The Timken Company (NYSE:TKR) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its position in shares of The Timken Company (NYSE:TKR) by 8.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 351,368 shares of the industrial products company’s stock after selling 31,582 shares during the period. Allspring Global Investments Holdings LLC owned 0.50% of Timken worth $29,617,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Cubist Systematic Strategies LLC acquired a new stake in shares of Timken in the second quarter valued at approximately $4,363,000. Comerica Bank boosted its position in Timken by 13.8% during the 1st quarter. Comerica Bank now owns 58,945 shares of the industrial products company’s stock worth $5,154,000 after acquiring an additional 7,160 shares during the period. Vanguard Group Inc. increased its holdings in shares of Timken by 5.6% during the first quarter. Vanguard Group Inc. now owns 6,515,972 shares of the industrial products company’s stock valued at $569,691,000 after purchasing an additional 347,794 shares during the period. BNP Paribas bought a new stake in shares of Timken during the first quarter valued at about $1,144,000. Finally, Sei Investments Co. lifted its holdings in Timken by 26.4% in the first quarter. Sei Investments Co. now owns 394,170 shares of the industrial products company’s stock worth $34,462,000 after purchasing an additional 82,382 shares during the period. 89.08% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Raymond James initiated coverage on shares of Timken in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Citigroup started coverage on Timken in a report on Monday, October 14th. They set a “neutral” rating and a $90.00 target price on the stock. Evercore ISI cut their target price on Timken from $94.00 to $87.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Finally, DA Davidson reiterated a “buy” rating and set a $103.00 price target on shares of Timken in a research report on Tuesday, September 17th. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $91.70.

Insider Activity

In related news, CEO Richard G. Kyle sold 30,000 shares of the company’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $80.46, for a total transaction of $2,413,800.00. Following the transaction, the chief executive officer now directly owns 244,485 shares of the company’s stock, valued at approximately $19,671,263.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 8.70% of the company’s stock.

Timken Stock Performance

TKR opened at $84.07 on Thursday. The company has a quick ratio of 1.64, a current ratio of 2.95 and a debt-to-equity ratio of 0.72. The Timken Company has a fifty-two week low of $65.71 and a fifty-two week high of $94.71. The firm has a market cap of $5.92 billion, a PE ratio of 16.01, a P/E/G ratio of 1.89 and a beta of 1.43. The business has a fifty day simple moving average of $82.81 and a 200-day simple moving average of $84.10.

Timken (NYSE:TKR) last posted its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.18 billion. Timken had a net margin of 7.52% and a return on equity of 16.36%. The business’s quarterly revenue was down 7.1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.01 earnings per share. As a group, equities analysts predict that The Timken Company will post 6.05 EPS for the current fiscal year.

Timken Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend was Tuesday, August 20th. Timken’s dividend payout ratio (DPR) is currently 25.90%.

Timken 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.