Truist Financial Corp boosted its position in The Timken Company (NYSE:TKR – Free Report) by 5.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,522 shares of the industrial products company’s stock after buying an additional 1,966 shares during the quarter. Truist Financial Corp’s holdings in Timken were worth $2,903,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in TKR. Norges Bank acquired a new position in Timken in the 4th quarter worth $43,603,000. Invesco Ltd. increased its position in shares of Timken by 54.9% in the 1st quarter. Invesco Ltd. now owns 1,588,490 shares of the industrial products company’s stock worth $96,421,000 after purchasing an additional 562,930 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Timken by 520.3% in the 4th quarter. Victory Capital Management Inc. now owns 648,455 shares of the industrial products company’s stock worth $45,826,000 after purchasing an additional 543,922 shares during the last quarter. Millennium Management LLC increased its position in shares of Timken by 165.7% in the 4th quarter. Millennium Management LLC now owns 774,368 shares of the industrial products company’s stock worth $54,725,000 after purchasing an additional 482,926 shares during the last quarter. Finally, Bowen Hanes & Co. Inc. bought a new stake in shares of Timken in the 4th quarter worth about $28,940,000. Institutional investors and hedge funds own 91.25% of the company’s stock.
Insider Activity at Timken
In other Timken news, CEO Richard G. Kyle sold 32,379 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $76.50, for a total value of $2,476,993.50. Following the completion of the sale, the chief executive officer now owns 383,082 shares of the company’s stock, valued at $29,305,773. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Richard G. Kyle sold 31,933 shares of Timken stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $80.06, for a total value of $2,556,555.98. Following the transaction, the chief executive officer now directly owns 383,082 shares in the company, valued at $30,669,544.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard G. Kyle sold 32,379 shares of Timken stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $76.50, for a total value of $2,476,993.50. Following the completion of the transaction, the chief executive officer now owns 383,082 shares in the company, valued at $29,305,773. The disclosure for this sale can be found here. Insiders own 9.89% of the company’s stock.
Timken Stock Performance
Timken (NYSE:TKR – Get Free Report) last released its quarterly earnings data on Thursday, August 3rd. The industrial products company reported $2.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.06). The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.30 billion. Timken had a net margin of 9.08% and a return on equity of 20.87%. Timken’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.67 EPS. On average, sell-side analysts anticipate that The Timken Company will post 7.13 EPS for the current fiscal year.
Timken Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 28th. Investors of record on Tuesday, August 15th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Monday, August 14th. This represents a $1.32 dividend on an annualized basis and a yield of 1.72%. Timken’s payout ratio is 22.37%.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on the stock. Citigroup downgraded shares of Timken from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $95.00 to $100.00 in a research report on Monday, July 17th. Oppenheimer raised their target price on shares of Timken from $90.00 to $97.00 in a report on Monday, June 26th. Bank of America cut Timken from a “buy” rating to a “neutral” rating and upped their price target for the company from $88.00 to $100.00 in a report on Friday, July 21st. Evercore ISI cut their price objective on Timken from $89.00 to $83.00 in a research report on Tuesday, May 9th. Finally, StockNews.com downgraded Timken from a “strong-buy” rating to a “buy” rating in a research report on Friday, August 4th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.22.
Read Our Latest Research Report on TKR
About Timken
The Timken Company designs, manufactures, and manages engineered bearings and industrial motion products worldwide. It operates in two segments, Mobile Industries and Process Industries. The Mobile Industries segment offers a portfolio of bearings, seals, and lubrication devices and systems, as well as industrial motion components, engineered chains, augers, belts, couplings, clutches, brakes, and related products and maintenance services to original equipment manufacturers (OEMs) and end-users of off-highway equipment for the agricultural, construction, mining, outdoor power equipment, and power sports markets; and on-highway vehicles, including passenger cars, light trucks, and medium- and heavy-duty trucks, as well as rail cars and locomotives.
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