Timken Co. (NYSE:TKR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday.
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 raised shares of Timken from a “market perform” rating to an “outperform” rating and set a $35.00 target price on the stock in a report on Monday, July 11th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $33.33.
Shares of Timken (NYSE:TKR) opened at 34.69 on Thursday. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of 20.83 and a beta of 1.70. The company’s 50 day moving average price is $33.50 and its 200 day moving average price is $33.15. Timken has a one year low of $22.22 and a one year high of $37.07.
Timken (NYSE:TKR) last issued its earnings results on Thursday, July 28th. The company reported $0.55 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.05. The company 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%. Timken’s quarterly revenue was down 7.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.57 EPS. On average, analysts expect that Timken will post $1.92 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 2nd. Investors of record on Monday, August 15th were paid a $0.26 dividend. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $1.04 dividend on an annualized basis and a yield of 3.00%. Timken’s dividend payout ratio (DPR) is currently 62.65%.
In related news, EVP William R. Burkhart sold 4,235 shares of the company’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $34.37, for a total value of $145,556.95. Following the transaction, the executive vice president now owns 40,607 shares in the company, valued at approximately $1,395,662.59. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Philip D. Fracassa sold 2,229 shares of the company’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $34.27, for a total transaction of $76,387.83. Following the completion of the transaction, the chief financial officer now owns 30,784 shares in the company, valued at approximately $1,054,967.68. The disclosure for this sale can be found here. 10.30% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in TKR. Riverhead Capital Management LLC raised its position in shares of Timken by 764.9% in the first quarter. Riverhead Capital Management LLC now owns 134,920 shares of the company’s stock worth $4,518,000 after buying an additional 119,320 shares during the last quarter. UBS Group AG raised its position in shares of Timken by 213.1% in the first quarter. UBS Group AG now owns 58,294 shares of the company’s stock worth $1,953,000 after buying an additional 39,676 shares during the last quarter. Meeder Asset Management Inc. raised its position in shares of 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 during the last quarter. Kempen Capital Management N.V. raised its position in shares of Timken by 66.5% in the first quarter. Kempen Capital Management N.V. now owns 7,585 shares of the company’s stock worth $254,000 after buying an additional 3,030 shares during the last quarter. Finally, BB&T Securities LLC raised its position in shares of Timken by 2.4% in the first quarter. BB&T Securities LLC now owns 55,901 shares of the company’s stock worth $1,872,000 after buying an additional 1,294 shares during the last quarter. Institutional investors and hedge funds own 75.99% of the company’s stock.
Timken Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Timken Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Timken Co. and related companies with MarketBeat.com's FREE daily email newsletter.