QRG Capital Management Inc. Cuts Holdings in Timken Company (The) (NYSE:TKR)

QRG Capital Management Inc. lowered its position in Timken Company (The) (NYSE:TKR) by 13.9% during the first quarter, HoldingsChannel.com reports. The fund owned 46,855 shares of the industrial products company’s stock after selling 7,544 shares during the quarter. QRG Capital Management Inc.’s holdings in Timken were worth $3,367,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Victory Capital Management Inc. grew its holdings in Timken by 418.4% during the 4th quarter. Victory Capital Management Inc. now owns 882,156 shares of the industrial products company’s stock valued at $62,959,000 after buying an additional 711,979 shares during the last quarter. Norges Bank acquired a new stake in shares of Timken during the fourth quarter worth $42,748,000. Millennium Management LLC boosted its holdings in Timken by 1,421.1% in the fourth quarter. Millennium Management LLC now owns 458,700 shares of the industrial products company’s stock valued at $32,737,000 after acquiring an additional 428,545 shares during the last quarter. American Century Companies Inc. boosted its holdings in Timken by 11.3% in the fourth quarter. American Century Companies Inc. now owns 3,158,690 shares of the industrial products company’s stock valued at $225,436,000 after acquiring an additional 320,354 shares during the last quarter. Finally, Voloridge Investment Management LLC boosted its holdings in Timken by 193.8% in the fourth quarter. Voloridge Investment Management LLC now owns 364,498 shares of the industrial products company’s stock valued at $26,014,000 after acquiring an additional 240,417 shares during the last quarter. Institutional investors and hedge funds own 89.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on TKR. Citigroup raised their price objective on Timken from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. Morgan Stanley dropped their target price on Timken from $94.00 to $88.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Evercore ISI decreased their price target on Timken from $102.00 to $85.00 and set an “outperform” rating for the company in a research note on Monday, May 19th. DA Davidson lifted their target price on Timken from $66.00 to $71.00 and gave the company a “neutral” rating in a research note on Monday, May 5th. Finally, Oppenheimer decreased their target price on Timken from $90.00 to $88.00 and set an “outperform” rating for the company in a research note on Thursday, May 1st. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $78.50.

Timken Stock Performance

Shares of NYSE TKR opened at $70.57 on Thursday. Timken Company has a 12-month low of $56.20 and a 12-month high of $90.49. The company has a market cap of $4.94 billion, a PE ratio of 15.21, a P/E/G ratio of 1.67 and a beta of 1.28. The stock has a 50 day simple moving average of $67.93 and a 200-day simple moving average of $72.64. The company has a current ratio of 3.15, a quick ratio of 1.71 and a debt-to-equity ratio of 0.68.

Timken (NYSE:TKR) last announced its earnings results on Wednesday, April 30th. The industrial products company reported $1.40 EPS for the quarter, missing the consensus estimate of $1.43 by ($0.03). The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.13 billion. Timken had a return on equity of 12.62% and a net margin of 7.24%. Timken’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.77 EPS. On average, equities research analysts forecast that Timken Company will post 5.62 EPS for the current year.

Timken Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Tuesday, May 13th were issued a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, May 13th. This represents a $1.40 annualized dividend and a dividend yield of 1.98%. This is a boost from Timken’s previous quarterly dividend of $0.34. Timken’s dividend payout ratio is currently 30.17%.

About Timken

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.