Timken (NYSE:TKR) Upgraded to Neutral at Bank of America

Bank of America upgraded shares of Timken (NYSE:TKR) from an underperform rating to a neutral rating in a report issued on Tuesday, Marketbeat reports. They currently have $78.00 price target on the industrial products company’s stock, up from their previous price target of $73.00.

Several other equities research analysts have also commented on TKR. Morgan Stanley upgraded Timken from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $82.00 to $93.00 in a research note on Tuesday, December 17th. Citigroup cut their price target on shares of Timken from $90.00 to $85.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Oppenheimer reduced their price target on shares of Timken from $102.00 to $97.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. DA Davidson dropped their price objective on shares of Timken from $103.00 to $99.00 and set a “buy” rating for the company in a research report on Wednesday, November 6th. Finally, KeyCorp restated a “sector weight” rating on shares of Timken in a report on Friday, November 22nd. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Timken has a consensus rating of “Moderate Buy” and a consensus price target of $91.09.

Timken Price Performance

TKR opened at $79.25 on Tuesday. Timken has a 1 year low of $69.35 and a 1 year high of $94.71. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.62 and a current ratio of 3.00. The company’s 50 day simple moving average is $75.20 and its 200 day simple moving average is $79.39. The stock has a market capitalization of $5.56 billion, a PE ratio of 16.48, a P/E/G ratio of 1.04 and a beta of 1.39.

Timken (NYSE:TKR) last announced its quarterly earnings data on Tuesday, November 5th. The industrial products company reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.38 by ($0.15). The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Timken had a net margin of 7.41% and a return on equity of 14.82%. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.55 earnings per share. As a group, sell-side analysts expect that Timken will post 5.61 EPS for the current year.

Timken Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Tuesday, November 19th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend was Tuesday, November 19th. Timken’s dividend payout ratio is currently 28.27%.

Insiders Place Their Bets

In other news, Director Richard G. Kyle sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $76.59, for a total transaction of $2,297,700.00. Following the completion of the sale, the director now owns 194,485 shares of the company’s stock, valued at approximately $14,895,606.15. This trade represents a 13.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TKR. Vestcor Inc acquired a new stake in shares of Timken in the 3rd quarter valued at about $560,000. TT International Asset Management LTD raised its stake in Timken by 1,075.2% during the third quarter. TT International Asset Management LTD now owns 39,274 shares of the industrial products company’s stock valued at $3,310,000 after buying an additional 35,932 shares in the last quarter. Barclays PLC lifted its holdings in Timken by 221.6% during the 3rd quarter. Barclays PLC now owns 86,667 shares of the industrial products company’s stock worth $7,307,000 after buying an additional 59,716 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Timken in the 3rd quarter worth approximately $2,863,000. Finally, Harbor Capital Advisors Inc. raised its position in shares of Timken by 29.2% during the 4th quarter. Harbor Capital Advisors Inc. now owns 60,625 shares of the industrial products company’s stock valued at $4,327,000 after acquiring an additional 13,697 shares in the last quarter. 89.08% of the stock is currently owned by institutional investors.

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.