Citigroup Cuts Timken (NYSE:TKR) Price Target to $85.00

Timken (NYSE:TKR) had its price objective reduced by investment analysts at Citigroup from $90.00 to $85.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Citigroup’s price target points to a potential upside of 11.97% from the stock’s current price.

A number of other analysts have also weighed in on the company. KeyCorp reaffirmed a “sector weight” rating on shares of Timken in a research report on Friday, November 22nd. DA Davidson reduced their price target on Timken from $103.00 to $99.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Oppenheimer lowered their price objective on Timken from $102.00 to $97.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. Jefferies Financial Group raised shares of Timken from a “hold” rating to a “buy” rating and raised their target price for the company from $80.00 to $95.00 in a report on Friday, December 6th. Finally, Morgan Stanley upgraded shares of Timken from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $82.00 to $93.00 in a report on Tuesday, December 17th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $92.40.

Timken Price Performance

Shares of NYSE:TKR traded up $1.72 during midday trading on Tuesday, hitting $75.91. The company had a trading volume of 309,853 shares, compared to its average volume of 621,730. The stock has a market cap of $5.32 billion, a price-to-earnings ratio of 15.78, a price-to-earnings-growth ratio of 1.12 and a beta of 1.39. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.00 and a quick ratio of 1.62. The business’s 50-day simple moving average is $74.62 and its 200-day simple moving average is $79.88. Timken has a twelve month low of $69.35 and a twelve month high of $94.71.

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

Insider Activity at Timken

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

Institutional Investors Weigh In On Timken

Several hedge funds have recently made changes to their positions in the business. Coastline Trust Co acquired a new position in Timken in the 3rd quarter valued at $29,000. Livelsberger Financial Advisory purchased a new stake in shares of Timken in the third quarter valued at about $32,000. UMB Bank n.a. increased its stake in shares of Timken by 64.1% during the third quarter. UMB Bank n.a. now owns 430 shares of the industrial products company’s stock worth $36,000 after acquiring an additional 168 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in Timken during the second quarter worth about $44,000. Finally, Brooklyn Investment Group acquired a new stake in Timken in the third quarter valued at about $74,000. Institutional investors and hedge funds own 89.08% of the company’s stock.

About Timken

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.