Jennison Associates LLC Sells 1,112 Shares of The Timken Company (NYSE:TKR)

Jennison Associates LLC lowered its stake in shares of The Timken Company (NYSE:TKR) by 26.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 3,155 shares of the industrial products company’s stock after selling 1,112 shares during the period. Jennison Associates LLC’s holdings in Timken were worth $253,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Treasurer of the State of North Carolina raised its position in shares of Timken by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 34,728 shares of the industrial products company’s stock valued at $2,552,000 after buying an additional 161 shares during the last quarter. Portside Wealth Group LLC raised its position in shares of Timken by 6.6% during the third quarter. Portside Wealth Group LLC now owns 3,006 shares of the industrial products company’s stock valued at $224,000 after buying an additional 186 shares during the last quarter. Arizona State Retirement System raised its position in shares of Timken by 1.1% during the third quarter. Arizona State Retirement System now owns 18,551 shares of the industrial products company’s stock valued at $1,363,000 after buying an additional 194 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Timken by 0.9% during the third quarter. Public Employees Retirement System of Ohio now owns 28,537 shares of the industrial products company’s stock valued at $2,097,000 after buying an additional 262 shares during the last quarter. Finally, Assetmark Inc. raised its position in Timken by 1.8% in the third quarter. Assetmark Inc. now owns 16,128 shares of the industrial products company’s stock worth $1,185,000 after purchasing an additional 285 shares in the last quarter. Institutional investors and hedge funds own 89.08% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TKR. Oppenheimer reissued an “outperform” rating and issued a $100.00 price target (up previously from $97.00) on shares of Timken in a research report on Thursday, March 21st. DA Davidson began coverage on shares of Timken in a research report on Tuesday, January 23rd. They issued a “buy” rating and a $92.00 price target for the company. Evercore ISI lowered shares of Timken from an “outperform” rating to an “in-line” rating and set a $84.00 price target for the company. in a research report on Tuesday, February 20th. StockNews.com lowered shares of Timken from a “buy” rating to a “hold” rating in a research report on Wednesday, February 21st. Finally, Morgan Stanley assumed coverage on shares of Timken in a research report on Monday, January 8th. They issued an “equal weight” rating and a $74.00 price target for the company. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Timken currently has a consensus rating of “Hold” and an average target price of $85.90.

Timken Price Performance

TKR opened at $84.98 on Monday. The Timken Company has a one year low of $65.71 and a one year high of $95.08. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.79 and a quick ratio of 0.96. The company’s 50 day simple moving average is $85.33 and its 200-day simple moving average is $79.49. The stock has a market capitalization of $5.98 billion, a P/E ratio of 15.56, a price-to-earnings-growth ratio of 1.18 and a beta of 1.54.

Timken (NYSE:TKR) last released its quarterly earnings results on Monday, February 5th. The industrial products company reported $1.37 EPS for the quarter, beating the consensus estimate of $1.22 by $0.15. Timken had a net margin of 8.26% and a return on equity of 19.57%. The business had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the prior year, the firm earned $1.22 earnings per share. Timken’s revenue was up .9% compared to the same quarter last year. Sell-side analysts anticipate that The Timken Company will post 6.02 earnings per share for the current fiscal year.

Timken Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 6th. Shareholders of record on Tuesday, February 20th were paid a $0.33 dividend. The ex-dividend date of this dividend was Friday, February 16th. This represents a $1.32 dividend on an annualized basis and a yield of 1.55%. Timken’s payout ratio is presently 24.18%.

About Timken

The Timken Company designs, manufactures, and sells engineered bearings and industrial motion products, and related services in the United States and internationally. The company's Engineered Bearings segment provides various bearing products, including tapered, spherical, and cylindrical roller bearings; plain bearings, metal-polymer bearings, and rod end bearings; radial, angular, and precision ball bearings; thrust and specialty ball bearings; journal bearings; and housed or mounted bearings.