Timken (NYSE:TKR – Get Free Report) had its target price boosted by equities research analysts at Citigroup from $75.00 to $80.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Citigroup’s target price indicates a potential upside of 8.35% from the company’s current price.
Several other equities analysts have also recently commented on TKR. Jefferies Financial Group reissued a “hold” rating and set a $70.00 target price (down previously from $90.00) on shares of Timken in a research report on Wednesday, April 2nd. Evercore ISI cut their price objective on Timken from $102.00 to $85.00 and set an “outperform” rating on the stock in a research report on Monday, May 19th. Oppenheimer reduced their price objective on Timken from $90.00 to $88.00 and set an “outperform” rating for the company in a research note on Thursday, May 1st. Loop Capital lowered their target price on Timken from $85.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, April 17th. Finally, Morgan Stanley reduced their price target on shares of Timken from $94.00 to $88.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $79.00.
Read Our Latest Stock Report on TKR
Timken Stock Up 3.7%
Timken (NYSE:TKR – Get Free Report) 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). Timken had a net margin of 7.24% and a return on equity of 12.62%. The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the prior year, the company earned $1.77 EPS. The business’s revenue for the quarter was down 4.2% on a year-over-year basis. On average, equities research analysts forecast that Timken will post 5.62 earnings per share for the current year.
Hedge Funds Weigh In On Timken
Large investors have recently made changes to their positions in the stock. Principal Securities Inc. lifted its stake in Timken by 7.8% in the 4th quarter. Principal Securities Inc. now owns 2,857 shares of the industrial products company’s stock worth $204,000 after purchasing an additional 207 shares in the last quarter. Sanctuary Advisors LLC increased its stake in Timken by 1.3% in the 4th quarter. Sanctuary Advisors LLC now owns 18,922 shares of the industrial products company’s stock worth $1,350,000 after acquiring an additional 250 shares during the last quarter. First Horizon Advisors Inc. raised its holdings in shares of Timken by 8.7% in the 4th quarter. First Horizon Advisors Inc. now owns 1,981 shares of the industrial products company’s stock valued at $141,000 after acquiring an additional 158 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Timken by 7.6% during the 4th quarter. Bank of New York Mellon Corp now owns 717,278 shares of the industrial products company’s stock valued at $51,192,000 after acquiring an additional 50,519 shares during the last quarter. Finally, Phocas Financial Corp. purchased a new position in shares of Timken during the fourth quarter worth about $550,000. 89.08% of the stock is owned by institutional investors.
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.
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