Highland Capital Management LLC Cuts Holdings in The Timken Company (NYSE:TKR)

Highland Capital Management LLC lessened its stake in The Timken Company (NYSE:TKR) by 1.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 42,600 shares of the industrial products company’s stock after selling 590 shares during the quarter. Highland Capital Management LLC’s holdings in Timken were worth $3,040,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in TKR. Renaissance Technologies LLC purchased a new position in Timken in the second quarter worth approximately $1,394,000. Bank of Montreal Can raised its holdings in shares of Timken by 5.4% in the 2nd quarter. Bank of Montreal Can now owns 34,890 shares of the industrial products company’s stock valued at $2,796,000 after purchasing an additional 1,776 shares in the last quarter. Algert Global LLC purchased a new stake in shares of Timken during the 2nd quarter worth $538,000. Creative Planning grew its stake in shares of Timken by 1.7% during the second quarter. Creative Planning now owns 9,123 shares of the industrial products company’s stock worth $731,000 after purchasing an additional 150 shares in the last quarter. Finally, Quarry LP increased its holdings in Timken by 211.2% in the second quarter. Quarry LP now owns 999 shares of the industrial products company’s stock valued at $80,000 after buying an additional 678 shares during the last quarter. 89.08% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Timken

In other news, Director Richard G. Kyle sold 30,000 shares of the firm’s 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 completion of the sale, the director now directly owns 194,485 shares of the company’s stock, valued at $14,895,606.15. This trade represents a 13.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 8.70% of the company’s stock.

Timken Trading Up 3.8 %

Shares of Timken stock opened at $80.14 on Friday. The company’s fifty day moving average is $75.07 and its two-hundred day moving average is $79.61. The Timken Company has a 1 year low of $69.35 and a 1 year high of $94.71. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.62 and a current ratio of 3.00. The company has a market capitalization of $5.62 billion, a P/E ratio of 16.66, a PEG ratio of 1.01 and a beta of 1.39.

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

Timken Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Tuesday, November 19th were given a dividend of $0.34 per share. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a $1.36 dividend on an annualized basis and a yield of 1.70%. Timken’s payout ratio is currently 28.27%.

Analyst Ratings Changes

A number of brokerages have issued reports on TKR. KeyCorp reaffirmed a “sector weight” rating on shares of Timken in a report on Friday, November 22nd. Evercore ISI upgraded Timken from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $87.00 to $91.00 in a research note on Wednesday, November 13th. Oppenheimer cut their price objective on shares of Timken from $102.00 to $97.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Morgan Stanley upgraded shares of Timken from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $82.00 to $93.00 in a report on Tuesday, December 17th. Finally, Jefferies Financial Group upgraded shares of Timken from a “hold” rating to a “buy” rating and lifted their price target for the stock from $80.00 to $95.00 in a research note on Friday, December 6th. Five equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $92.40.

Timken Company 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.