Huntington National Bank Raises Stock Holdings in The Timken Company (NYSE:TKR)

Huntington National Bank grew its stake in shares of The Timken Company (NYSE:TKR) by 6.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,862 shares of the industrial products company’s stock after buying an additional 250 shares during the period. Huntington National Bank’s holdings in Timken were worth $326,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TKR. Cubist Systematic Strategies LLC bought a new position in shares of Timken in the second quarter worth approximately $4,363,000. Comerica Bank raised its holdings in Timken by 13.8% during the first quarter. Comerica Bank now owns 58,945 shares of the industrial products company’s stock valued at $5,154,000 after acquiring an additional 7,160 shares during the period. Vanguard Group Inc. lifted its position in shares of Timken by 5.6% in the first quarter. Vanguard Group Inc. now owns 6,515,972 shares of the industrial products company’s stock valued at $569,691,000 after acquiring an additional 347,794 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of Timken by 4.8% in the second quarter. American Century Companies Inc. now owns 2,817,294 shares of the industrial products company’s stock worth $225,750,000 after acquiring an additional 128,791 shares during the period. Finally, Hsbc Holdings PLC raised its stake in Timken by 102.5% during the 2nd quarter. Hsbc Holdings PLC now owns 12,186 shares of the industrial products company’s stock valued at $979,000 after purchasing an additional 6,167 shares during the period. 89.08% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. KeyCorp dropped their target price on shares of Timken from $104.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Evercore ISI raised Timken from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $87.00 to $91.00 in a report on Wednesday. Oppenheimer dropped their price target on Timken from $102.00 to $97.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Citigroup started coverage on Timken in a report on Monday, October 14th. They set a “neutral” rating and a $90.00 price objective on the stock. Finally, DA Davidson cut their target price on shares of Timken from $103.00 to $99.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $90.00.

Timken Price Performance

TKR stock opened at $75.59 on Friday. The company has a current ratio of 3.00, a quick ratio of 1.62 and a debt-to-equity ratio of 0.71. The Timken Company has a 12 month low of $71.57 and a 12 month high of $94.71. The stock has a market cap of $5.30 billion, a PE ratio of 15.72, a P/E/G ratio of 1.11 and a beta of 1.43. The company has a 50-day moving average price of $81.89 and a 200 day moving average price of $83.36.

Timken (NYSE:TKR) last released its earnings results on Tuesday, November 5th. The industrial products company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.15). Timken had a net margin of 7.41% and a return on equity of 14.82%. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the prior year, the company posted $1.55 EPS. The company’s quarterly revenue was down 1.4% compared to the same quarter last year. Equities research analysts anticipate that The Timken Company will post 5.61 earnings per share for the current year.

Timken Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 19th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $1.36 annualized dividend and a dividend yield of 1.80%. Timken’s dividend payout ratio (DPR) is 28.27%.

Insider Activity

In related news, Director Richard G. Kyle sold 30,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $76.59, for a total value of $2,297,700.00. Following the transaction, the director now owns 194,485 shares of the company’s stock, valued at $14,895,606.15. This represents a 13.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 8.70% of the company’s stock.

Timken Profile

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.