Citigroup Has Lowered Expectations for Timken (NYSE:TKR) Stock Price

Timken (NYSE:TKR) had its price target dropped by stock analysts at Citigroup from $140.00 to $125.00 in a report released on Thursday, Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Citigroup‘s price objective points to a potential upside of 22.49% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $126.00 target price on shares of Timken in a report on Thursday. Bank of America raised Timken from a “neutral” rating to a “buy” rating and boosted their price target for the company from $129.00 to $135.00 in a report on Tuesday, September 1st. Wall Street Zen upgraded Timken from a “hold” rating to a “buy” rating in a research report on Saturday, October 31st. Oppenheimer reaffirmed an “outperform” rating and issued a $150.00 price objective on shares of Timken in a research note on Thursday, October 1st. Finally, Jefferies Financial Group set a $135.00 price objective on Timken in a research note on Tuesday, September 1st. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $141.90.

Timken Stock Performance

NYSE TKR traded up $2.11 during trading hours on Thursday, hitting $102.05. 1,196,536 shares of the company’s stock traded hands, compared to its average volume of 739,635. Timken has a 52 week low of $73.62 and a 52 week high of $146.37. The firm has a market capitalization of $7.07 billion, a P/E ratio of 25.26, a P/E/G ratio of 1.26 and a beta of 1.19. The company has a current ratio of 3.10, a quick ratio of 1.74 and a debt-to-equity ratio of 0.61. The business’s fifty day moving average price is $115.51 and its two-hundred day moving average price is $117.45.

Timken (NYSE:TKR) last released its quarterly earnings results on Wednesday, November 4th. The industrial products company reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.17. Timken had a net margin of 5.43% and a return on equity of 12.63%. The business had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.21 billion. During the same period last year, the firm earned $1.37 earnings per share. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Equities research analysts predict that Timken will post 6.27 EPS for the current year.

Insider Activity

In other news, Director Richard Kyle sold 13,637 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $126.63, for a total transaction of $1,726,853.31. Following the sale, the director directly owned 183,724 shares in the company, valued at $23,264,970.12. This trade represents a 6.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 8.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Segall Bryant & Hamill LLC lifted its position in shares of Timken by 29.9% in the first quarter. Segall Bryant & Hamill LLC now owns 451,516 shares of the industrial products company’s stock valued at $45,409,000 after acquiring an additional 103,904 shares in the last quarter. Nykredit A S purchased a new stake in shares of Timken during the second quarter worth about $108,692,000. Tocqueville Asset Management L.P. purchased a new stake in shares of Timken during the second quarter worth about $4,506,000. TD Waterhouse Canada Inc. grew its position in shares of Timken by 55.3% during the second quarter. TD Waterhouse Canada Inc. now owns 178,506 shares of the industrial products company’s stock worth $25,320,000 after purchasing an additional 63,553 shares in the last quarter. Finally, State of Wyoming bought a new stake in Timken during the 2nd quarter valued at approximately $1,466,000. Institutional investors own 89.08% of the company’s stock.

About Timken

Timken is an industrial manufacturer that designs and produces engineered bearings and power transmission products. Its offerings include tapered and spherical roller bearings, precision bearings, seals, lubrication systems, gears, belts, chains, couplings, and other components used to manage friction, motion, and power transmission.

The company serves customers across a range of industries, including industrial machinery, renewable energy, transportation, aerospace, defense, agriculture, construction, and energy.