Louisiana State Employees Retirement System lowered its stake in shares of Timken Co. (NYSE:TKR) by 5.2% during the second quarter, Holdings Channel reports. The firm owned 18,300 shares of the company’s stock after selling 1,000 shares during the period. Louisiana State Employees Retirement System’s holdings in Timken were worth $561,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Timken by 0.8% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 14,919 shares of the company’s stock valued at $500,000 after buying an additional 115 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Timken by 12.5% in the first quarter. Envestnet Asset Management Inc. now owns 126,986 shares of the company’s stock valued at $4,253,000 after buying an additional 14,151 shares during the period. Invictus RG raised its stake in shares of Timken by 61.0% in the first quarter. Invictus RG now owns 4,168 shares of the company’s stock valued at $140,000 after buying an additional 1,579 shares during the period. Southernsun Asset Management LLC raised its stake in shares of 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, Goldman Sachs Group Inc. raised its stake in shares of Timken by 47.7% in the first quarter. Goldman Sachs Group Inc. now owns 379,034 shares of the company’s stock valued at $12,694,000 after buying an additional 122,385 shares during the period. Institutional investors own 75.95% of the company’s stock.
Shares of Timken Co. (NYSE:TKR) traded up 0.29% during trading on Monday, hitting $34.52. 290,182 shares of the company were exchanged. Timken Co. has a 12 month low of $22.22 and a 12 month high of $37.07. The firm’s 50-day moving average price is $33.87 and its 200 day moving average price is $33.36. The firm has a market capitalization of $2.70 billion, a PE ratio of 20.73 and a beta of 1.64.
Timken (NYSE:TKR) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.05. Timken had a net margin of 4.88% and a return on equity of 12.98%. The company earned $673.50 million during the quarter, compared to analyst estimates of $693.64 million. During the same period last year, the firm posted $0.57 EPS. Timken’s revenue for the quarter was down 7.4% compared to the same quarter last year. On average, equities research analysts expect that Timken Co. will post $1.92 earnings per share for the current fiscal year.
Several brokerages recently issued reports on TKR. Zacks Investment Research upgraded shares of Timken from a “sell” rating to a “hold” rating in a research report on Thursday, September 29th. Avondale Partners upgraded shares of Timken from a “market perform” rating to an “outperform” rating and set a $35.00 target price for the company in a research report on Monday, July 11th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has a consensus 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 firm’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 of the company’s stock, valued at approximately $1,054,967.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP William R. Burkhart sold 4,235 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $34.37, for a total transaction of $145,556.95. Following the transaction, the executive vice president now directly 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.
Timken Company Profile
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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