Kornitzer Capital Management Inc. KS Acquires 2,760 Shares of The Timken Company (NYSE:TKR)

Kornitzer Capital Management Inc. KS raised its position in The Timken Company (NYSE:TKR) by 66.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,890 shares of the industrial products company’s stock after purchasing an additional 2,760 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Timken were worth $492,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TKR. Hotchkis & Wiley Capital Management LLC raised its position in Timken by 34.3% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,700,979 shares of the industrial products company’s stock worth $143,376,000 after purchasing an additional 434,800 shares during the period. Verition Fund Management LLC raised its position in Timken by 3,179.1% in the 3rd quarter. Verition Fund Management LLC now owns 193,858 shares of the industrial products company’s stock worth $16,340,000 after purchasing an additional 187,946 shares during the period. Thrivent Financial for Lutherans increased its position in shares of Timken by 4.2% during the third quarter. Thrivent Financial for Lutherans now owns 2,679,790 shares of the industrial products company’s stock worth $225,880,000 after acquiring an additional 107,350 shares during the period. Royce & Associates LP increased its position in shares of Timken by 73.2% during the third quarter. Royce & Associates LP now owns 190,456 shares of the industrial products company’s stock worth $16,054,000 after acquiring an additional 80,513 shares during the period. Finally, State Street Corp increased its position in shares of Timken by 3.5% during the third quarter. State Street Corp now owns 1,953,838 shares of the industrial products company’s stock worth $164,689,000 after acquiring an additional 66,208 shares during the period. 89.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Bank of America raised shares of Timken from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $73.00 to $78.00 in a research report on Tuesday, February 4th. Morgan Stanley raised their target price on shares of Timken from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 11th. Citigroup reduced their target price on shares of Timken from $90.00 to $85.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Evercore ISI raised their target price on shares of Timken from $91.00 to $102.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Oppenheimer reduced their target price on shares of Timken from $102.00 to $97.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Timken presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.70.

Insider Buying and Selling at Timken

In other Timken news, CFO Philip D. Fracassa sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $81.50, for a total value of $407,500.00. Following the completion of the sale, the chief financial officer now directly owns 90,541 shares in the company, valued at $7,379,091.50. This trade represents a 5.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.70% of the stock is owned by insiders.

Timken Price Performance

NYSE TKR opened at $83.25 on Thursday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.61 and a current ratio of 3.07. The firm’s 50 day moving average price is $76.34 and its 200-day moving average price is $79.30. The Timken Company has a 52-week low of $69.35 and a 52-week high of $94.71. The company has a market cap of $5.84 billion, a PE ratio of 16.68, a P/E/G ratio of 1.49 and a beta of 1.39.

Timken (NYSE:TKR) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.08. Timken had a net margin of 7.71% and a return on equity of 13.93%. Sell-side analysts forecast that The Timken Company will post 5.62 EPS for the current fiscal year.

Timken Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Tuesday, February 25th will be paid a $0.34 dividend. The ex-dividend date is Tuesday, February 25th. This represents a $1.36 annualized dividend and a yield of 1.63%. Timken’s dividend payout ratio (DPR) is 27.25%.

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.