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

Highland Capital Management LLC reduced its stake in The Timken Company (NYSE:TKR) by 1.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 42,600 shares of the industrial products company’s stock after selling 590 shares during the quarter. Highland Capital Management LLC owned about 0.06% of Timken worth $3,040,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of TKR. Coastline Trust Co acquired a new position in shares of Timken in the third quarter worth about $29,000. Livelsberger Financial Advisory acquired a new stake in shares of Timken during the 3rd quarter valued at about $32,000. UMB Bank n.a. increased its stake in shares of Timken by 64.1% in the 3rd quarter. UMB Bank n.a. now owns 430 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 168 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Timken during the second quarter worth approximately $44,000. Finally, Brooklyn Investment Group purchased a new stake in shares of Timken in the third quarter valued at approximately $74,000. 89.08% of the stock is currently owned by institutional investors and hedge funds.

Timken Price Performance

Shares of TKR stock opened at $80.14 on Friday. The firm’s 50-day moving average is $75.07 and its two-hundred day moving average is $79.61. The Timken Company has a 12 month low of $69.35 and a 12 month high of $94.71. 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 capitalization of $5.62 billion, a PE ratio of 16.66, a price-to-earnings-growth ratio of 1.01 and a beta of 1.39.

Timken (NYSE:TKR) last issued 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 business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the previous year, the company posted $1.55 earnings per share. The company’s revenue was down 1.4% on a year-over-year basis. Analysts predict that The Timken Company will post 5.61 earnings per share for the current year.

Timken Announces Dividend

The business also recently declared 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. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend was Tuesday, November 19th. Timken’s dividend payout ratio is presently 28.27%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on TKR shares. Citigroup cut their price target on shares of Timken from $90.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Evercore ISI upgraded shares of Timken from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $87.00 to $91.00 in a research report on Wednesday, November 13th. DA Davidson cut their price objective on Timken from $103.00 to $99.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Morgan Stanley upgraded Timken from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $82.00 to $93.00 in a research report on Tuesday, December 17th. Finally, KeyCorp reiterated a “sector weight” rating on shares of Timken in a research report on Friday, November 22nd. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $92.40.

Insider Activity

In related news, Director Richard G. Kyle sold 30,000 shares of Timken 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 in the company, valued at approximately $14,895,606.15. This trade represents a 13.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 8.70% 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.