PNC Financial Services Group Inc. increased its position in shares of Timken Co. (NYSE:TKR) by 3.6% during the second quarter, Holdings Channel reports. The institutional investor owned 7,815 shares of the company’s stock after buying an additional 273 shares during the period. PNC Financial Services Group Inc.’s holdings in Timken were worth $239,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Algert Global LLC acquired a new position in Timken during the first quarter worth approximately $472,000. Americafirst Capital Management LLC acquired a new position in Timken during the second quarter worth approximately $233,000. Nisa Investment Advisors L.L.C. boosted 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 during the last quarter. Invictus RG boosted 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 during the last quarter. Finally, Meeder Asset Management Inc. boosted 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 during the last quarter. 75.99% of the stock is currently owned by institutional investors and hedge funds.
Shares of Timken Co. (NYSE:TKR) traded down 0.48% during midday trading on Monday, hitting $34.97. The company had a trading volume of 227,362 shares. Timken Co. has a 12-month low of $22.22 and a 12-month high of $37.07. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of 21.00 and a beta of 1.64. The company’s 50-day moving average price is $33.56 and its 200 day moving average price is $33.19.
Timken (NYSE:TKR) last posted its earnings results on Thursday, July 28th. The company reported $0.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.05. Timken had a net margin of 4.88% and a return on equity of 12.98%. The company had revenue of $673.50 million for the quarter, compared to analyst estimates of $693.64 million. During the same quarter in the prior year, the business posted $0.57 EPS. The firm’s revenue was down 7.4% compared to the same quarter last year. Equities research analysts predict that Timken Co. will post $1.92 earnings per share for the current fiscal year.
A number of equities analysts recently commented on TKR shares. Zacks Investment Research upgraded Timken from a “sell” rating to a “hold” rating in a report on Thursday. Avondale Partners upgraded Timken from a “market perform” rating to an “outperform” rating and set a $35.00 price target for the company in a report on Monday, July 11th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $33.33.
In other Timken news, CFO Philip D. Fracassa sold 2,229 shares of the stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $34.27, for a total value of $76,387.83. Following the completion of the sale, the chief financial officer now owns 30,784 shares in the company, valued at approximately $1,054,967.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP William R. Burkhart sold 4,235 shares of the stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $34.37, for a total transaction of $145,556.95. Following the completion of the sale, the executive vice president now owns 40,607 shares of the company’s stock, valued at approximately $1,395,662.59. The disclosure for this sale can be found here. 10.30% of the stock is currently owned by corporate insiders.
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.
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