Oppenheimer Asset Management Inc. Sells 5,690 Shares of The Timken Company (NYSE:TKR)

Oppenheimer Asset Management Inc. lessened its holdings in The Timken Company (NYSE:TKR) by 12.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 40,244 shares of the industrial products company’s stock after selling 5,690 shares during the period. Oppenheimer Asset Management Inc. owned about 0.06% of Timken worth $3,519,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TKR. Norges Bank purchased a new stake in Timken in the 4th quarter worth approximately $56,995,000. Fiduciary Management Inc. WI grew its holdings in Timken by 94.7% during the 4th quarter. Fiduciary Management Inc. WI now owns 1,133,076 shares of the industrial products company’s stock valued at $90,816,000 after buying an additional 551,097 shares in the last quarter. Westwood Holdings Group Inc. grew its holdings in Timken by 6,368.3% during the 4th quarter. Westwood Holdings Group Inc. now owns 193,790 shares of the industrial products company’s stock valued at $15,532,000 after buying an additional 190,794 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings in Timken by 15.8% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 1,313,122 shares of the industrial products company’s stock valued at $105,247,000 after buying an additional 178,870 shares in the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new stake in Timken during the 4th quarter valued at approximately $12,398,000. Institutional investors own 89.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on TKR shares. KeyCorp increased their price objective on shares of Timken from $95.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. Raymond James started coverage on shares of Timken in a report on Friday, June 28th. They set a “market perform” rating for the company. Stifel Nicolaus increased their price objective on shares of Timken from $92.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Loop Capital raised their target price on shares of Timken from $78.00 to $87.00 and gave the company a “hold” rating in a report on Wednesday, May 1st. Finally, Oppenheimer reissued an “outperform” rating and issued a $100.00 target price (up from $97.00) on shares of Timken in a report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $87.91.

Insider Buying and Selling at Timken

In other Timken news, CFO Philip D. Fracassa sold 10,000 shares of Timken stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $89.76, for a total value of $897,600.00. Following the transaction, the chief financial officer now owns 105,541 shares in the company, valued at $9,473,360.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Timken news, CFO Philip D. Fracassa sold 10,000 shares of Timken stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $89.76, for a total value of $897,600.00. Following the transaction, the chief financial officer now owns 105,541 shares in the company, valued at $9,473,360.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Richard G. Kyle sold 20,000 shares of Timken stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $89.09, for a total value of $1,781,800.00. Following the completion of the transaction, the chief executive officer now 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 worth $5,269,636 over the last quarter. Insiders own 8.70% of the company’s stock.

Timken Stock Up 1.7 %

Shares of Timken stock traded up $1.41 during trading on Friday, hitting $83.37. 391,151 shares of the stock traded hands, compared to its average volume of 442,185. The firm has a market cap of $5.87 billion, a P/E ratio of 15.89, a price-to-earnings-growth ratio of 1.74 and a beta of 1.46. The company has a current ratio of 1.87, a quick ratio of 1.02 and a debt-to-equity ratio of 0.66. The Timken Company has a 52-week low of $65.71 and a 52-week high of $94.71. The stock’s fifty day simple moving average is $84.81 and its 200 day simple moving average is $83.92.

Timken (NYSE:TKR) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.50 by $0.27. The firm had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.15 billion. Timken had a return on equity of 17.98% and a net margin of 7.99%. The business’s revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter last year, the firm posted $2.09 earnings per share. On average, equities analysts predict that The Timken Company will post 6.2 earnings per share for the current fiscal year.

Timken Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 28th. Shareholders of record on Tuesday, May 14th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend was Monday, May 13th. This is a positive change from Timken’s previous quarterly dividend of $0.33. Timken’s payout ratio is 25.90%.

Timken Profile

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.