Timken Co (NYSE:TKR) was the target of a significant decrease in short interest in the month of November. As of November 29th, there was short interest totalling 1,040,000 shares, a decrease of 29.7% from the November 14th total of 1,480,000 shares. Based on an average daily trading volume, of 556,600 shares, the short-interest ratio is currently 1.9 days. Approximately 1.6% of the company’s shares are short sold.
A number of analysts have recently weighed in on TKR shares. Stifel Nicolaus increased their target price on shares of Timken from $58.00 to $64.00 and gave the stock a “buy” rating in a report on Friday. KeyCorp raised their target price on shares of Timken from $60.00 to $70.00 and gave the company an “overweight” rating in a research note on Friday. Zacks Investment Research downgraded shares of Timken from a “hold” rating to a “strong sell” rating and set a $56.00 price target for the company. in a research report on Tuesday, November 5th. Morgan Stanley raised their price target on shares of Timken from $52.00 to $57.00 and gave the company an “equal weight” rating in a research report on Friday. Finally, ValuEngine raised shares of Timken from a “strong sell” rating to a “sell” rating in a research report on Thursday, October 31st. Three analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $59.33.
TKR stock traded down $0.42 on Friday, hitting $56.50. The company had a trading volume of 1,138,920 shares, compared to its average volume of 660,094. Timken has a 12-month low of $33.98 and a 12-month high of $58.51. The company has a current ratio of 2.57, a quick ratio of 1.42 and a debt-to-equity ratio of 0.89. The stock’s 50-day simple moving average is $52.07 and its 200 day simple moving average is $46.61. The stock has a market cap of $4.09 billion, a price-to-earnings ratio of 13.52, a P/E/G ratio of 1.42 and a beta of 1.83.
The business also recently announced a quarterly dividend, which was paid on Wednesday, December 4th. Investors of record on Friday, November 22nd were issued a $0.28 dividend. The ex-dividend date was Thursday, November 21st. This represents a $1.12 annualized dividend and a yield of 1.98%. This is a boost from Timken’s previous quarterly dividend of $0.25. Timken’s dividend payout ratio (DPR) is currently 26.79%.
In other news, CAO Shelly Marie Chadwick bought 1,183 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was bought at an average cost of $52.73 per share, for a total transaction of $62,379.59. Also, EVP Christopher A. Coughlin sold 46,813 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $53.00, for a total transaction of $2,481,089.00. Following the sale, the executive vice president now owns 115,539 shares of the company’s stock, valued at $6,123,567. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 77,977 shares of company stock valued at $4,145,196. Company insiders own 11.58% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Advisors Preferred LLC purchased a new stake in Timken in the second quarter worth approximately $37,000. Flagship Harbor Advisors LLC boosted its holdings in Timken by 72.6% in the third quarter. Flagship Harbor Advisors LLC now owns 918 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 386 shares during the last quarter. NumerixS Investment Technologies Inc purchased a new stake in Timken in the second quarter worth approximately $56,000. Quest Capital Management Inc. ADV purchased a new stake in Timken in the third quarter worth approximately $78,000. Finally, C M Bidwell & Associates Ltd. purchased a new stake in Timken in the second quarter worth approximately $112,000. Institutional investors own 76.11% of the company’s stock.
The Timken Company engineers, manufactures, and markets 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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