Timken Co (TKR) Stake Lessened by Magnetar Financial LLC
Magnetar Financial LLC trimmed its holdings in Timken Co (NYSE:TKR) by 67.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,807 shares of the industrial products company’s stock after selling 16,076 shares during the period. Magnetar Financial LLC’s holdings in Timken were worth $379,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Capstone Asset Management Co. increased its stake in shares of Timken by 2.4% during the second quarter. Capstone Asset Management Co. now owns 5,605 shares of the industrial products company’s stock worth $259,000 after purchasing an additional 130 shares during the period. Bank of Montreal Can increased its stake in shares of Timken by 6.8% during the second quarter. Bank of Montreal Can now owns 4,785 shares of the industrial products company’s stock worth $221,000 after purchasing an additional 303 shares during the period. US Bancorp DE increased its stake in shares of Timken by 10.1% during the second quarter. US Bancorp DE now owns 4,262 shares of the industrial products company’s stock worth $197,000 after purchasing an additional 390 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Timken by 15.5% during the second quarter. Russell Investments Group Ltd. now owns 117,026 shares of the industrial products company’s stock worth $5,413,000 after purchasing an additional 15,714 shares during the period. Finally, Great West Life Assurance Co. Can increased its stake in shares of Timken by 0.7% during the second quarter. Great West Life Assurance Co. Can now owns 41,630 shares of the industrial products company’s stock worth $1,922,000 after purchasing an additional 280 shares during the period. 79.30% of the stock is owned by institutional investors.
In other Timken news, insider Richard G. Kyle sold 9,242 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $49.75, for a total transaction of $459,789.50. Following the transaction, the insider now owns 89,236 shares in the company, valued at approximately $4,439,491. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 11.08% of the stock is owned by company insiders.
Timken (NYSE:TKR) last posted its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $0.71 EPS for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.03. Timken had a return on equity of 13.75% and a net margin of 6.88%. The firm had revenue of $771.40 million for the quarter, compared to analyst estimates of $758.91 million. During the same quarter last year, the company earned $0.53 EPS. The company’s revenue was up 17.3% on a year-over-year basis. equities analysts expect that Timken Co will post 2.62 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 17th were paid a dividend of $0.27 per share. The ex-dividend date was Thursday, November 16th. This represents a $1.08 dividend on an annualized basis and a yield of 2.27%. Timken’s dividend payout ratio (DPR) is presently 43.03%.
A number of brokerages have recently weighed in on TKR. BidaskClub lowered Timken from a “sell” rating to a “strong sell” rating in a research note on Friday, August 18th. ValuEngine lowered Timken from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Jefferies Group restated a “hold” rating and set a $50.00 price objective on shares of Timken in a research note on Thursday, October 26th. Finally, Zacks Investment Research upgraded Timken from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a research note on Thursday, September 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $52.00.
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Timken Company Profile
The Timken Company engineers, manufactures and markets bearings, transmissions, gearboxes, belts, chain, couplings and related products and offers a spectrum of power system rebuild and repair services across the world. The Company operates through two segments: Mobile Industries and Process Industries.
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