Howe & Rusling Inc. reduced its stake in shares of Timken Co (NYSE:TKR) by 22.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,113 shares of the industrial products company¡¯s stock after selling 2,061 shares during the quarter. Howe & Rusling Inc.¡¯s holdings in Timken were worth $355,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the stock. Bank of Montreal Can acquired a new position in shares of Timken in the 2nd quarter valued at $123,000. Meeder Asset Management Inc. raised its stake in shares of Timken by 3,876.6% in the 3rd quarter. Meeder Asset Management Inc. now owns 3,738 shares of the industrial products company¡¯s stock valued at $187,000 after buying an additional 3,644 shares in the last quarter. Integrated Investment Consultants LLC acquired a new position in shares of Timken in the 2nd quarter valued at $218,000. Fulton Bank N.A. acquired a new position in shares of Timken in the 3rd quarter valued at $221,000. Finally, Palouse Capital Management Inc. acquired a new position in shares of Timken in the 2nd quarter valued at $222,000. Hedge funds and other institutional investors own 78.55% of the company¡¯s stock.
Shares of TKR traded down $0.50 during trading hours on Monday, hitting $40.39. The stock had a trading volume of 2,891 shares, compared to its average volume of 998,318. Timken Co has a 52 week low of $34.90 and a 52 week high of $55.65. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.44 and a current ratio of 2.72. The firm has a market cap of $3.14 billion, a price-to-earnings ratio of 15.46, a PEG ratio of 0.66 and a beta of 1.86.
Timken (NYSE:TKR) last issued its quarterly earnings data on Monday, October 29th. The industrial products company reported $1.06 EPS for the quarter, missing analysts¡¯ consensus estimates of $1.07 by ($0.01). Timken had a return on equity of 19.58% and a net margin of 7.89%. The company had revenue of $881.30 million for the quarter, compared to the consensus estimate of $912.58 million. During the same period in the prior year, the company earned $0.71 EPS. The firm¡¯s revenue was up 14.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Timken Co will post 4.18 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 4th. Shareholders of record on Tuesday, November 20th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date is Monday, November 19th. Timken¡¯s dividend payout ratio is currently 42.59%.
TKR has been the subject of a number of recent research reports. Zacks Investment Researchupgraded shares of Timken from a ¡°hold¡± rating to a ¡°buy¡± rating and set a $49.00 price objective for the company in a research note on Saturday, October 13th. ValuEngine lowered shares of Timken from a ¡°sell¡± rating to a ¡°strong sell¡± rating in a report on Friday, October 12th. Goldman Sachs Group initiated coverage on shares of Timken in a report on Tuesday, October 2nd. They issued a ¡°neutral¡± rating and a $56.00 target price on the stock. Bank of America raised shares of Timken from an ¡°underperform¡± rating to a ¡°neutral¡± rating and set a $56.00 target price on the stock in a report on Wednesday, August 8th. Finally, KeyCorp upped their target price on shares of Timken from $54.00 to $60.00 and gave the stock an ¡°overweight¡± rating in a report on Wednesday, August 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company¡¯s stock. The stock presently has a consensus rating of ¡°Hold¡± and a consensus target price of $56.20.
In related news, Director Frank C. Sullivan bought 5,000 shares of the company¡¯s stock in a transaction on Monday, November 5th. The shares were purchased at an average cost of $41.05 per share, for a total transaction of $205,250.00. Following the acquisition, the director now owns 51,932 shares of the company¡¯s stock, valued at approximately $2,131,808.60. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, insider Shelly Marie Chadwick sold 1,043 shares of the firm¡¯s stock in a transaction that occurred on Tuesday, August 21st. The stock was sold at an average price of $48.85, for a total transaction of $50,950.55. Following the sale, the insider now owns 3,102 shares in the company, valued at $151,532.70. The disclosure for this sale can be found here. 11.15% of the stock is owned by corporate insiders.
