New York State Common Retirement Fund Buys 27,515 Shares of Timken Company (The) $TKR

New York State Common Retirement Fund boosted its position in shares of Timken Company (The) (NYSE:TKR) by 6.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 461,129 shares of the industrial products company’s stock after purchasing an additional 27,515 shares during the period. New York State Common Retirement Fund owned about 0.66% of Timken worth $34,668,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Cooke & Bieler LP grew its holdings in shares of Timken by 341.0% during the second quarter. Cooke & Bieler LP now owns 1,106,981 shares of the industrial products company’s stock worth $80,311,000 after buying an additional 855,961 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Timken by 13.4% during the 2nd quarter. American Century Companies Inc. now owns 3,845,175 shares of the industrial products company’s stock worth $278,968,000 after acquiring an additional 455,050 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Timken by 241.7% in the second quarter. Invesco Ltd. now owns 604,879 shares of the industrial products company’s stock valued at $43,884,000 after purchasing an additional 427,879 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Timken by 57.3% in the second quarter. Bank of New York Mellon Corp now owns 1,107,778 shares of the industrial products company’s stock worth $80,369,000 after purchasing an additional 403,629 shares in the last quarter. Finally, Brandes Investment Partners LP boosted its holdings in Timken by 358.8% during the second quarter. Brandes Investment Partners LP now owns 513,641 shares of the industrial products company’s stock worth $37,265,000 after purchasing an additional 401,694 shares during the last quarter. 89.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TKR. Wall Street Zen upgraded shares of Timken from a “hold” rating to a “buy” rating in a research note on Saturday, November 1st. JPMorgan Chase & Co. lifted their target price on Timken from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Oppenheimer increased their price target on Timken from $90.00 to $104.00 and gave the company an “outperform” rating in a research report on Monday, January 26th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Timken in a research report on Wednesday, January 21st. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $88.00 price objective on shares of Timken in a research note on Thursday, October 30th. Four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $85.30.

Timken Trading Down 1.1%

Timken stock opened at $93.10 on Friday. The stock has a 50-day simple moving average of $87.48 and a 200 day simple moving average of $80.53. The stock has a market capitalization of $6.48 billion, a P/E ratio of 22.01, a PEG ratio of 1.84 and a beta of 1.21. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.71 and a current ratio of 3.11. Timken Company has a 52 week low of $56.20 and a 52 week high of $95.19.

Timken (NYSE:TKR) last released its quarterly earnings data on Wednesday, October 29th. The industrial products company reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.12. Timken had a return on equity of 11.88% and a net margin of 6.54%.The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same period last year, the firm posted $1.23 earnings per share. The business’s revenue was up 2.7% on a year-over-year basis. Analysts expect that Timken Company will post 5.62 earnings per share for the current year.

Timken Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 5th. Investors of record on Tuesday, November 25th were paid a $0.35 dividend. The ex-dividend date was Tuesday, November 25th. This represents a $1.40 dividend on an annualized basis and a yield of 1.5%. Timken’s dividend payout ratio is 33.10%.

Insiders Place Their Bets

In other Timken news, Director Richard G. Kyle sold 15,837 shares of the stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $81.03, for a total value of $1,283,272.11. Following the transaction, the director directly owned 266,942 shares of the company’s stock, valued at $21,630,310.26. This represents a 5.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.70% of the stock is currently owned by corporate insiders.

Timken Profile

The Timken Company is a global manufacturer specializing in engineered bearings and mechanical power transmission products. Its core offerings include tapered and cylindrical roller bearings, spherical and plain bearings, mounted bearing units, and precision gear drives. Timken’s products serve a broad range of industries, from industrial machinery and aerospace to automotive, rail, wind energy and heavy equipment.

Beyond bearings, Timken’s portfolio extends to industrial chains, belts, couplings and related components designed to optimize power transmission systems.