Fifth Third Bancorp reduced its holdings of shares in The Timken Company (NYSE: TKR – Get a rating) by 11.4% in Q1, according to the company in its latest 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,817 shares of the industrial products company after selling 748 shares during the period. Fifth Third Bancorp’s holdings in Timken were worth $353,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of TKR. TCI Wealth Advisors Inc. increased its stake in Timken shares by 101.7% in the 4th quarter. TCI Wealth Advisors Inc. now owns 361 shares of the industrial products company valued at $25,000 after purchasing an additional 182 shares during the period. CWM LLC purchased a new stake in Timken stock in Q4 valued at approximately $28,000. Confluence Wealth Services Inc. bought a new equity stake in Timken in Q4 valued at around $30,000. Covestor Ltd bought a new stake in Timken shares in Q4 valued at around $70,000. Finally, Moors & Cabot Inc. acquired a new position in Timken stock in Q3 worth approximately $86,000. 80.18% of the shares are held by institutional investors and hedge funds.
Separately, CFO Philip D. Fracassa sold 9,511 shares in a trade on Thursday, May 26. The shares were sold at an average price of $59.94, for a total value of $570,089.34. Following the transaction, the CFO now directly owns 85,659 shares of the company, valued at approximately $5,134,400.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, available at this link. Additionally, director Jacqueline F. Woods sold 2,860 shares in a trade on Thursday, May 26. The shares were sold at an average price of $59.89, for a total transaction of $171,285.40. Following completion of the transaction, the administrator now directly owns 16,568 shares of the company, valued at $992,257.52. Disclosure of this sale can be found here. 10.79% of the shares are currently held by insiders of the company.
Shares of TKR opened at $54.60 on Friday. The Timken Company has a 12-month low of $50.85 and a 12-month high of $80.77. The company’s fifty-day simple moving average is $57.88 and its 200-day simple moving average is $62.51. The company has a market capitalization of $4.05 billion, a price/earnings ratio of 11.19, a PEG ratio of 0.83 and a beta of 1.55. The company has a current ratio of 2.94, a quick ratio of 1.66 and a debt ratio of 0.74.
Timken (NYSE: TKR – Get a rating) last reported quarterly earnings data on Monday, May 2. The industrial products company reported earnings per share of $1.61 for the quarter, beating consensus analyst estimates of $1.15 by $0.46. Timken had a net margin of 8.84% and a return on equity of 15.97%. The company posted revenue of $1.12 billion for the quarter, compared to analysts’ estimates of $1.11 billion. During the same period last year, the company achieved EPS of $1.38. The company’s revenue increased 9.6% year over year. On average, analysts expect The Timken Company to post earnings per share of 5.3 for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 2. Shareholders of record on Monday, May 16 received a dividend of $0.31. This represents a dividend of $1.24 on an annualized basis and a dividend yield of 2.27%. This is a positive change from Timken’s previous quarterly dividend of $0.30. The ex-dividend date was Friday, May 13. Timken’s dividend payout ratio (DPR) is currently 25.41%.
Several equity analysts have recently commented on the stock. Oppenheimer assumed coverage for Timken shares in a Wednesday, April 13, report. They issued an “outperform” rating and a $75.00 price target on the stock. Morgan Stanley lowered its price target on Timken shares from $76.00 to $72.00 and set an “equal weight” rating on the stock in a Monday, April 18 report. StockNews.com upgraded Timken shares from a “hold” to a “buy” rating in a Tuesday, May 3, report. Goldman Sachs Group lowered its price target on Timken shares from $74.00 to $64.00 and set a “neutral” rating on the stock in a Thursday, April 7 report. Finally, Citigroup lowered its price target on Timken shares from $75.00 to $60.00 in a report released Thursday. Four equity research analysts gave the stock a hold rating and six gave the company a buy rating. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $75.78.
Profile Timken (Get a rating)
The Timken Company designs, manufactures and services engineered bearings and power transmission products worldwide. It operates in two segments, Mobile Industries and Process Industries. The Mobile Industries segment offers a portfolio of bearings, seals and lubrication devices and systems, as well as power transmission components, engineered chains, augers, belts, couplings, clutches, brakes and related products and maintenance services to original equipment manufacturers (OEMs) and end users of off-road equipment for the agriculture, construction, mining, power equipment markets outdoor and motor sports; and road vehicles, including passenger cars, light trucks and medium and heavy trucks, as well as wagons and locomotives.
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