Timken (NYSE:TKR) Given New $88.00 Price Target at KeyCorp

Timken (NYSE:TKRGet Rating) had its price target increased by KeyCorp from $75.00 to $88.00 in a research note issued to investors on Monday, The Fly reports. They currently have an overweight rating on the industrial products company’s stock.

Several other brokerages also recently issued reports on TKR. StockNews.com upgraded Timken from a buy rating to a strong-buy rating in a research report on Friday, October 28th. Oppenheimer boosted their price objective on Timken from $77.00 to $80.00 and gave the stock an outperform rating in a research report on Friday, September 30th. Citigroup boosted their price objective on Timken to $78.00 in a research report on Tuesday, November 1st. Finally, Morgan Stanley boosted their price objective on Timken from $69.00 to $70.00 and gave the stock an equal weight rating in a research report on Thursday, October 27th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Timken presently has an average rating of Moderate Buy and a consensus price target of $76.63.

Timken Stock Performance

Shares of TKR stock opened at $74.17 on Monday. 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 business has a 50 day moving average of $66.66 and a two-hundred day moving average of $62.52. Timken has a 52 week low of $50.85 and a 52 week high of $75.80. The company has a market cap of $5.40 billion, a P/E ratio of 14.89, a PEG ratio of 1.03 and a beta of 1.58.

Timken Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Monday, November 21st will be given a $0.31 dividend. The ex-dividend date is Friday, November 18th. This represents a $1.24 dividend on an annualized basis and a yield of 1.67%. Timken’s dividend payout ratio (DPR) is 24.90%.

Insiders Place Their Bets

In other Timken news, Director Jacqueline F. Woods sold 1,798 shares of the company’s stock in a transaction that occurred on Monday, November 14th. The stock was sold at an average price of $74.64, for a total value of $134,202.72. Following the completion of the sale, the director now directly owns 14,770 shares in the company, valued at $1,102,432.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Timken news, VP Hansal N. Patel sold 1,247 shares of the company’s 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 transaction, the vice president now owns 6,309 shares of the company’s stock, valued at $459,484.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jacqueline F. Woods sold 1,798 shares of the company’s stock in a transaction on Monday, November 14th. The shares were sold at an average price of $74.64, for a total value of $134,202.72. Following the completion of the transaction, the director now directly owns 14,770 shares in the company, valued at approximately $1,102,432.80. The disclosure for this sale can be found here. Insiders sold 50,594 shares of company stock worth $3,614,609 over the last ninety days. Company insiders own 10.79% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its stake in Timken by 12.5% during the 3rd quarter. BlackRock Inc. now owns 6,620,518 shares of the industrial products company’s stock valued at $390,875,000 after purchasing an additional 736,067 shares during the period. Vanguard Group Inc. raised its stake in Timken by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 6,450,013 shares of the industrial products company’s stock valued at $380,808,000 after purchasing an additional 29,889 shares during the period. American Century Companies Inc. raised its stake in Timken by 23.2% during the 1st quarter. American Century Companies Inc. now owns 2,962,788 shares of the industrial products company’s stock valued at $179,841,000 after purchasing an additional 557,534 shares during the period. Dimensional Fund Advisors LP raised its stake in Timken by 0.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,457,453 shares of the industrial products company’s stock valued at $145,089,000 after purchasing an additional 19,888 shares during the period. Finally, Franklin Resources Inc. raised its stake in Timken by 2.1% during the 2nd quarter. Franklin Resources Inc. now owns 2,134,186 shares of the industrial products company’s stock valued at $113,218,000 after purchasing an additional 44,695 shares during the period. Institutional investors own 81.39% of the company’s stock.

About Timken

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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.

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