29,878 Shares in The Timken Company (NYSE:TKR) Acquired by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd bought a new position in shares of The Timken Company (NYSE:TKR) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 29,878 shares of the industrial products company’s stock, valued at approximately $2,394,000.

Several other hedge funds have also recently added to or reduced their stakes in TKR. Fiduciary Management Inc. WI boosted its stake in shares of Timken by 94.7% during the 4th quarter. Fiduciary Management Inc. WI now owns 1,133,076 shares of the industrial products company’s stock worth $90,816,000 after acquiring an additional 551,097 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Timken by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 6,515,972 shares of the industrial products company’s stock valued at $569,691,000 after purchasing an additional 347,794 shares during the period. Interval Partners LP purchased a new position in Timken in the 1st quarter worth about $22,907,000. Westwood Holdings Group Inc. raised its holdings in Timken by 6,368.3% during the 4th quarter. Westwood Holdings Group Inc. now owns 193,790 shares of the industrial products company’s stock worth $15,532,000 after buying an additional 190,794 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC lifted its stake in Timken by 15.8% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 1,313,122 shares of the industrial products company’s stock valued at $105,247,000 after buying an additional 178,870 shares in the last quarter. Institutional investors and hedge funds own 89.08% of the company’s stock.

Analysts Set New Price Targets

TKR has been the topic of several analyst reports. Evercore ISI dropped their target price on shares of Timken from $94.00 to $87.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. DA Davidson reiterated a “buy” rating and set a $103.00 price objective on shares of Timken in a research report on Tuesday, September 17th. Finally, Raymond James initiated coverage on Timken in a report on Friday, June 28th. They issued a “market perform” rating for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $89.18.

Insiders Place Their Bets

In other news, CEO Richard G. Kyle sold 30,000 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $80.76, for a total transaction of $2,422,800.00. Following the completion of the sale, the chief executive officer now owns 274,485 shares in the company, valued at approximately $22,167,408.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 8.70% of the company’s stock.

Timken Trading Down 2.1 %

NYSE TKR opened at $82.14 on Thursday. The company has a market capitalization of $5.76 billion, a PE ratio of 15.65, a price-to-earnings-growth ratio of 1.79 and a beta of 1.44. The Timken Company has a 1-year low of $65.71 and a 1-year high of $94.71. The company has a current ratio of 2.95, a quick ratio of 1.64 and a debt-to-equity ratio of 0.72. The firm’s fifty day simple moving average is $82.28 and its 200-day simple moving average is $84.45.

Timken (NYSE:TKR) last posted its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.03. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. Timken had a return on equity of 16.36% and a net margin of 7.52%. The business’s quarterly revenue was down 7.1% on a year-over-year basis. During the same period last year, the business earned $2.01 EPS. As a group, sell-side analysts anticipate that The Timken Company will post 6.11 earnings per share for the current fiscal year.

Timken Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Tuesday, August 20th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 1.66%. The ex-dividend date was Tuesday, August 20th. Timken’s payout ratio is presently 25.90%.

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.