Timken (NYSE:TKR) Given New $87.00 Price Target at Loop Capital

Timken (NYSE:TKR) had its target price upped by Loop Capital from $78.00 to $87.00 in a research note released on Wednesday morning, Benzinga reports. Loop Capital currently has a hold rating on the industrial products company’s stock.

Several other brokerages have also recently weighed in on TKR. The Goldman Sachs Group lifted their price objective on shares of Timken from $78.00 to $87.00 and gave the stock a neutral rating in a research note on Tuesday, February 6th. Evercore ISI cut shares of Timken from an outperform rating to an in-line rating and set a $84.00 target price for the company. in a report on Tuesday, February 20th. StockNews.com downgraded Timken from a buy rating to a hold rating in a report on Wednesday, February 21st. Morgan Stanley began coverage on shares of Timken in a report on Monday, January 8th. They set an equal weight rating and a $74.00 target price on the stock. Finally, DA Davidson started coverage on Timken in a research note on Tuesday, January 23rd. They issued a buy rating and a $92.00 price target for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $87.09.

Timken Stock Up 0.4 %

Timken stock opened at $89.49 on Wednesday. The company’s 50-day moving average is $86.12 and its 200-day moving average is $79.96. The firm has a market capitalization of $6.30 billion, a PE ratio of 17.05, a P/E/G ratio of 1.20 and a beta of 1.51. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.87 and a quick ratio of 0.96. Timken has a fifty-two week low of $65.71 and a fifty-two week high of $95.08.

Timken (NYSE:TKR) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $1.77 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.27. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.15 billion. Timken had a net margin of 7.99% and a return on equity of 17.98%. The company’s revenue was down 5.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.09 earnings per share. Sell-side analysts anticipate that Timken will post 6.18 earnings per share for the current year.

Timken Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 28th. Investors of record on Tuesday, May 14th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.52%. This is a positive change from Timken’s previous quarterly dividend of $0.33. The ex-dividend date is Monday, May 13th. Timken’s payout ratio is presently 25.14%.

Hedge Funds Weigh In On Timken

A number of large investors have recently modified their holdings of TKR. Norges Bank purchased a new stake in shares of Timken in the fourth quarter worth approximately $56,995,000. Fiduciary Management Inc. WI lifted its holdings in Timken by 94.7% during the fourth quarter. Fiduciary Management Inc. WI now owns 1,133,076 shares of the industrial products company’s stock valued at $90,816,000 after purchasing an additional 551,097 shares during the last quarter. Provident Investment Management Inc. bought a new position in Timken in the 3rd quarter worth approximately $23,408,000. Stansberry Asset Management LLC bought a new position in shares of Timken in the third quarter worth $16,422,000. Finally, Atlantic Investment Management Inc. boosted its stake in Timken by 69.4% in the 3rd quarter. Atlantic Investment Management Inc. now owns 520,093 shares of the industrial products company’s stock worth $38,222,000 after purchasing an additional 213,000 shares during the period. 89.08% of the stock is currently owned by institutional investors.

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.