Point72 Hong Kong Ltd Sells 23,578 Shares of The Timken Company (NYSE:TKR)

Point72 Hong Kong Ltd cut its position in shares of The Timken Company (NYSE:TKR) by 78.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,300 shares of the industrial products company’s stock after selling 23,578 shares during the period. Point72 Hong Kong Ltd’s holdings in Timken were worth $531,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Cobblestone Capital Advisors LLC NY acquired a new stake in Timken during the third quarter worth $266,000. Verition Fund Management LLC boosted its position in shares of Timken by 3,179.1% during the 3rd quarter. Verition Fund Management LLC now owns 193,858 shares of the industrial products company’s stock valued at $16,340,000 after acquiring an additional 187,946 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Timken by 7.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,421 shares of the industrial products company’s stock valued at $1,384,000 after acquiring an additional 1,068 shares during the period. FORA Capital LLC acquired a new position in Timken in the third quarter worth about $281,000. Finally, BNP Paribas Financial Markets lifted its stake in Timken by 184.3% during the third quarter. BNP Paribas Financial Markets now owns 48,918 shares of the industrial products company’s stock worth $4,123,000 after purchasing an additional 31,714 shares during the period. 89.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Timken

In other Timken 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 value of $2,297,700.00. Following the sale, the director now directly owns 194,485 shares in the company, valued at approximately $14,895,606.15. This trade represents a 13.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 8.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TKR. Evercore ISI raised Timken from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $87.00 to $91.00 in a report on Wednesday, November 13th. Citigroup assumed coverage on Timken in a research note on Monday, October 14th. They set a “neutral” rating and a $90.00 price objective for the company. KeyCorp restated a “sector weight” rating on shares of Timken in a research note on Friday, November 22nd. Oppenheimer dropped their target price on shares of Timken from $102.00 to $97.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. Finally, DA Davidson cut their price target 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. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $90.00.

Timken Trading Up 0.6 %

TKR stock opened at $77.93 on Tuesday. The company has a quick ratio of 1.62, a current ratio of 3.00 and a debt-to-equity ratio of 0.71. The Timken Company has a twelve month low of $72.35 and a twelve month high of $94.71. The company has a market cap of $5.46 billion, a P/E ratio of 16.20, a PEG ratio of 1.15 and a beta of 1.39. The business has a fifty day moving average of $80.96 and a 200-day moving average of $82.27.

Timken (NYSE:TKR) last announced its quarterly earnings data on Tuesday, November 5th. The industrial products company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.38 by ($0.15). Timken had a return on equity of 14.82% and a net margin of 7.41%. The firm 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 firm posted $1.55 earnings per share. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. As a group, equities research analysts expect that The Timken Company will post 5.61 EPS for the current year.

Timken Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Tuesday, November 19th were paid a dividend of $0.34 per share. The ex-dividend date was Tuesday, November 19th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.75%. Timken’s dividend payout ratio (DPR) is presently 28.27%.

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.