Timken (NYSE:TKR) Hits New 52-Week Low – Here’s What Happened

The Timken Company (NYSE:TKR)’s stock price reached a new 52-week low on Tuesday . The company traded as low as $67.50 and last traded at $67.93, with a volume of 131906 shares changing hands. The stock had previously closed at $71.87.

Analysts Set New Price Targets

Several research firms recently commented on TKR. Evercore ISI boosted their price objective on shares of Timken from $91.00 to $102.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Jefferies Financial Group reaffirmed a “hold” rating and set a $70.00 price target (down from $90.00) on shares of Timken in a research report on Wednesday. Citigroup lowered their price objective on Timken from $90.00 to $85.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. The Goldman Sachs Group reduced their target price on Timken from $85.00 to $75.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, Bank of America raised Timken from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $73.00 to $78.00 in a report on Tuesday, February 4th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $88.82.

Timken Price Performance

The stock has a fifty day moving average of $77.68 and a 200 day moving average of $78.11. The stock has a market cap of $4.94 billion, a price-to-earnings ratio of 14.13, a P/E/G ratio of 1.51 and a beta of 1.37. The company has a debt-to-equity ratio of 0.69, a current ratio of 3.07 and a quick ratio of 1.61.

Timken (NYSE:TKR) last announced its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.08 by $0.08. Timken had a net margin of 7.71% and a return on equity of 13.93%. On average, analysts expect that The Timken Company will post 5.62 EPS for the current fiscal year.

Timken Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Tuesday, February 25th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.93%. The ex-dividend date was Tuesday, February 25th. Timken’s payout ratio is 27.25%.

Insider Buying and Selling at Timken

In other news, CFO Philip D. Fracassa sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $81.50, for a total transaction of $407,500.00. Following the sale, the chief financial officer now owns 90,541 shares of the company’s stock, valued at $7,379,091.50. This trade represents a 5.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 8.70% of the company’s stock.

Institutional Trading of Timken

A number of hedge funds have recently added to or reduced their stakes in TKR. Vestcor Inc acquired a new position in shares of Timken in the third quarter worth about $560,000. TT International Asset Management LTD raised its holdings in Timken by 1,075.2% in the 3rd quarter. TT International Asset Management LTD now owns 39,274 shares of the industrial products company’s stock worth $3,310,000 after purchasing an additional 35,932 shares during the period. Barclays PLC raised its holdings in Timken by 221.6% in the 3rd quarter. Barclays PLC now owns 86,667 shares of the industrial products company’s stock worth $7,307,000 after purchasing an additional 59,716 shares during the period. Harbor Capital Advisors Inc. boosted its position in Timken by 29.2% during the fourth quarter. Harbor Capital Advisors Inc. now owns 60,625 shares of the industrial products company’s stock worth $4,327,000 after purchasing an additional 13,697 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Timken in the fourth quarter valued at approximately $14,460,000. 89.08% of the stock is owned by hedge funds and other institutional investors.

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.