New York State Teachers Retirement System raised its stake in shares of Timken Co. (NYSE:TKR) by 5.3% during the second quarter, Holdings Channel reports. The fund owned 130,279 shares of the company’s stock after buying an additional 6,600 shares during the period. New York State Teachers Retirement System’s holdings in Timken were worth $3,994,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of TKR. Invictus RG raised its position in Timken by 61.0% in the first quarter. Invictus RG now owns 4,168 shares of the company’s stock valued at $140,000 after buying an additional 1,579 shares during the last quarter. LS Investment Advisors LLC raised its position in Timken by 75.0% in the second quarter. LS Investment Advisors LLC now owns 4,222 shares of the company’s stock valued at $129,000 after buying an additional 1,810 shares during the last quarter. IFP Advisors Inc raised its position in Timken by 19.6% in the first quarter. IFP Advisors Inc now owns 4,313 shares of the company’s stock valued at $144,000 after buying an additional 708 shares during the last quarter. Acrospire Investment Management LLC acquired a new position in Timken during the first quarter valued at $174,000. Finally, Meeder Asset Management Inc. raised 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 valued at $225,000 after buying an additional 1,402 shares during the last quarter. Institutional investors and hedge funds own 75.99% of the company’s stock.
Timken Co. (NYSE:TKR) traded down 2.56% during midday trading on Friday, hitting $34.95. 626,100 shares of the stock traded hands. Timken Co. has a 1-year low of $22.22 and a 1-year high of $37.07. The stock has a market cap of $2.74 billion, a PE ratio of 20.99 and a beta of 1.64. The company has a 50-day moving average of $33.78 and a 200-day moving average of $33.29.
Timken (NYSE:TKR) last posted its earnings results on Thursday, July 28th. The company reported $0.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.05. The company earned $673.50 million during the quarter, compared to the consensus estimate of $693.64 million. Timken had a net margin of 4.88% and a return on equity of 12.98%. The company’s revenue for the quarter was down 7.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.57 earnings per share. On average, equities analysts expect that Timken Co. will post $1.92 EPS for the current fiscal year.
Several equities analysts recently weighed in on the stock. Zacks Investment Research lowered shares of Timken from a “hold” rating to a “sell” rating in a report on Saturday, July 9th. Avondale Partners raised shares of Timken from a “market perform” rating to an “outperform” rating and set a $35.00 price target 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 given a buy rating to the company. Timken presently has an average rating of “Hold” and an average target price of $33.33.
In other Timken news, CFO Philip D. Fracassa sold 2,229 shares of the business’s 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 completion of the sale, the chief financial officer now directly owns 30,784 shares of the company’s stock, valued at $1,054,967.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP William R. Burkhart sold 4,235 shares of the business’s 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 sale, the executive vice president now directly owns 40,607 shares of the company’s stock, valued at $1,395,662.59. The disclosure for this sale can be found here. 10.30% of the stock is currently owned by company 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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