The Timken Company (NYSE:TKR) Stock Position Reduced by Granite Investment Partners LLC

Granite Investment Partners LLC decreased its stake in The Timken Company (NYSE:TKR) by 9.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 47,153 shares of the industrial products company’s stock after selling 5,057 shares during the quarter. Granite Investment Partners LLC’s holdings in Timken were worth $3,365,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Stifel Financial Corp increased its stake in shares of Timken by 15.1% in the third quarter. Stifel Financial Corp now owns 60,868 shares of the industrial products company’s stock worth $5,130,000 after acquiring an additional 7,999 shares during the last quarter. MML Investors Services LLC increased its position in Timken by 3.8% in the 3rd 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 last quarter. Barclays PLC increased its position in Timken by 221.6% in the 3rd quarter. Barclays PLC now owns 86,667 shares of the industrial products company’s stock worth $7,307,000 after purchasing an additional 59,716 shares during the last quarter. M&T Bank Corp raised its stake in shares of Timken by 0.6% during the 3rd quarter. M&T Bank Corp now owns 24,482 shares of the industrial products company’s stock worth $2,064,000 after purchasing an additional 144 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings 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 last quarter. Institutional investors and hedge funds own 89.08% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on TKR. Citigroup cut their price objective on shares of Timken from $95.00 to $70.00 and set a “buy” rating on the stock in a research report on Tuesday, April 8th. Morgan Stanley raised their price target on shares of Timken from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Tuesday, February 11th. Evercore ISI upped their price objective on shares of Timken from $91.00 to $102.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. The Goldman Sachs Group lowered their target price on shares of Timken from $85.00 to $75.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 2nd. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $70.00 price target (down previously from $90.00) on shares of Timken in a research report on Wednesday, April 2nd. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $87.45.

Insider Buying and Selling

In other news, CFO Philip D. Fracassa sold 5,000 shares of the 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 owns 90,541 shares in the company, valued at approximately $7,379,091.50. This represents a 5.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 8.70% of the stock is owned by company insiders.

Timken Price Performance

Shares of NYSE:TKR opened at $61.50 on Monday. The company has a market cap of $4.30 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 1.51 and a beta of 1.28. The business has a 50 day moving average price of $74.57 and a 200 day moving average price of $76.72. 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 twelve month low of $56.20 and a twelve month high of $94.71.

Timken (NYSE:TKR) last posted its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.08. Timken had a return on equity of 13.93% and a net margin of 7.71%. Research analysts predict that The Timken Company will post 5.62 earnings per share for the current year.

Timken Dividend Announcement

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 $0.34 dividend. The ex-dividend date of this dividend 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%.

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.