Geode Capital Management LLC Has $90.48 Million Holdings in The Timken Company (NYSE:TKR)

Geode Capital Management LLC increased its holdings in shares of The Timken Company (NYSE:TKR) by 0.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 1,073,123 shares of the industrial products company’s stock after purchasing an additional 5,970 shares during the quarter. Geode Capital Management LLC’s holdings in Timken were worth $90,477,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vestcor Inc bought a new position in Timken during the 3rd quarter worth approximately $560,000. M&T Bank Corp lifted its position in shares of Timken by 0.6% in the third 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 acquired a new stake in Timken in the 3rd quarter valued at $229,000. Barclays PLC lifted its position in Timken by 221.6% during the 3rd quarter. Barclays PLC now owns 86,667 shares of the industrial products company’s stock worth $7,307,000 after buying an additional 59,716 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd grew its holdings 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. 89.08% of the stock is owned by institutional investors.

Timken Trading Down 1.7 %

Shares of Timken stock opened at $70.76 on Friday. The Timken Company has a 52-week low of $70.37 and a 52-week high of $94.71. The stock has a market cap of $4.96 billion, a PE ratio of 14.71, a PEG ratio of 1.12 and a beta of 1.38. The firm has a 50-day moving average of $78.91 and a 200-day moving average of $81.14. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.62 and a current ratio of 3.00.

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 analysts’ consensus estimates of $1.38 by ($0.15). Timken had a net margin of 7.41% and a return on equity of 14.82%. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the prior year, the firm earned $1.55 EPS. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. As a group, sell-side analysts forecast that The Timken Company will post 5.61 EPS for the current year.

Timken Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Tuesday, November 19th were paid a dividend of $0.34 per share. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $1.36 dividend on an annualized basis and a yield of 1.92%. Timken’s dividend payout ratio (DPR) is presently 28.27%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on TKR shares. Evercore ISI upgraded Timken from an “in-line” rating to an “outperform” rating and raised their price target for the company from $87.00 to $91.00 in a research note on Wednesday, November 13th. Citigroup upgraded shares of Timken from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $85.00 to $90.00 in a report on Monday, December 9th. Morgan Stanley upgraded Timken from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $82.00 to $93.00 in a report on Tuesday. DA Davidson reduced their price objective on shares of Timken from $103.00 to $99.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Finally, KeyCorp reissued a “sector weight” rating on shares of Timken in a research report on Friday, November 22nd. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Timken has an average rating of “Moderate Buy” and an average target price of $92.90.

Insider Buying and Selling at Timken

In other Timken news, Director Richard G. Kyle sold 30,000 shares of the firm’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 transaction, the director now directly owns 194,485 shares of the company’s stock, valued at $14,895,606.15. This trade represents a 13.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.70% of the company’s stock.

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.