M&T Bank Corp Decreases Holdings in The Timken Company (NYSE:TKR)

M&T Bank Corp trimmed its stake in The Timken Company (NYSE:TKR) by 4.4% during the fourth quarter, Holdings Channel reports. The fund owned 26,870 shares of the industrial products company’s stock after selling 1,223 shares during the period. M&T Bank Corp’s holdings in Timken were worth $2,154,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. AEGON ASSET MANAGEMENT UK Plc bought a new position in shares of Timken in the fourth quarter worth $12,398,000. WCM Investment Management LLC lifted its position in Timken by 8.7% during the fourth quarter. WCM Investment Management LLC now owns 204,818 shares of the industrial products company’s stock valued at $16,443,000 after purchasing an additional 16,322 shares during the last quarter. Duality Advisers LP increased its holdings in shares of Timken by 226.3% in the 4th quarter. Duality Advisers LP now owns 27,790 shares of the industrial products company’s stock worth $2,227,000 after buying an additional 19,274 shares during the last quarter. Foundry Partners LLC raised its position in shares of Timken by 5.6% during the 4th quarter. Foundry Partners LLC now owns 87,323 shares of the industrial products company’s stock valued at $6,999,000 after buying an additional 4,598 shares in the last quarter. Finally, Citigroup Inc. lifted its holdings in shares of Timken by 64.5% during the 3rd quarter. Citigroup Inc. now owns 12,015 shares of the industrial products company’s stock worth $883,000 after acquiring an additional 4,712 shares during the last quarter. Hedge funds and other institutional investors own 89.08% of the company’s stock.

Timken Trading Down 0.2 %

Shares of NYSE:TKR opened at $89.82 on Thursday. The Timken Company has a 52-week low of $65.71 and a 52-week high of $95.08. The stock has a market capitalization of $6.32 billion, a price-to-earnings ratio of 17.11, a PEG ratio of 1.21 and a beta of 1.51. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.02 and a current ratio of 1.87. The stock’s 50-day simple moving average is $86.53 and its two-hundred day simple moving average is $80.41.

Timken (NYSE:TKR) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.27. Timken had a net margin of 7.99% and a return on equity of 17.98%. The company had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the business posted $2.09 earnings per share. The firm’s quarterly revenue was down 5.7% compared to the same quarter last year. Analysts expect that The Timken Company will post 6.18 EPS for the current year.

Timken Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 28th. Shareholders of record on Tuesday, May 14th will be given a $0.34 dividend. This is a boost from Timken’s previous quarterly dividend of $0.33. The ex-dividend date is Monday, May 13th. This represents a $1.36 dividend on an annualized basis and a yield of 1.51%. Timken’s dividend payout ratio is presently 25.14%.

Insider Transactions at Timken

In other news, EVP Christopher A. Coughlin sold 29,006 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $89.30, for a total transaction of $2,590,235.80. Following the sale, the executive vice president now directly owns 84,995 shares in the company, valued at approximately $7,590,053.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Christopher A. Coughlin sold 29,006 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $89.30, for a total transaction of $2,590,235.80. Following the completion of the transaction, the executive vice president now directly owns 84,995 shares of the company’s stock, valued at $7,590,053.50. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Richard G. Kyle sold 20,000 shares of Timken stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $89.09, for a total value of $1,781,800.00. Following the completion of the sale, the chief executive officer now directly owns 366,799 shares in the company, valued at approximately $32,678,122.91. The disclosure for this sale can be found here. Insiders have sold 59,006 shares of company stock valued at $5,269,636 over the last quarter. 8.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TKR. Evercore ISI downgraded Timken from an “outperform” rating to an “in-line” rating and set a $84.00 price target on the stock. in a research report on Tuesday, February 20th. The Goldman Sachs Group raised their price objective on Timken from $78.00 to $87.00 and gave the company a “neutral” rating in a report on Tuesday, February 6th. DA Davidson assumed coverage on shares of Timken in a research report on Tuesday, January 23rd. They set a “buy” rating and a $92.00 price target for the company. KeyCorp lifted their price objective on Timken from $91.00 to $95.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Finally, Stifel Nicolaus raised their price target on Timken from $92.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $87.09.

About Timken

The Timken Company designs, manufactures, and sells engineered bearings and industrial motion products, and related services in the United States and internationally. The company's Engineered Bearings segment provides various bearing products, including tapered, spherical, and cylindrical roller bearings; plain bearings, metal-polymer bearings, and rod end bearings; radial, angular, and precision ball bearings; thrust and specialty ball bearings; journal bearings; and housed or mounted bearings.