Amalgamated Bank Reduces Position in Timken Company (The) (NYSE:TKR)

Amalgamated Bank lessened its holdings in shares of Timken Company (The) (NYSE:TKR) by 2.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,626 shares of the industrial products company’s stock after selling 807 shares during the quarter. Amalgamated Bank’s holdings in Timken were worth $2,129,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Norges Bank purchased a new position in shares of Timken during the 4th quarter valued at $42,748,000. Millennium Management LLC lifted its stake in shares of Timken by 1,421.1% during the 4th quarter. Millennium Management LLC now owns 458,700 shares of the industrial products company’s stock valued at $32,737,000 after buying an additional 428,545 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Timken by 11.3% during the 4th quarter. American Century Companies Inc. now owns 3,158,690 shares of the industrial products company’s stock valued at $225,436,000 after buying an additional 320,354 shares in the last quarter. Voloridge Investment Management LLC lifted its stake in shares of Timken by 193.8% during the 4th quarter. Voloridge Investment Management LLC now owns 364,498 shares of the industrial products company’s stock valued at $26,014,000 after buying an additional 240,417 shares in the last quarter. Finally, Becker Capital Management Inc. purchased a new position in shares of Timken during the 4th quarter valued at $15,550,000. Hedge funds and other institutional investors own 89.08% of the company’s stock.

Timken Stock Performance

Shares of NYSE TKR opened at $76.67 on Monday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.71 and a current ratio of 3.15. The company has a market cap of $5.36 billion, a P/E ratio of 16.52, a P/E/G ratio of 1.82 and a beta of 1.27. The firm’s fifty day moving average is $70.75 and its two-hundred day moving average is $72.41. Timken Company has a 52-week low of $56.20 and a 52-week high of $90.49.

Timken (NYSE:TKR) last announced its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.03). Timken had a net margin of 7.24% and a return on equity of 12.62%. The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the firm posted $1.77 earnings per share. The business’s revenue was down 4.2% on a year-over-year basis. As a group, analysts anticipate that Timken Company will post 5.62 EPS for the current fiscal year.

Timken Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Tuesday, May 13th were issued a $0.35 dividend. The ex-dividend date was Tuesday, May 13th. This is an increase from Timken’s previous quarterly dividend of $0.34. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.83%. Timken’s payout ratio is 30.17%.

Analysts Set New Price Targets

A number of research firms recently weighed in on TKR. Oppenheimer lowered their target price on shares of Timken from $90.00 to $88.00 and set an “outperform” rating on the stock in a research note on Thursday, May 1st. Jefferies Financial Group restated a “hold” rating and set a $70.00 target price (down previously from $90.00) on shares of Timken in a research note on Wednesday, April 2nd. Evercore ISI lowered their target price on shares of Timken from $102.00 to $85.00 and set an “outperform” rating on the stock in a research note on Monday, May 19th. The Goldman Sachs Group lowered their target price on shares of Timken from $85.00 to $75.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 2nd. Finally, Loop Capital reduced their price target on shares of Timken from $85.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, April 17th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $79.00.

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.