Wells Fargo & Company MN grew its position in Timken Co (NYSE:TKR) by 8.7% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 435,927 shares of the industrial products company’s stock after buying an additional 34,717 shares during the period. Wells Fargo & Company MN owned 0.56% of Timken worth $21,164,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. Advisor Group Inc. boosted its stake in Timken by 19.7% in the 2nd quarter. Advisor Group Inc. now owns 4,051 shares of the industrial products company’s stock worth $187,000 after purchasing an additional 666 shares in the last quarter. US Bancorp DE boosted its stake in Timken by 10.1% in the 2nd quarter. US Bancorp DE now owns 4,262 shares of the industrial products company’s stock worth $197,000 after purchasing an additional 390 shares in the last quarter. Calamos Advisors LLC acquired a new stake in Timken in the 2nd quarter worth approximately $210,000. Janus Henderson Group PLC acquired a new stake in Timken in the 2nd quarter worth approximately $215,000. Finally, Bank of Montreal Can boosted its stake in Timken by 6.8% in the 2nd quarter. Bank of Montreal Can now owns 4,785 shares of the industrial products company’s stock worth $221,000 after purchasing an additional 303 shares in the last quarter. Institutional investors and hedge funds own 79.30% of the company’s stock.
In other Timken news, insider Richard G. Kyle sold 9,242 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $49.75, for a total transaction of $459,789.50. Following the completion of the transaction, the insider now directly owns 89,236 shares of the company’s stock, valued at approximately $4,439,491. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 11.08% of the company’s stock.
Timken (NYSE:TKR) last posted its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.03. Timken had a net margin of 6.88% and a return on equity of 13.75%. The company had revenue of $771.40 million during the quarter, compared to analyst estimates of $758.91 million. During the same period last year, the firm posted $0.53 EPS. Timken’s revenue for the quarter was up 17.3% compared to the same quarter last year. equities analysts predict that Timken Co will post 2.62 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Friday, November 17th were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend was Thursday, November 16th. Timken’s dividend payout ratio is presently 43.03%.
A number of analysts recently commented on TKR shares. Jefferies Group reiterated a “hold” rating and issued a $50.00 target price on shares of Timken in a research note on Thursday, October 26th. Zacks Investment Research cut shares of Timken from a “buy” rating to a “hold” rating in a research note on Wednesday, September 27th. Finally, ValuEngine cut shares of Timken from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $52.00.
Timken Company Profile
The Timken Company engineers, manufactures and markets bearings, transmissions, gearboxes, belts, chain, couplings and related products and offers a spectrum of power system rebuild and repair services across the world. The Company operates through two segments: Mobile Industries and Process Industries.
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