Swiss National Bank boosted its position in Timken Co (NYSE:TKR) by 0.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 126,900 shares of the industrial products company’s stock after purchasing an additional 800 shares during the quarter. Swiss National Bank owned about 0.17% of Timken worth $6,515,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in TKR. Bank of Montreal Can raised its stake in Timken by 17.7% in the 1st quarter. Bank of Montreal Can now owns 2,427 shares of the industrial products company’s stock valued at $106,000 after purchasing an additional 365 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in Timken in the 2nd quarter valued at about $115,000. Machina Capital S.A.S. purchased a new stake in Timken in the 2nd quarter valued at about $138,000. Iberiabank Corp purchased a new stake in Timken in the 2nd quarter valued at about $203,000. Finally, World Asset Management Inc purchased a new stake in Timken in the 1st quarter valued at about $207,000. 80.46% of the stock is owned by hedge funds and other institutional investors.
Several analysts have commented on TKR shares. Goldman Sachs Group upgraded Timken from a “neutral” rating to a “buy” rating and lifted their price target for the company from $55.00 to $56.00 in a report on Tuesday, July 16th. ValuEngine cut Timken from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Bank of America cut Timken from a “buy” rating to a “neutral” rating and set a $55.00 price target for the company. in a report on Monday, July 15th. Zacks Investment Research upgraded Timken from a “sell” rating to a “hold” rating in a report on Saturday, July 13th. Finally, Morgan Stanley started coverage on Timken in a report on Monday, June 10th. They issued an “equal weight” rating and a $54.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $55.75.
Timken (NYSE:TKR) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $1.27 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.45 by ($0.18). Timken had a return on equity of 21.40% and a net margin of 8.38%. The firm had revenue of $1,000.00 million for the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the firm posted $1.11 EPS. The firm’s revenue for the quarter was up 10.3% compared to the same quarter last year. Analysts predict that Timken Co will post 4.87 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 4th. Shareholders of record on Wednesday, August 21st will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date is Tuesday, August 20th. Timken’s dividend payout ratio is presently 26.79%.
The Timken Company engineers, manufactures, and markets engineered bearings and power transmission products worldwide. It operates in two segments, Mobile Industries and Process Industries. The Mobile Industries segment offers a portfolio of bearings, seals, and lubrication devices and systems, as well as power transmission components, engineered chains, augers, belts, couplings, clutches, brakes, and related products and maintenance services to original equipment manufacturers (OEMs) and end users of off-highway equipment for the agricultural, construction, mining, outdoor power equipment, and power sports markets; and on-highway vehicles, including passenger cars, light trucks, and medium- and heavy-duty trucks, as well as rail cars and locomotives.
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