New York State Teachers Retirement System Purchases 6,248 Shares of The Timken Company (NYSE:TKR)

Posted by on Apr 15th, 2023

New York State Teachers Retirement System lifted its position in The Timken Company (NYSE:TKR – Get Rating) by 5.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 114,877 shares of the industrial products company’s stock after purchasing an additional 6,248 shares during the quarter. New York State Teachers Retirement System owned about 0.16% of Timken worth $8,118,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in TKR. Private Trust Co. NA purchased a new position in Timken in the second quarter worth $35,000. Quent Capital LLC grew its position in Timken by 66.1% in the fourth quarter. Quent Capital LLC now owns 741 shares of the industrial products company’s stock worth $52,000 after acquiring an additional 295 shares in the last quarter. Ronald Blue Trust Inc. grew its position in Timken by 28.8% in the third quarter. Ronald Blue Trust Inc. now owns 818 shares of the industrial products company’s stock worth $43,000 after acquiring an additional 183 shares in the last quarter. My Personal CFO LLC purchased a new position in Timken in the fourth quarter worth $60,000. Finally, Point72 Hong Kong Ltd purchased a new stake in Timken during the first quarter valued at about $76,000. Institutional investors own 82.00% of the company’s stock.

Insider Buying and Selling

In related news, CEO Richard G. Kyle sold 24,841 shares of the stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $85.97, for a total value of $2,135,580.77. Following the completion of the transaction, the chief executive officer now directly owns 383,082 shares of the company’s stock, valued at $32,933,559.54. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 9.89% of the stock is owned by insiders.

Wall Street Analyst Weigh In

TKR has been the subject of several analyst reports. StockNews.com initiated coverage on shares of Timken in a research report on Thursday, March 16th. They set a “strong-buy” rating for the company. Stifel Nicolaus upped their price target on shares of Timken from $81.00 to $85.00 and gave the company a “buy” rating in a research report on Monday, December 19th. Morgan Stanley upped their price target on shares of Timken from $83.00 to $88.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 7th. Jefferies Financial Group upped their price target on shares of Timken from $95.00 to $105.00 and gave the company a “buy” rating in a research report on Monday, March 6th. Finally, Citigroup upped their price target on shares of Timken from $78.00 to $98.00 and gave the company a “buy” rating in a research report on Wednesday, February 8th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $91.75.

Timken Stock Performance

Timken stock opened at $77.44 on Friday. The company has a current ratio of 2.47, a quick ratio of 1.30 and a debt-to-equity ratio of 0.81. The firm has a 50-day moving average of $81.88 and a 200-day moving average of $75.04. The firm has a market cap of $5.62 billion, a P/E ratio of 14.13, a P/E/G ratio of 0.94 and a beta of 1.54. The Timken Company has a 1-year low of $50.85 and a 1-year high of $89.40.

Timken (NYSE:TKR – Get Rating) last released its quarterly earnings results on Monday, February 6th. The industrial products company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.13. Timken had a net margin of 9.06% and a return on equity of 19.52%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the prior year, the firm earned $0.78 earnings per share. Timken’s revenue was up 7.4% on a year-over-year basis. Sell-side analysts expect that The Timken Company will post 6.85 EPS for the current year.

Timken Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 6th. Investors of record on Tuesday, February 21st were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend was Friday, February 17th. Timken’s payout ratio is currently 22.63%.

Timken Profile

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The Timken Co engages in the engineering, manufacturing, and marketing of bearings and industrial motion products. In addition to bearings, it offers drives, belts, chains, lubrication systems, couplings, industrial clutches, and brakes. It operates through the Mobile and Process Industries segments.

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Institutional Ownership by Quarter for Timken (NYSE:TKR)

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