The Timken Company (NYSE:TKR) Shares Bought by Provident Investment Management Inc.

Provident Investment Management Inc. boosted its holdings in shares of The Timken Company (NYSE:TKR) by 2.0% during the second quarter, Holdings Channel.com reports. The institutional investor owned 355,072 shares of the industrial products company’s stock after buying an additional 7,035 shares during the period. Timken accounts for 2.6% of Provident Investment Management Inc.’s investment portfolio, making the stock its 18th largest holding. Provident Investment Management Inc.’s holdings in Timken were worth $28,452,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Timken by 5.6% during the 1st quarter. Vanguard Group Inc. now owns 6,515,972 shares of the industrial products company’s stock worth $569,691,000 after buying an additional 347,794 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its position in shares of Timken by 15.8% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 1,313,122 shares of the industrial products company’s stock valued at $105,247,000 after purchasing an additional 178,870 shares during the last quarter. Fiduciary Management Inc. WI increased its position in shares of Timken by 94.7% in the 4th quarter. Fiduciary Management Inc. WI now owns 1,133,076 shares of the industrial products company’s stock valued at $90,816,000 after purchasing an additional 551,097 shares during the last quarter. Norges Bank purchased a new stake in shares of Timken in the 4th quarter valued at approximately $56,995,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Timken by 1.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 625,592 shares of the industrial products company’s stock valued at $50,141,000 after purchasing an additional 11,057 shares during the last quarter. 89.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Timken

In other news, CEO Richard G. Kyle sold 30,000 shares of Timken stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $80.46, for a total transaction of $2,413,800.00. Following the completion of the sale, the chief executive officer now directly owns 244,485 shares in the company, valued at $19,671,263.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 8.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on TKR. KeyCorp increased their target price on shares of Timken from $95.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Raymond James initiated coverage on shares of Timken in a research note on Friday, June 28th. They set a “market perform” rating for the company. Finally, Evercore ISI reduced their target price on shares of Timken from $94.00 to $87.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $88.18.

Timken Stock Up 0.6 %

Shares of NYSE TKR opened at $78.82 on Tuesday. The company has a quick ratio of 1.64, a current ratio of 2.95 and a debt-to-equity ratio of 0.72. The Timken Company has a 52 week low of $65.71 and a 52 week high of $94.71. The firm has a 50-day moving average price of $82.39 and a 200 day moving average price of $84.68. The stock has a market capitalization of $5.53 billion, a price-to-earnings ratio of 15.01, a price-to-earnings-growth ratio of 1.68 and a beta of 1.44.

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

Timken Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Tuesday, August 20th were issued a dividend of $0.34 per share. The ex-dividend date was Tuesday, August 20th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.73%. Timken’s dividend payout ratio (DPR) is presently 25.90%.

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.