The Swiss National Bank increased its stake in the shares of The Timken Company (NYSE: TKR – Get a rating) by 7.1% in the first quarter, according to its latest filing with the Securities and Exchange Commission. The institutional investor held 161,400 shares of the industrial products company after purchasing an additional 10,700 shares during the period. The Swiss National Bank held about 0.22% of Timken worth $9,797,000 when it last filed with the SEC.
A number of other major investors have also recently changed their stock holdings. JPMorgan Chase & Co. increased its stake in Timken shares by 10.1% during the 4th quarter. JPMorgan Chase & Co. now owns 4,153,514 shares of the industrial products company valued at $287,797,000 after buying an additional 380,333 shares last quarter. American Century Companies Inc. increased its stake in Timken shares by 24.6% during the 4th quarter. American Century Companies Inc. now owns 2,405,254 shares of the industrial products company valued at $166,660,000 after buying an additional 474,870 shares last quarter. Russell Investments Group Ltd. increased its stake in Timken shares by 101.7% during the 1st quarter. Russell Investments Group Ltd. now owns 948,844 shares of the industrial products company valued at $57,596,000 after purchasing an additional 478,407 shares last quarter. Geode Capital Management LLC increased its stake in Timken shares by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 896,074 shares of the industrial products company valued at $62,088,000 after purchasing an additional 24,949 shares last quarter. Finally, Southernsun Asset Management LLC increased its stake in Timken shares by 15.4% during the 4th quarter. Southernsun Asset Management LLC now owns 773,441 shares of the industrial products company valued at $53,592,000 after purchasing an additional 103,277 shares last quarter. Institutional investors hold 80.18% of the company’s shares.
Timken Price Performance
NYSE TKR opened at $67.23 on Friday. The company has a market capitalization of $4.94 billion, a PE ratio of 13.61, a growth price-earnings ratio of 1.00 and a beta of 1.61. The company has a debt ratio of 0.76, a quick ratio of 1.44 and a current ratio of 2.69. The company’s 50-day moving average is $58.88 and its 200-day moving average is $60.69. The Timken Company has a fifty-two week low of $50.85 and a fifty-two week high of $78.51.
Timken (NYSE: TKR – Get a rating) last released its results on Thursday, July 28. The industrial products company reported earnings per share of $1.67 for the quarter, beating the consensus estimate of $1.36 by $0.31. The company posted revenue of $1.15 billion for the quarter, versus a consensus estimate of $1.13 billion. Timken had a return on equity of 16.86% and a net margin of 8.66%. Timken’s quarterly sales increased 8.5% compared to the same quarter last year. In the same period a year earlier, the company had earned earnings per share of $1.37. Sell-side analysts expect The Timken Company to post earnings per share of 5.63 for the current year.
Timken announces dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 2. Shareholders of record on Monday, August 15 will receive a dividend of $0.31. The ex-dividend date is Friday, August 12. This represents an annualized dividend of $1.24 and a dividend yield of 1.84%. Timken’s payout ratio is 25.10%.
Analysts set new price targets
Several research companies have recently commented on TKR. Morgan Stanley raised its price target on Timken shares from $63.00 to $68.00 and gave the stock an “equal weight” rating in a Monday, Aug. 1 research note. Jefferies Financial Group lowered its price target on Timken shares from $85.00 to $75.00 in a Friday July 15 research note. Citigroup raised its price target on Timken shares to $75.00 in a Tuesday, Aug. 9 report. KeyCorp cut its price target on Timken shares from $84.00 to $75.00 in a Tuesday, May 3 report. To finish, StockNews.com moved Timken shares from a “hold” rating to a “buy” rating in a report on Tuesday, May 3. Four investment analysts gave the stock a hold rating and six gave the company a buy rating. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $74.22.
In other news, CEO Richard G. Kyle sold 7,478 shares of the company in a trade dated Wednesday, August 10. The stock was sold at an average price of $67.36, for a total value of $503,718.08. As a result of the transaction, the CEO now directly owns 339,843 shares of the company, valued at $22,891,824.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available via this hyperlink. Separately, director Jacqueline F. Woods sold 2,860 shares of the company in a transaction dated Thursday, May 26. The stock was sold at an average price of $59.89, for a total value of $171,285.40. Following the sale, the administrator now directly owns 16,568 shares of the company, valued at $992,257.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available via this link. Additionally, CEO Richard G. Kyle sold 7,478 shares of the company in a trade dated Wednesday, August 10. The stock was sold at an average price of $67.36, for a total value of $503,718.08. Following the completion of the sale, the CEO now owns 339,843 shares of the company, valued at $22,891,824.48. Disclosure of this sale can be found here. Insiders sold 28,333 shares of the company worth $1,828,622 in the past ninety days. Company insiders own 10.79% of the company’s shares.
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.
Get news and reviews for Timken Daily – Enter your email address below to receive a concise daily summary of the latest news and analyst ratings for Timken and related companies with MarketBeat.com’s free daily email newsletter.