State Board of Administration of Florida Retirement System Has $5.79 Million Stock Holdings in The Timken Company (NYSE:TKR)

State Board of Administration of Florida Retirement System decreased its stake in The Timken Company (NYSE:TKR) by 1.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 88,570 shares of the industrial products company’s stock after selling 1,038 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Timken were worth $5,794,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in TKR. Amundi bought a new stake in shares of Timken during the 2nd quarter valued at about $49,386,000. Lord Abbett & CO. LLC bought a new stake in shares of Timken during the 2nd quarter valued at about $42,948,000. Morgan Stanley boosted its position in shares of Timken by 210.9% during the 2nd quarter. Morgan Stanley now owns 684,964 shares of the industrial products company’s stock valued at $55,200,000 after purchasing an additional 464,666 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Timken by 20.2% during the 2nd quarter. Franklin Resources Inc. now owns 2,315,183 shares of the industrial products company’s stock valued at $186,581,000 after purchasing an additional 388,827 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Timken by 12.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,616,792 shares of the industrial products company’s stock valued at $210,887,000 after purchasing an additional 288,614 shares in the last quarter. Institutional investors own 78.98% of the company’s stock.

Several equities research analysts recently commented on TKR shares. The Goldman Sachs Group lowered Timken from a “buy” rating to a “neutral” rating and cut their target price for the company from $84.00 to $73.00 in a research report on Sunday, December 12th. Bank of America lowered Timken from a “buy” rating to a “neutral” rating and cut their price target for the stock from $85.00 to $80.00 in a report on Friday, January 7th. KeyCorp cut their price target on Timken from $95.00 to $84.00 and set an “overweight” rating on the stock in a report on Monday, September 27th. Loop Capital increased their price target on Timken from $72.00 to $78.00 and gave the stock a “hold” rating in a report on Tuesday, November 2nd. Finally, Morgan Stanley cut their price target on Timken from $84.00 to $76.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 13th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $81.33.

In other Timken news, CFO Philip D. Fracassa sold 9,220 shares of the firm’s stock in a transaction on Friday, November 5th. The stock was sold at an average price of $72.71, for a total value of $670,386.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 11.05% of the company’s stock.

TKR stock opened at $73.89 on Friday. The Timken Company has a twelve month low of $62.96 and a twelve month high of $92.39. The company has a quick ratio of 1.44, a current ratio of 2.60 and a debt-to-equity ratio of 0.60. The stock’s 50 day moving average is $70.52 and its 200-day moving average is $72.39. The firm has a market capitalization of $5.61 billion, a PE ratio of 15.86 and a beta of 1.70.

Timken (NYSE:TKR) last issued its quarterly earnings results on Sunday, October 31st. The industrial products company reported $1.18 EPS for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.02. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.01 billion. Timken had a return on equity of 16.00% and a net margin of 8.94%. Timken’s revenue was up 16.0% on a year-over-year basis. During the same period last year, the business posted $1.13 earnings per share. On average, equities research analysts anticipate that The Timken Company will post 4.84 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, December 3rd. Shareholders of record on Monday, November 22nd were given a $0.30 dividend. This is an increase from Timken’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date was Friday, November 19th. Timken’s dividend payout ratio (DPR) is currently 25.75%.

Timken Profile

The Timken Co engages in the engineering, manufacturing and marketing of bearings and power transmission products. It offers gearboxes, belts, chain, lubrication systems, couplings, industrial clutches and brakes. It operates through the Mobile Industries and Process Industries segments. The Mobile Industries segment serves OEM customers that manufacture off-highway equipment for the agricultural, mining and construction markets; on-highway vehicles including passenger cars, light trucks, and medium- and heavy-duty trucks; rail cars and locomotives; outdoor power equipment; and rotorcraft and fixed-wing aircraft.

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Institutional Ownership by Quarter for Timken (NYSE:TKR)

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