Ballast Asset Management LP Sells 861 Shares of The Timken Company (NYSE:TKR)

Ballast Asset Management LP decreased its position in shares of The Timken Company (NYSE:TKR) by 2.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,584 shares of the industrial products company’s stock after selling 861 shares during the period. Ballast Asset Management LP’s holdings in Timken were worth $2,111,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vestcor Inc bought a new position in Timken during the third quarter worth about $560,000. TT International Asset Management LTD raised its position in shares of Timken by 1,075.2% in the third quarter. TT International Asset Management LTD now owns 39,274 shares of the industrial products company’s stock valued at $3,310,000 after buying an additional 35,932 shares in the last quarter. Barclays PLC boosted its stake in shares of Timken by 221.6% in the third quarter. Barclays PLC now owns 86,667 shares of the industrial products company’s stock valued at $7,307,000 after buying an additional 59,716 shares during the period. Harbor Capital Advisors Inc. grew its position in Timken by 29.2% during the fourth quarter. Harbor Capital Advisors Inc. now owns 60,625 shares of the industrial products company’s stock worth $4,327,000 after buying an additional 13,697 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in Timken during the third quarter worth approximately $734,000. Institutional investors and hedge funds own 89.08% of the company’s stock.

Insider Activity

In other Timken news, CFO Philip D. Fracassa sold 5,000 shares of Timken stock in a transaction on Friday, February 7th. The shares were sold at an average price of $81.50, for a total transaction of $407,500.00. Following the transaction, the chief financial officer now directly owns 90,541 shares of the company’s stock, valued at $7,379,091.50. The trade was a 5.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 8.70% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on TKR shares. Bank of America upgraded Timken from an “underperform” rating to a “neutral” rating and upped their target price for the company from $73.00 to $78.00 in a research report on Tuesday, February 4th. Jefferies Financial Group raised shares of Timken from a “hold” rating to a “buy” rating and upped their price objective for the stock from $80.00 to $95.00 in a research report on Friday, December 6th. Evercore ISI increased their price objective on shares of Timken from $91.00 to $102.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Morgan Stanley boosted their target price on shares of Timken from $93.00 to $94.00 and gave the company an “overweight” rating in a research report on Tuesday, February 11th. Finally, Citigroup reduced their price target on shares of Timken from $90.00 to $85.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Timken currently has a consensus rating of “Moderate Buy” and an average target price of $92.70.

Timken Stock Performance

Timken stock opened at $71.92 on Tuesday. The company has a market capitalization of $5.03 billion, a P/E ratio of 14.41, a P/E/G ratio of 1.51 and a beta of 1.37. The business has a 50 day moving average of $77.98 and a 200-day moving average of $78.24. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.07 and a quick ratio of 1.61. The Timken Company has a 1 year low of $69.35 and a 1 year high of $94.71.

Timken (NYSE:TKR) last posted its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.08. Timken had a net margin of 7.71% and a return on equity of 13.93%. On average, equities research analysts predict that The Timken Company will post 5.62 earnings per share for the current year.

Timken Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Tuesday, February 25th were issued a $0.34 dividend. The ex-dividend date was Tuesday, February 25th. This represents a $1.36 annualized dividend and a yield of 1.89%. Timken’s payout ratio is currently 27.25%.

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.