Oppenheimer Asset Management Inc. Grows Position in The Timken Company (NYSE:TKR)

Oppenheimer Asset Management Inc. raised its position in shares of The Timken Company (NYSE:TKR) by 24.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,258 shares of the industrial products company’s stock after acquiring an additional 10,014 shares during the period. Oppenheimer Asset Management Inc. owned approximately 0.07% of Timken worth $4,027,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Fidelis Capital Partners LLC purchased a new stake in Timken during the first quarter valued at $26,000. Livelsberger Financial Advisory bought a new stake in shares of Timken in the 4th quarter worth about $30,000. Versant Capital Management Inc purchased a new stake in shares of Timken during the 2nd quarter valued at about $30,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Timken by 1,905.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 361 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 343 shares during the last quarter. Finally, Manchester Capital Management LLC grew its position in Timken by 51.3% in the first quarter. Manchester Capital Management LLC now owns 605 shares of the industrial products company’s stock worth $53,000 after acquiring an additional 205 shares in the last quarter. 89.08% of the stock is currently owned by institutional investors.

Timken Trading Up 1.1 %

Shares of NYSE TKR opened at $80.62 on Tuesday. The business has a fifty day moving average price of $82.37 and a 200 day moving average price of $84.56. The Timken Company has a 1-year low of $65.71 and a 1-year high of $94.71. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.95 and a quick ratio of 1.64. The stock has a market capitalization of $5.68 billion, a P/E ratio of 15.36, a price-to-earnings-growth ratio of 1.69 and a beta of 1.44.

Timken (NYSE:TKR) last released its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. Timken had a net margin of 7.52% and a return on equity of 16.36%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period last year, the business earned $2.01 EPS. The company’s revenue was down 7.1% compared to the same quarter last year. Equities research analysts expect that The Timken Company will post 6.13 EPS for the current fiscal year.

Timken Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Tuesday, August 20th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend was Tuesday, August 20th. Timken’s payout ratio is presently 25.90%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on TKR shares. KeyCorp upped their price objective on Timken from $95.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Raymond James assumed coverage on shares of Timken in a report on Friday, June 28th. They set a “market perform” rating on the stock. Finally, Evercore ISI dropped their target price on Timken from $94.00 to $87.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $88.18.

Insider Activity

In related news, CEO Richard G. Kyle sold 30,000 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $80.46, for a total transaction of $2,413,800.00. Following the transaction, the chief executive officer now directly owns 244,485 shares in the company, valued at approximately $19,671,263.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Company 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.