Principal Financial Group Inc. lowered its stake in shares of The Timken Company (NYSE:TKR - Free Report) by 1.2% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 753,149 shares of the industrial products company's stock after selling 9,106 shares during the period. Principal Financial Group Inc. owned approximately 1.07% of Timken worth $63,481,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the stock. Coastline Trust Co bought a new position in Timken during the third quarter valued at approximately $29,000. Livelsberger Financial Advisory bought a new position in shares of Timken during the 3rd quarter valued at $32,000. UMB Bank n.a. boosted its stake in shares of Timken by 64.1% in the 3rd quarter. UMB Bank n.a. now owns 430 shares of the industrial products company's stock worth $36,000 after buying an additional 168 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Timken in the second quarter worth $44,000. Finally, Brooklyn Investment Group purchased a new stake in Timken during the third quarter valued at $74,000. Hedge funds and other institutional investors own 89.08% of the company's stock.
TKR has been the topic of several research reports. Evercore ISI raised Timken from an "in-line" rating to an "outperform" rating and raised their target price for the stock from $87.00 to $91.00 in a research report on Wednesday, November 13th. KeyCorp restated a "sector weight" rating on shares of Timken in a research report on Friday, November 22nd. Morgan Stanley upgraded shares of Timken from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $82.00 to $93.00 in a research report on Tuesday, December 17th. Citigroup raised shares of Timken from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $85.00 to $90.00 in a research report on Monday, December 9th. Finally, Jefferies Financial Group raised Timken from a "hold" rating to a "buy" rating and raised their target price for the stock from $80.00 to $95.00 in a report on Friday, December 6th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $92.90.
Read Our Latest Report on Timken
Shares of TKR opened at $71.63 on Friday. The business's 50 day moving average is $78.66 and its 200 day moving average is $81.05. The company has a current ratio of 3.00, a quick ratio of 1.62 and a debt-to-equity ratio of 0.71. The Timken Company has a 12-month low of $70.20 and a 12-month high of $94.71. The company has a market capitalization of $5.02 billion, a PE ratio of 14.89, a price-to-earnings-growth ratio of 1.12 and a beta of 1.38.
Timken (NYSE:TKR - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The industrial products company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.38 by ($0.15). The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. Timken had a net margin of 7.41% and a return on equity of 14.82%. The company's quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.55 EPS. Research analysts expect that The Timken Company will post 5.61 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Tuesday, November 19th were issued a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $1.36 annualized dividend and a dividend yield of 1.90%. Timken's dividend payout ratio (DPR) is 28.27%.
In other news, Director Richard G. Kyle sold 30,000 shares of the company's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $76.59, for a total transaction of $2,297,700.00. Following the sale, the director now directly owns 194,485 shares of the company's stock, valued at $14,895,606.15. This represents a 13.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.70% of the stock is owned by company insiders.
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.
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