HRT Financial LP Acquires New Holdings in The Timken Company (NYSE:TKR)

Posted by on Jun 2nd, 2023

HRT Financial LP acquired a new position in The Timken Company (NYSE:TKR – Get Rating) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 11,416 shares of the industrial products company’s stock, valued at approximately $806,000.

A number of other large investors also recently modified their holdings of TKR. BlackRock Inc. lifted its stake in shares of Timken by 12.5% in the 3rd quarter. BlackRock Inc. now owns 6,620,518 shares of the industrial products company’s stock valued at $390,875,000 after purchasing an additional 736,067 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Timken by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 6,450,013 shares of the industrial products company’s stock valued at $380,808,000 after acquiring an additional 29,889 shares during the period. Dimensional Fund Advisors LP grew its position in Timken by 0.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,457,453 shares of the industrial products company’s stock valued at $145,089,000 after acquiring an additional 19,888 shares during the last quarter. State Street Corp increased its stake in Timken by 2.9% in the third quarter. State Street Corp now owns 1,865,973 shares of the industrial products company’s stock worth $110,167,000 after purchasing an additional 52,184 shares during the period. Finally, Thrivent Financial for Lutherans boosted its stake in shares of Timken by 4.5% during the fourth quarter. Thrivent Financial for Lutherans now owns 1,851,721 shares of the industrial products company’s stock valued at $130,861,000 after purchasing an additional 79,547 shares during the period. Hedge funds and other institutional investors own 82.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on TKR. The Goldman Sachs Group boosted their price target on shares of Timken from $70.00 to $79.00 and gave the company a “neutral” rating in a report on Wednesday, February 8th. Citigroup upped their price target on shares of Timken from $78.00 to $98.00 and gave the company a “buy” rating in a report on Wednesday, February 8th. Evercore ISI dropped their price target on shares of Timken from $89.00 to $83.00 in a research report on Tuesday, May 9th. KeyCorp lifted their price objective on Timken from $88.00 to $102.00 and gave the stock an “overweight” rating in a report on Tuesday, February 7th. Finally, StockNews.com raised shares of Timken from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 11th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $90.78.

Insiders Place Their Bets

In related news, CEO Richard G. Kyle sold 24,851 shares of the stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $73.74, for a total value of $1,832,512.74. Following the transaction, the chief executive officer now directly owns 383,082 shares of the company’s stock, valued at approximately $28,248,466.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Richard G. Kyle sold 23,232 shares of the stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $73.77, for a total transaction of $1,713,824.64. Following the completion of the sale, the chief executive officer now owns 383,082 shares in the company, valued at approximately $28,259,959.14. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Richard G. Kyle sold 24,851 shares of Timken stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $73.74, for a total transaction of $1,832,512.74. Following the completion of the transaction, the chief executive officer now owns 383,082 shares in the company, valued at $28,248,466.68. The disclosure for this sale can be found here. 9.89% of the stock is owned by corporate insiders.

Timken Price Performance

Shares of TKR opened at $72.94 on Friday. The company has a market cap of $5.28 billion, a P/E ratio of 13.05, a PEG ratio of 0.82 and a beta of 1.54. The firm’s 50 day moving average price is $76.15 and its 200 day moving average price is $77.15. The Timken Company has a fifty-two week low of $50.85 and a fifty-two week high of $89.40. The company has a quick ratio of 1.47, a current ratio of 2.76 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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.24. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.23 billion. Timken had a return on equity of 20.72% and a net margin of 8.88%. Timken’s revenue for the quarter was up 12.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.61 EPS. On average, research analysts forecast that The Timken Company will post 7.26 earnings per share for the current fiscal year.

Timken Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 30th. Shareholders of record on Tuesday, May 16th were paid a $0.33 dividend. This is a positive change from Timken’s previous quarterly dividend of $0.31. This represents a $1.32 annualized dividend and a yield of 1.81%. The ex-dividend date was Monday, May 15th. Timken’s dividend payout ratio is currently 23.61%.

Timken Company 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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