Artemis Investment Management LLP cut its stake in Timken Co (NYSE:TKR) by 90.6% during the third quarter, HoldingsChannel.com reports. The fund owned 94,688 shares of the industrial products company’s stock after selling 910,565 shares during the quarter. Artemis Investment Management LLP’s holdings in Timken were worth $4,723,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in TKR. Principal Financial Group Inc. increased its holdings in shares of Timken by 2.9% in the 1st quarter. Principal Financial Group Inc. now owns 299,769 shares of the industrial products company’s stock valued at $13,669,000 after acquiring an additional 8,575 shares during the period. State of Alaska Department of Revenue grew its stake in Timken by 40.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 7,600 shares of the industrial products company’s stock worth $330,000 after buying an additional 2,170 shares during the last quarter. Bank of Montreal Can purchased a new position in Timken during the 2nd quarter worth $123,000. Nisa Investment Advisors LLC purchased a new position in Timken during the 2nd quarter worth $1,436,000. Finally, James Investment Research Inc. purchased a new position in Timken during the 2nd quarter worth $1,950,000. Institutional investors and hedge funds own 78.55% of the company’s stock.
In other news, Director Frank C. Sullivan purchased 5,000 shares of the stock in a transaction on Monday, November 5th. The stock was bought at an average price of $41.05 per share, with a total value of $205,250.00. Following the transaction, the director now owns 51,932 shares in the company, valued at approximately $2,131,808.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 11.15% of the company’s stock.
Timken (NYSE:TKR) last announced its earnings results on Monday, October 29th. The industrial products company reported $1.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.07 by ($0.01). Timken had a return on equity of 19.58% and a net margin of 7.89%. The business had revenue of $881.30 million for the quarter, compared to analysts’ expectations of $912.58 million. During the same quarter last year, the firm earned $0.71 earnings per share. The firm’s quarterly revenue was up 14.2% compared to the same quarter last year. On average, equities research analysts forecast that Timken Co will post 4.18 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 4th. Shareholders of record on Tuesday, November 20th will be given a dividend of $0.28 per share. The ex-dividend date is Monday, November 19th. This represents a $1.12 dividend on an annualized basis and a yield of 2.87%. Timken’s dividend payout ratio is currently 42.59%.
TKR has been the topic of several research analyst reports. Zacks Investment Research upgraded Timken from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Saturday, October 13th. ValuEngine downgraded Timken from a “sell” rating to a “strong sell” rating in a research note on Friday, October 12th. Goldman Sachs Group initiated coverage on Timken in a research note on Tuesday, October 2nd. They set a “neutral” rating and a $56.00 target price on the stock. Bank of America upgraded Timken from an “underperform” rating to a “neutral” rating and set a $56.00 target price on the stock in a research note on Wednesday, August 8th. Finally, KeyCorp boosted their target price on Timken from $54.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. Timken currently has an average rating of “Hold” and an average price target of $55.60.
The Timken Company engineers, manufactures, and markets bearings, transmissions, gearboxes, belts, chains, lubrication systems, couplings, industrial clutches and brakes, and related products worldwide. It operates through two segments, Mobile Industries and Process Industries. The Mobile Industries segment offers a portfolio of bearings, seals, lubrication devices, and systems, as well as power transmission components, engineered chains, augers, belts, couplings, clutches and brakes, and related products and maintenance services to original equipment manufacturers (OEMs) and end users of off-highway equipment for the agricultural, construction, mining, outdoor power equipment, and power sports markets; and on-highway vehicles, including passenger cars, light trucks, and medium- and heavy-duty trucks, as well as rail cars and locomotives.
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