Synovus Financial Corp Sells 5,580 Shares of The Timken Company (NYSE:TKR)

Synovus Financial Corp lessened its holdings in The Timken Company (NYSE:TKRGet Rating) by 46.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,332 shares of the industrial products company’s stock after selling 5,580 shares during the quarter. Synovus Financial Corp’s holdings in Timken were worth $344,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in TKR. Nisa Investment Advisors LLC raised its holdings in Timken by 7.9% in the 1st quarter. Nisa Investment Advisors LLC now owns 16,305 shares of the industrial products company’s stock valued at $990,000 after buying an additional 1,200 shares during the last quarter. SG Americas Securities LLC raised its holdings in Timken by 50.0% in the 1st quarter. SG Americas Securities LLC now owns 22,769 shares of the industrial products company’s stock valued at $1,382,000 after buying an additional 7,593 shares during the last quarter. Mutual of America Capital Management LLC increased its position in Timken by 2.0% during the 1st quarter. Mutual of America Capital Management LLC now owns 62,953 shares of the industrial products company’s stock valued at $3,821,000 after purchasing an additional 1,205 shares during the period. Verdence Capital Advisors LLC increased its position in Timken by 15.5% during the 1st quarter. Verdence Capital Advisors LLC now owns 5,152 shares of the industrial products company’s stock valued at $313,000 after purchasing an additional 693 shares during the period. Finally, Versor Investments LP increased its position in Timken by 233.3% during the 1st quarter. Versor Investments LP now owns 13,000 shares of the industrial products company’s stock valued at $789,000 after purchasing an additional 9,100 shares during the period. Institutional investors own 81.39% of the company’s stock.

Insider Transactions at Timken

In other news, VP Hansal N. Patel sold 1,247 shares of the firm’s stock in a transaction that occurred on Tuesday, November 1st. The shares were sold at an average price of $72.83, for a total transaction of $90,819.01. Following the completion of the sale, the vice president now owns 6,309 shares of the company’s stock, valued at approximately $459,484.47. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Christopher A. Coughlin sold 15,000 shares of the stock in a transaction on Friday, October 28th. The stock was sold at an average price of $69.29, for a total value of $1,039,350.00. Following the transaction, the executive vice president now directly owns 103,140 shares in the company, valued at approximately $7,146,570.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Hansal N. Patel sold 1,247 shares of the stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $72.83, for a total value of $90,819.01. Following the completion of the transaction, the vice president now owns 6,309 shares in the company, valued at $459,484.47. The disclosure for this sale can be found here. Insiders sold a total of 50,594 shares of company stock valued at $3,614,609 in the last quarter. 10.79% of the stock is currently owned by company insiders.

Timken Stock Performance

Shares of TKR stock opened at $73.13 on Monday. The company has a market cap of $5.32 billion, a price-to-earnings ratio of 14.68, a price-to-earnings-growth ratio of 1.03 and a beta of 1.58. The Timken Company has a 52 week low of $50.85 and a 52 week high of $75.80. The company has a quick ratio of 1.09, a current ratio of 2.03 and a debt-to-equity ratio of 0.65. The firm has a 50 day moving average of $66.56 and a 200-day moving average of $62.43.

Timken Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 2nd. Stockholders of record on Monday, November 21st will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend is Friday, November 18th. Timken’s dividend payout ratio (DPR) is 24.90%.

Analysts Set New Price Targets

TKR has been the subject of a number of recent analyst reports. Citigroup increased their target price on shares of Timken to $78.00 in a research report on Tuesday, November 1st. StockNews.com raised shares of Timken from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 28th. Oppenheimer increased their target price on shares of Timken from $77.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, September 30th. Finally, Morgan Stanley increased their target price on shares of Timken from $69.00 to $70.00 and gave the company an “equal weight” rating in a research report on Thursday, October 27th. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Timken has a consensus rating of “Moderate Buy” and an average price target of $75.00.

Timken Company Profile

(Get Rating)

The Timken Company designs, manufactures, and manages engineered bearings and power transmission products worldwide. It operates in two segments, Mobile Industries and Process Industries. The Mobile Industries segment offers a portfolio of bearings, seals, and lubrication devices and systems, as well as power transmission components, engineered chains, augers, belts, couplings, clutches, brakes, and related products and maintenance services to original equipment manufacturers (OEMs) and end-users of off-highway equipment for the agricultural, construction, mining, outdoor power equipment, and power sports markets; and on-highway vehicles, including passenger cars, light trucks, and medium- and heavy-duty trucks, as well as rail cars and locomotives.

Further Reading

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Institutional Ownership by Quarter for Timken (NYSE:TKR)

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