Oppenheimer Asset Management Inc. Has $4.35 Million Position in The Timken Company (NYSE:TKR)

Oppenheimer Asset Management Inc. increased its holdings in shares of The Timken Company (NYSE:TKR) by 2.7% during the 3rd quarter, Holdings Channel.com reports. The fund owned 51,614 shares of the industrial products company’s stock after acquiring an additional 1,356 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Timken were worth $4,351,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC acquired a new position in Timken in the second quarter valued at about $4,363,000. Comerica Bank boosted its position in Timken by 13.8% in the first quarter. Comerica Bank now owns 58,945 shares of the industrial products company’s stock valued at $5,154,000 after buying an additional 7,160 shares in the last quarter. Vanguard Group Inc. boosted its position in 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 buying an additional 347,794 shares in the last quarter. Russell Investments Group Ltd. boosted its position in Timken by 29.4% in the first quarter. Russell Investments Group Ltd. now owns 138,705 shares of the industrial products company’s stock valued at $12,127,000 after buying an additional 31,552 shares in the last quarter. Finally, American Century Companies Inc. raised 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 last quarter. 89.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on TKR shares. DA Davidson dropped their target price on shares of Timken from $103.00 to $99.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. 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 note on Wednesday, November 6th. Evercore ISI raised shares of 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. Citigroup started coverage on shares of Timken in a research note on Monday, October 14th. They issued a “neutral” rating and a $90.00 target price for the company. Finally, 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 note on Wednesday, November 6th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $90.00.

Insider Buying and Selling at Timken

In other Timken news, Director Richard G. Kyle sold 30,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director now owns 194,485 shares of the company’s stock, valued at approximately $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 accessible through the SEC website. Insiders own 8.70% of the company’s stock.

Timken Trading Up 0.8 %

TKR opened at $75.59 on Friday. 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 company has a market cap of $5.30 billion, a price-to-earnings ratio of 15.72, a price-to-earnings-growth ratio of 1.11 and a beta of 1.43. The firm has a 50 day simple moving average of $81.89 and a 200 day simple moving average of $83.40. The Timken Company has a fifty-two week low of $71.57 and a fifty-two week high of $94.71.

Timken (NYSE:TKR) last issued its 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). Timken had a net margin of 7.41% and a return on equity of 14.82%. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period in the previous year, the company posted $1.55 EPS. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. On average, sell-side analysts anticipate that The Timken Company will post 5.61 earnings per share for the current year.

Timken Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Tuesday, November 19th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend is Tuesday, November 19th. Timken’s payout ratio 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.