Van ECK Associates Corp Buys New Shares in The Timken Company (NYSE:TKR)

Van ECK Associates Corp bought a new stake in The Timken Company (NYSE:TKR) in the fourth quarter, HoldingsChannel reports. The fund bought 16,018 shares of the industrial products company’s stock, valued at approximately $1,284,000.

A number of other hedge funds have also added to or reduced their stakes in TKR. GAMMA Investing LLC acquired a new stake in Timken in the fourth quarter valued at $35,000. Anchor Investment Management LLC acquired a new stake in Timken in the fourth quarter valued at $58,000. Amica Retiree Medical Trust acquired a new stake in Timken in the third quarter valued at $75,000. Ramirez Asset Management Inc. acquired a new stake in shares of Timken during the 3rd quarter worth about $81,000. Finally, Quent Capital LLC lifted its stake in shares of Timken by 50.4% during the 4th quarter. Quent Capital LLC now owns 1,018 shares of the industrial products company’s stock worth $82,000 after buying an additional 341 shares during the last quarter. Institutional investors own 89.08% of the company’s stock.

Insider Buying and Selling

In related news, EVP Christopher A. Coughlin sold 29,006 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $89.30, for a total transaction of $2,590,235.80. Following the completion of the sale, the executive vice president now owns 84,995 shares in the company, valued at $7,590,053.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Christopher A. Coughlin sold 29,006 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $89.30, for a total transaction of $2,590,235.80. Following the completion of the sale, the executive vice president now owns 84,995 shares in the company, valued at $7,590,053.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Philip D. Fracassa sold 10,000 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $89.76, for a total transaction of $897,600.00. Following the sale, the chief financial officer now owns 105,541 shares of the company’s stock, valued at approximately $9,473,360.16. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,006 shares of company stock worth $5,269,636. Insiders own 8.70% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on TKR. The Goldman Sachs Group lifted their price objective on shares of Timken from $78.00 to $87.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 6th. StockNews.com lowered shares of Timken from a “buy” rating to a “hold” rating in a report on Wednesday, February 21st. DA Davidson started coverage on shares of Timken in a report on Tuesday, January 23rd. They set a “buy” rating and a $92.00 price target on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $100.00 price target (up from $97.00) on shares of Timken in a report on Thursday, March 21st. Finally, KeyCorp increased their target price on shares of Timken from $91.00 to $95.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Timken currently has an average rating of “Hold” and an average target price of $87.09.

Timken Stock Performance

Shares of TKR stock opened at $91.29 on Friday. The firm has a 50-day moving average of $86.68 and a 200-day moving average of $80.49. The company has a market cap of $6.43 billion, a P/E ratio of 17.39, a P/E/G ratio of 1.21 and a beta of 1.51. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.87 and a quick ratio of 1.02. The Timken Company has a one year low of $65.71 and a one year high of $95.08.

Timken (NYSE:TKR) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.50 by $0.27. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.15 billion. Timken had a net margin of 7.99% and a return on equity of 17.98%. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.09 earnings per share. Equities research analysts forecast that The Timken Company will post 6.18 EPS for the current fiscal year.

Timken Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 28th. Stockholders of record on Tuesday, May 14th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Monday, May 13th. This represents a $1.36 annualized dividend and a dividend yield of 1.49%. This is an increase from Timken’s previous quarterly dividend of $0.33. Timken’s dividend payout ratio is currently 25.14%.

Timken Company Profile

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.