Advisors Capital Management LLC Trims Holdings in The Timken Company (NYSE:TKR)

Advisors Capital Management LLC reduced its stake in The Timken Company (NYSE:TKR) by 67.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 68,564 shares of the industrial products company’s stock after selling 141,091 shares during the quarter. Advisors Capital Management LLC’s holdings in Timken were worth $4,893,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Stifel Financial Corp boosted its position in shares of Timken by 15.1% during the 3rd quarter. Stifel Financial Corp now owns 60,868 shares of the industrial products company’s stock valued at $5,130,000 after acquiring an additional 7,999 shares during the last quarter. MML Investors Services LLC raised its stake in Timken by 3.8% during the third quarter. MML Investors Services LLC now owns 5,790 shares of the industrial products company’s stock worth $488,000 after purchasing an additional 212 shares during the period. Barclays PLC boosted its holdings in Timken by 221.6% in the 3rd quarter. Barclays PLC now owns 86,667 shares of the industrial products company’s stock valued at $7,307,000 after purchasing an additional 59,716 shares during the last quarter. M&T Bank Corp grew its stake in shares of Timken by 0.6% in the 3rd quarter. M&T Bank Corp now owns 24,482 shares of the industrial products company’s stock valued at $2,064,000 after buying an additional 144 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Timken by 0.6% during 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 period. 89.08% of the stock is currently owned by hedge funds and other institutional investors.

Timken Stock Performance

Shares of TKR stock opened at $61.50 on Monday. The firm has a 50 day moving average of $74.57 and a two-hundred day moving average of $76.72. The stock has a market capitalization of $4.30 billion, a PE ratio of 12.32, a P/E/G ratio of 1.51 and a beta of 1.28. 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 Timken Company has a 52 week low of $56.20 and a 52 week high of $94.71.

Timken (NYSE:TKR) last released its earnings results on Wednesday, February 5th. The industrial products company reported $1.16 earnings per share (EPS) for the quarter, beating 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 predict that The Timken Company will post 5.62 EPS for the current fiscal year.

Timken Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Investors of record on Tuesday, February 25th were paid a dividend of $0.34 per share. The ex-dividend date was Tuesday, February 25th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.21%. Timken’s payout ratio is 27.25%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on TKR. Evercore ISI increased their price objective on Timken from $91.00 to $102.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Jefferies Financial Group reissued a “hold” rating and set a $70.00 price objective (down from $90.00) on shares of Timken in a research report on Wednesday, April 2nd. Bank of America raised shares of Timken from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $73.00 to $78.00 in a research note on Tuesday, February 4th. The Goldman Sachs Group reduced their price target on shares of Timken from $85.00 to $75.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 2nd. Finally, Morgan Stanley increased their price objective on shares of Timken from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 11th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $87.45.

Insider Activity at Timken

In other Timken news, CFO Philip D. Fracassa sold 5,000 shares of the stock in a transaction that occurred 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 sale, 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 SEC, which is available at this link. 8.70% of the stock is owned by corporate insiders.

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.