Teacher Retirement System of Texas boosted its stake in shares of Timken Co. (NYSE:TKR) by 16.8% during the second quarter, Holdings Channel reports. The institutional investor owned 10,083 shares of the company’s stock after buying an additional 1,447 shares during the period. Teacher Retirement System of Texas’ holdings in Timken were worth $309,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. 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 valued at $140,000 after buying an additional 1,579 shares in the last quarter. LS Investment Advisors LLC boosted 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 in the last quarter. Bank of Montreal Can purchased a new position in Timken during the second quarter valued at $166,000. 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 valued at $225,000 after buying an additional 1,402 shares in the last quarter. Finally, Zweig DiMenna Associates LLC purchased a new position in Timken during the second quarter valued at $208,000. 75.99% of the stock is owned by institutional investors and hedge funds.
Shares of Timken Co. (NYSE:TKR) traded up 0.47% during midday trading on Friday, hitting $34.42. 383,634 shares of the stock were exchanged. The stock’s 50-day moving average price is $33.86 and its 200-day moving average price is $33.35. Timken Co. has a 1-year low of $22.22 and a 1-year high of $37.07. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 20.67 and a beta of 1.64.
Timken (NYSE:TKR) last issued its earnings results on Thursday, July 28th. The company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.05. Timken had a return on equity of 12.98% and a net margin of 4.88%. The company had revenue of $673.50 million for the quarter, compared to analyst estimates of $693.64 million. During the same period in the prior year, the firm earned $0.57 earnings per share. Timken’s revenue for the quarter was down 7.4% on a year-over-year basis. On average, analysts forecast that Timken Co. will post $1.92 EPS for the current year.
Several research firms recently weighed in on TKR. Zacks Investment Research cut shares of Timken from a “hold” rating to a “sell” rating in a research note 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 objective for the company in a research report on Monday, July 11th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $33.33.
In related news, CFO Philip D. Fracassa sold 2,229 shares of the stock in a transaction on Wednesday, August 24th. The stock was 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 approximately $1,054,967.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP William R. Burkhart sold 4,235 shares of the stock in a transaction on Monday, August 29th. The shares were sold at an average price of $34.37, for a total value 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. Insiders own 10.30% of the company’s stock.
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.
Want to see what other hedge funds are holding TKR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Timken Co. (NYSE:TKR).
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.