bearings and assemblies, power transmission components such as gears and gearboxes, couplings, seals, lubricants, chains and related products and services.
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