Treasurer of the State of North Carolina Sells 170 Shares of The Timken Company (NYSE:TKR)

Posted by Defense World Staff on May 20th, 2023

Treasurer of the State of North Carolina trimmed its stake in shares of The Timken Company (NYSE:TKR – Get Rating) by 0.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,542 shares of the industrial products company’s stock after selling 170 shares during the quarter. Treasurer of the State of North Carolina’s holdings in Timken were worth $1,876,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. CWM LLC grew its position in Timken by 39.8% during the 4th quarter. CWM LLC now owns 481 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 137 shares during the last quarter. Belpointe Asset Management LLC bought a new stake in shares of Timken in the 4th quarter worth approximately $38,000. Quent Capital LLC grew its position in shares of Timken by 66.1% in the 4th quarter. Quent Capital LLC now owns 741 shares of the industrial products company’s stock worth $52,000 after buying an additional 295 shares during the last quarter. My Personal CFO LLC bought a new stake in shares of Timken in the 4th quarter worth approximately $60,000. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Timken in the 1st quarter worth approximately $76,000. 82.00% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Jefferies Financial Group lifted their price objective on Timken from $95.00 to $105.00 and gave the stock a “buy” rating in a research report on Monday, March 6th. Morgan Stanley lifted their price objective on Timken from $83.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 7th. KeyCorp lifted their price objective on Timken from $88.00 to $102.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 7th. Oppenheimer lifted their price target on Timken from $88.00 to $90.00 and gave the company an “outperform” rating in a research report on Tuesday, February 7th. Finally, Citigroup lifted their price target on 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’s stock. According to data from MarketBeat, Timken has a consensus rating of “Moderate Buy” and an average target price of $90.78.

Timken Stock Down 2.7 %

Shares of NYSE:TKR opened at $74.53 on Friday. The stock has a fifty day simple moving average of $76.95 and a two-hundred day simple moving average of $77.00. The stock has a market capitalization of $5.40 billion, a price-to-earnings ratio of 13.33, a PEG ratio of 0.87 and a beta of 1.54. The Timken Company has a 12-month low of $50.85 and a 12-month high of $89.40. The company has a current ratio of 2.76, a quick ratio of 1.47 and a debt-to-equity ratio of 0.81.

Timken (NYSE:TKR – Get Rating) last posted its quarterly earnings results on Wednesday, May 3rd. The industrial products company reported $2.09 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.24. Timken had a return on equity of 20.72% and a net margin of 8.88%. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter in the previous year, the business earned $1.61 earnings per share. The company’s revenue was up 12.3% on a year-over-year basis. On average, research analysts anticipate that The Timken Company will post 7.3 earnings per share for the current fiscal year.

Timken Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 30th. Stockholders of record on Tuesday, May 16th will be paid a $0.33 dividend. The ex-dividend date is Monday, May 15th. This represents a $1.32 annualized dividend and a dividend yield of 1.77%. This is a boost from Timken’s previous quarterly dividend of $0.31. Timken’s payout ratio is currently 23.61%.

Insider Transactions at Timken

In other news, CEO Richard G. Kyle sold 23,232 shares of the business’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $73.77, for a total value of $1,713,824.64. Following the completion of the transaction, the chief executive officer now owns 383,082 shares in the company, valued at $28,259,959.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Timken news, CEO Richard G. Kyle sold 24,841 shares of the business’s stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $85.97, for a total transaction of $2,135,580.77. Following the completion of the sale, the chief executive officer now owns 383,082 shares of the company’s stock, valued at $32,933,559.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Richard G. Kyle sold 23,232 shares of the business’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $73.77, for a total value of $1,713,824.64. Following the sale, the chief executive officer now directly owns 383,082 shares of the company’s stock, valued at approximately $28,259,959.14. The disclosure for this sale can be found here. Insiders sold 72,924 shares of company stock worth $5,681,918 over the last quarter. 9.89% of the stock is currently owned by insiders.

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.