Vestcor Inc Buys New Position in The Timken Company (NYSE:TKR)

Vestcor Inc purchased a new position in The Timken Company (NYSE:TKR) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 6,649 shares of the industrial products company’s stock, valued at approximately $560,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. M&T Bank Corp increased its stake in Timken by 0.6% in the 3rd quarter. M&T Bank Corp now owns 24,482 shares of the industrial products company’s stock worth $2,064,000 after purchasing an additional 144 shares in the last quarter. Executive Wealth Management LLC purchased a new position in shares of Timken in the third quarter worth approximately $229,000. Barclays PLC raised its holdings in shares of Timken by 221.6% during the third quarter. Barclays PLC now owns 86,667 shares of the industrial products company’s stock valued at $7,307,000 after acquiring an additional 59,716 shares during the period. Y Intercept Hong Kong Ltd lifted its position in shares of Timken by 8.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 12,975 shares of the industrial products company’s stock valued at $1,094,000 after acquiring an additional 1,025 shares in the last quarter. Finally, MML Investors Services LLC boosted its stake in Timken by 3.8% in the 3rd quarter. MML Investors Services LLC now owns 5,790 shares of the industrial products company’s stock worth $488,000 after purchasing an additional 212 shares during the period. 89.08% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TKR has been the topic of several recent analyst reports. Citigroup raised shares of Timken from a “neutral” rating to a “buy” rating and boosted their target price for the company from $85.00 to $90.00 in a research note on Monday, December 9th. Evercore ISI upgraded Timken from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $87.00 to $91.00 in a research report on Wednesday, November 13th. KeyCorp reiterated a “sector weight” rating on shares of Timken in a report on Friday, November 22nd. Oppenheimer decreased their price target on shares of Timken from $102.00 to $97.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. Finally, DA Davidson dropped their price objective on shares of Timken from $103.00 to $99.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.00.

Timken Stock Performance

TKR opened at $75.50 on Friday. The company has a quick ratio of 1.62, a current ratio of 3.00 and a debt-to-equity ratio of 0.71. The stock’s 50 day moving average price is $79.64 and its two-hundred day moving average price is $81.50. The firm has a market capitalization of $5.29 billion, a P/E ratio of 15.70, a price-to-earnings-growth ratio of 1.15 and a beta of 1.38. The Timken Company has a 12-month low of $72.35 and a 12-month high of $94.71.

Timken (NYSE:TKR) last posted its quarterly earnings data on Tuesday, November 5th. The industrial products company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.38 by ($0.15). Timken had a return on equity of 14.82% and a net margin of 7.41%. The company had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the previous year, the firm posted $1.55 EPS. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. On average, equities analysts forecast that The Timken Company will post 5.61 earnings per share for the current year.

Timken Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Tuesday, November 19th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date was Tuesday, November 19th. Timken’s payout ratio is 28.27%.

Insider Activity

In other news, Director Richard G. Kyle sold 30,000 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $76.59, for a total value of $2,297,700.00. Following the sale, the director now owns 194,485 shares of the company’s stock, valued at approximately $14,895,606.15. This represents a 13.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 8.70% of the stock is owned by company insiders.

Timken Company Profile

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.