Ameriprise Financial Inc. reduced its stake in Timken Co. (NYSE:TKR) by 4.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 253,068 shares of the company’s stock after selling 10,560 shares during the period. Ameriprise Financial Inc. owned approximately 0.32% of Timken worth $7,759,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. TIAA CREF Investment Management LLC raised its stake in Timken by 139.3% in the first quarter. TIAA CREF Investment Management LLC now owns 1,358,217 shares of the company’s stock valued at $45,487,000 after buying an additional 790,671 shares during the period. Teachers Advisors Inc. raised its stake in Timken by 717.7% in the first quarter. Teachers Advisors Inc. now owns 540,956 shares of the company’s stock valued at $18,117,000 after buying an additional 474,802 shares during the period. American Century Companies Inc. raised its stake in Timken by 1,836.0% in the second quarter. American Century Companies Inc. now owns 323,674 shares of the company’s stock valued at $9,924,000 after buying an additional 306,955 shares during the period. Southernsun Asset Management LLC raised its stake in Timken by 5.3% in the first quarter. Southernsun Asset Management LLC now owns 5,296,043 shares of the company’s stock valued at $177,364,000 after buying an additional 265,022 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Timken by 115.5% in the first quarter. JPMorgan Chase & Co. now owns 422,992 shares of the company’s stock valued at $14,167,000 after buying an additional 226,705 shares during the period. Hedge funds and other institutional investors own 75.99% of the company’s stock.
Shares of Timken Co. (NYSE:TKR) traded down 3.01% during mid-day trading on Friday, reaching $34.79. The company’s stock had a trading volume of 269,776 shares. Timken Co. has a 12 month low of $22.22 and a 12 month high of $37.07. The company has a 50 day moving average of $33.74 and a 200-day moving average of $33.27. The firm has a market capitalization of $2.72 billion, a P/E ratio of 20.89 and a beta of 1.64.
Timken (NYSE:TKR) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.50 by $0.05. Timken had a net margin of 4.88% and a return on equity of 12.98%. The business earned $673.50 million during the quarter, compared to the consensus estimate of $693.64 million. During the same period in the previous year, the business earned $0.57 earnings per share. The company’s revenue was down 7.4% on a year-over-year basis. Equities research analysts forecast that Timken Co. will post $1.92 EPS for the current year.
Several research firms have weighed in on TKR. Zacks Investment Research lowered Timken from a “hold” rating to a “sell” rating in a report on Saturday, July 9th. Avondale Partners raised Timken from a “market perform” rating to an “outperform” rating and set a $35.00 target price on the stock in a report on Monday, July 11th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Timken currently has an average rating of “Hold” and an average target price of $33.33.
In other Timken news, CFO Philip D. Fracassa sold 2,229 shares of the business’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $34.27, for a total transaction of $76,387.83. Following the completion of the transaction, the chief financial officer now directly owns 30,784 shares in the company, valued at $1,054,967.68. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP William R. Burkhart sold 4,235 shares of the business’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $34.37, for a total transaction of $145,556.95. Following the transaction, the executive vice president now owns 40,607 shares of the company’s stock, valued at $1,395,662.59. The disclosure for this sale can be found here. Company insiders own 10.30% of the company’s stock.
The Timken Company engineers, manufactures and markets bearings, transmissions, gearboxes, chain and related products and offers a spectrum of power system rebuild and repair services around the world. The Company operates through two segments: Mobile Industries, which offers bearings, seals, lubrication devices and systems, as well as power transmission components, engineered chain, augers and related products and maintenance services, and Process Industries, which provides industrial bearings and assemblies, power transmission components such as gears and gearboxes, couplings, seals, lubricants, chains and related products and services.
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