Timken Co. (NYSE:TKR) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday.
According to Zacks, “The Timken Company engineers, manufactures and markets bearings, transmissions, gearboxes, belts, chain and related products, and offers a spectrum of powertrain rebuild and repair services. The leading authority on tapered roller bearings, Timken today applies its deep knowledge of metallurgy, tribology and mechanical power transmission across a variety of bearings and related systems to improve reliability and efficiency of machinery and equipment all around the world. The company’s growing product and services portfolio features many strong industrial brands including Timken, Fafnir, Philadelphia Gear, Carlisle, Drives and Interlube. “
Separately, Avondale Partners upgraded shares of Timken from a “market perform” rating to an “outperform” rating and set a $35.00 price objective on the stock in a research report on Monday, July 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. Timken currently has a consensus rating of “Hold” and an average target price of $34.63.
Shares of Timken (NYSE:TKR) traded up 0.13% on Wednesday, reaching $39.60. 201,419 shares of the company’s stock traded hands. The stock’s 50-day moving average price is $35.58 and its 200-day moving average price is $33.62. The stock has a market capitalization of $3.08 billion, a price-to-earnings ratio of 34.17 and a beta of 1.44. Timken has a 52 week low of $22.22 and a 52 week high of $39.90.
Timken (NYSE:TKR) last released its quarterly earnings data on Thursday, October 27th. The company reported $0.49 EPS for the quarter, topping the 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 business had revenue of $657.40 million for the quarter, compared to analyst estimates of $1.28 billion. During the same period in the previous year, the firm earned $0.55 EPS. The business’s revenue for the quarter was down 7.1% compared to the same quarter last year. Equities analysts predict that Timken will post $1.93 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Investors of record on Tuesday, November 22nd will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.63%. The ex-dividend date is Friday, November 18th. Timken’s payout ratio is 88.89%.
In related news, EVP William R. Burkhart sold 4,235 shares of the business’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $34.37, for a total value of $145,556.95. Following the completion of the transaction, the executive vice president now owns 40,607 shares of the company’s stock, valued at approximately $1,395,662.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 10.30% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Texas Permanent School Fund increased its position 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 in the last quarter. Americafirst Capital Management LLC bought a new position in Timken during the second quarter worth approximately $233,000. PNC Financial Services Group Inc. increased its position in Timken by 3.6% in the second quarter. PNC Financial Services Group Inc. now owns 7,815 shares of the company’s stock worth $239,000 after buying an additional 273 shares in the last quarter. Invictus RG increased its position in Timken by 61.0% in the first quarter. Invictus RG now owns 4,168 shares of the company’s stock worth $140,000 after buying an additional 1,579 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its position in Timken by 26.3% in the first quarter. Meeder Asset Management Inc. now owns 6,725 shares of the company’s stock worth $225,000 after buying an additional 1,402 shares in the last quarter. 77.36% of the stock is owned by institutional investors.
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.