Arizona State Retirement System Sells 230 Shares of Timken Company (The) (NYSE:TKR)

Arizona State Retirement System trimmed its holdings in Timken Company (The) (NYSE:TKR) by 1.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,107 shares of the industrial products company’s stock after selling 230 shares during the quarter. Arizona State Retirement System’s holdings in Timken were worth $1,373,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Amundi grew its position in Timken by 25.8% during the 4th quarter. Amundi now owns 848 shares of the industrial products company’s stock valued at $61,000 after purchasing an additional 174 shares during the last quarter. Parvin Asset Management LLC purchased a new stake in Timken during the 4th quarter valued at about $66,000. UMB Bank n.a. grew its stake in shares of Timken by 400.0% in the first quarter. UMB Bank n.a. now owns 1,000 shares of the industrial products company’s stock worth $72,000 after acquiring an additional 800 shares during the period. GAMMA Investing LLC grew its stake in shares of Timken by 282.3% in the first quarter. GAMMA Investing LLC now owns 1,147 shares of the industrial products company’s stock worth $82,000 after acquiring an additional 847 shares during the period. Finally, Alpine Bank Wealth Management bought a new stake in shares of Timken in the first quarter worth approximately $108,000. 89.08% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on TKR shares. DA Davidson lifted their price target on shares of Timken from $66.00 to $71.00 and gave the company a “neutral” rating in a report on Monday, May 5th. Citigroup lifted their price target on shares of Timken from $75.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, June 24th. Evercore ISI lowered their price target on shares of Timken from $102.00 to $85.00 and set an “outperform” rating on the stock in a report on Monday, May 19th. The Goldman Sachs Group lowered their price target on shares of Timken from $85.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, April 2nd. Finally, Oppenheimer lowered their price target on shares of Timken from $90.00 to $88.00 and set an “outperform” rating on the stock in a report on Thursday, May 1st. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $79.00.

Timken Trading Up 0.2%

NYSE TKR opened at $79.28 on Friday. The company’s 50-day moving average price is $73.04 and its 200-day moving average price is $72.82. The company has a current ratio of 3.15, a quick ratio of 1.71 and a debt-to-equity ratio of 0.68. The stock has a market cap of $5.55 billion, a PE ratio of 17.09, a PEG ratio of 1.88 and a beta of 1.27. Timken Company has a 12 month low of $56.20 and a 12 month high of $90.49.

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

Timken Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Tuesday, May 13th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.77%. This is a positive change from Timken’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Tuesday, May 13th. Timken’s dividend payout ratio is presently 30.17%.

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.