State of Wisconsin Investment Board lowered its position in Timken Co. (NYSE:TKR) by 0.7% during the third quarter, Holdings Channel reports. The firm owned 112,908 shares of the company’s stock after selling 800 shares during the period. State of Wisconsin Investment Board’s holdings in Timken were worth $3,968,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. Virginia Retirement Systems ET AL purchased a new stake in Timken during the third quarter worth $481,000. Texas Permanent School Fund boosted its stake in Timken by 1.8% in the third quarter. Texas Permanent School Fund now owns 53,673 shares of the company’s stock worth $1,886,000 after buying an additional 972 shares during the period. CENTRAL TRUST Co boosted its stake in Timken by 9.2% in the third quarter. CENTRAL TRUST Co now owns 9,095 shares of the company’s stock worth $320,000 after buying an additional 768 shares during the period. Rathbone Brothers plc boosted its stake in Timken by 11.2% in the third quarter. Rathbone Brothers plc now owns 19,800 shares of the company’s stock worth $696,000 after buying an additional 2,000 shares during the period. Finally, Nationwide Fund Advisors boosted its stake in Timken by 1.1% in the third quarter. Nationwide Fund Advisors now owns 118,870 shares of the company’s stock worth $4,177,000 after buying an additional 1,239 shares during the period. 78.40% of the stock is currently owned by institutional investors.
Timken Co. (NYSE:TKR) traded down 1.01% during trading on Monday, hitting $39.20. 400,132 shares of the stock traded hands. The stock has a market cap of $3.05 billion, a P/E ratio of 33.82 and a beta of 1.44. Timken Co. has a 52 week low of $22.22 and a 52 week high of $39.90. The firm’s 50-day moving average is $35.58 and its 200 day moving average is $33.62.
Timken (NYSE:TKR) last posted its quarterly earnings results on Thursday, October 27th. The company reported $0.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.03. Timken had a net margin of 3.40% and a return on equity of 12.38%. The firm had revenue of $657.40 million for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the previous year, the company earned $0.55 earnings per share. The business’s revenue was down 7.1% compared to the same quarter last year. Equities research analysts forecast that Timken Co. will post $1.93 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Tuesday, November 22nd will be issued a dividend of $0.26 per share. The ex-dividend date is Friday, November 18th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.63%. Timken’s payout ratio is presently 88.89%.
TKR has been the topic of a number of analyst reports. Evercore ISI raised shares of Timken from a “hold” rating to a “buy” rating and set a $37.00 price objective on the stock in a report on Monday, November 7th. Zacks Investment Research cut shares of Timken from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 2nd. Finally, Bank of America Corp. cut shares of Timken from a “buy” rating to a “neutral” rating and set a $40.00 price objective on the stock. in a report on Thursday, November 17th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $34.63.
The Timken Company engineers, manufactures and markets bearings, transmissions, gearboxes, chain and related products and offers a spectrum of power system rebuild and repair services around the world. The Company operates through two segments: Mobile Industries, which offers bearings, seals, lubrication devices and systems, as well as power transmission components, engineered chain, augers and related products and maintenance services, and Process Industries, which provides industrial bearings and assemblies, power transmission components such as gears and gearboxes, couplings, seals, lubricants, chains and related products and services.