Norges Bank Takes $42.75 Million Position in The Timken Company (NYSE:TKR)

Norges Bank purchased a new position in shares of The Timken Company (NYSE:TKR) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 598,970 shares of the industrial products company’s stock, valued at approximately $42,748,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Timken by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 6,465,760 shares of the industrial products company’s stock worth $461,461,000 after purchasing an additional 26,973 shares in the last quarter. American Century Companies Inc. raised its position in Timken by 11.3% in the 4th quarter. American Century Companies Inc. now owns 3,158,690 shares of the industrial products company’s stock worth $225,436,000 after purchasing an additional 320,354 shares during the last quarter. State Street Corp lifted its holdings in Timken by 3.5% during the 3rd quarter. State Street Corp now owns 1,953,838 shares of the industrial products company’s stock worth $164,689,000 after buying an additional 66,208 shares in the last quarter. Geode Capital Management LLC boosted its position in Timken by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,073,123 shares of the industrial products company’s stock valued at $90,477,000 after buying an additional 5,970 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of Timken by 418.4% in the 4th quarter. Victory Capital Management Inc. now owns 882,156 shares of the industrial products company’s stock valued at $62,959,000 after buying an additional 711,979 shares during the period. Institutional investors own 89.08% of the company’s stock.

Insider Activity

In related news, CFO Philip D. Fracassa sold 5,000 shares of the company’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $81.50, for a total value of $407,500.00. Following the completion of the transaction, the chief financial officer now directly owns 90,541 shares of the company’s stock, valued at approximately $7,379,091.50. This represents a 5.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 8.70% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on TKR. Morgan Stanley raised their price target on Timken from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Tuesday, February 11th. Bank of America raised shares of Timken from an “underperform” rating to a “neutral” rating and raised their target price for the company from $73.00 to $78.00 in a research note on Tuesday, February 4th. Evercore ISI boosted their price target 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. Jefferies Financial Group reaffirmed a “hold” rating and issued a $70.00 price objective (down from $90.00) on shares of Timken in a research note on Wednesday. Finally, The Goldman Sachs Group dropped their target price on shares of Timken from $85.00 to $75.00 and set a “neutral” rating for the company in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Timken currently has an average rating of “Moderate Buy” and an average price target of $88.82.

Timken Price Performance

TKR opened at $59.88 on Friday. The company has a fifty day simple moving average of $77.08 and a 200 day simple moving average of $77.86. The company has a quick ratio of 1.61, a current ratio of 3.07 and a debt-to-equity ratio of 0.69. The stock has a market cap of $4.19 billion, a P/E ratio of 12.00, a P/E/G ratio of 1.51 and a beta of 1.28. The Timken Company has a 12 month low of $58.26 and a 12 month high of $94.71.

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

Timken Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Tuesday, February 25th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date was Tuesday, February 25th. Timken’s payout ratio is currently 27.25%.

Timken Company 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.