Millennium Management LLC Has $32.74 Million Stake in The Timken Company (NYSE:TKR)

Millennium Management LLC lifted its position in shares of The Timken Company (NYSE:TKR) by 1,421.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 458,700 shares of the industrial products company’s stock after acquiring an additional 428,545 shares during the quarter. Millennium Management LLC owned approximately 0.65% of Timken worth $32,737,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Timken by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 6,465,760 shares of the industrial products company’s stock valued at $461,461,000 after acquiring an additional 26,973 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Timken by 11.3% during the 4th 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 in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Timken by 5.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,233,493 shares of the industrial products company’s stock valued at $159,403,000 after acquiring an additional 124,676 shares in the last quarter. Earnest Partners LLC boosted its holdings in shares of Timken by 0.3% during the 4th quarter. Earnest Partners LLC now owns 1,295,126 shares of the industrial products company’s stock valued at $92,433,000 after acquiring an additional 3,594 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. lifted its holdings in Timken by 5.2% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,285,013 shares of the industrial products company’s stock worth $91,711,000 after buying an additional 63,485 shares during the period. Institutional investors and hedge funds own 89.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Citigroup lifted their target price on Timken from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. The Goldman Sachs Group cut their target price on Timken from $85.00 to $75.00 and set a “neutral” rating on the stock in a report on Wednesday, April 2nd. Evercore ISI lifted their target price on Timken from $91.00 to $102.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Bank of America raised Timken from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $73.00 to $78.00 in a report on Tuesday, February 4th. Finally, Morgan Stanley cut their target price on Timken from $94.00 to $88.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $80.20.

Timken Stock Up 1.9%

Shares of NYSE:TKR opened at $73.85 on Monday. The Timken Company has a 1 year low of $56.20 and a 1 year high of $92.34. The company has a market capitalization of $5.17 billion, a price-to-earnings ratio of 14.80, a P/E/G ratio of 1.51 and a beta of 1.30. The business’s 50-day moving average is $67.49 and its 200-day moving average is $73.52. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.07 and a quick ratio of 1.61.

Timken (NYSE:TKR) last issued its earnings results on Wednesday, April 30th. The industrial products company reported $1.40 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.03). Timken had a net margin of 7.71% and a return on equity of 13.93%. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the previous year, the firm earned $1.77 earnings per share. The business’s quarterly revenue was down 4.2% on a year-over-year basis. Equities research analysts predict that The Timken Company will post 5.62 earnings per share for the current year.

Timken Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Tuesday, May 13th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.90%. This is a positive change from Timken’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Tuesday, May 13th. Timken’s payout ratio is presently 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.