Wedge Capital Management L L P NC Sells 550 Shares of The Timken Company (NYSE:TKR)

Wedge Capital Management L L P NC cut its holdings in The Timken Company (NYSE:TKR) by 0.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 184,252 shares of the industrial products company’s stock after selling 550 shares during the period. Wedge Capital Management L L P NC owned approximately 0.26% of Timken worth $15,531,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Fidelis Capital Partners LLC acquired a new position in shares of Timken during the 1st quarter valued at about $26,000. EverSource Wealth Advisors LLC grew its holdings in Timken by 1,905.6% during the first quarter. EverSource Wealth Advisors LLC now owns 361 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 343 shares during the last quarter. Versant Capital Management Inc acquired a new stake in shares of Timken in the second quarter worth $30,000. Livelsberger Financial Advisory bought a new stake in shares of Timken during the 4th quarter worth $30,000. Finally, UMB Bank n.a. grew its stake in Timken by 64.1% in the 3rd quarter. UMB Bank n.a. now owns 430 shares of the industrial products company’s stock valued at $36,000 after buying an additional 168 shares during the last quarter. 89.08% of the stock is owned by institutional investors and hedge funds.

Timken Price Performance

Shares of TKR stock traded up $0.62 during mid-day trading on Monday, reaching $84.66. The company’s stock had a trading volume of 89,085 shares, compared to its average volume of 470,032. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.64 and a current ratio of 2.95. The firm’s 50-day moving average is $82.11 and its two-hundred day moving average is $84.17. The Timken Company has a 1-year low of $65.71 and a 1-year high of $94.71. The company has a market cap of $5.96 billion, a P/E ratio of 16.01, a PEG ratio of 1.77 and a beta of 1.43.

Timken (NYSE:TKR) last announced its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.03. Timken had a net margin of 7.52% and a return on equity of 16.36%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter last year, the company earned $2.01 earnings per share. The company’s revenue for the quarter was down 7.1% compared to the same quarter last year. On average, research analysts predict that The Timken Company will post 6.09 earnings per share for the current year.

Timken Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th were paid a dividend of $0.34 per share. The ex-dividend date was Tuesday, August 20th. This represents a $1.36 annualized dividend and a yield of 1.61%. Timken’s dividend payout ratio is currently 25.90%.

Insider Activity

In related news, CEO Richard G. Kyle sold 30,000 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $80.76, for a total transaction of $2,422,800.00. Following the completion of the sale, the chief executive officer now owns 274,485 shares in the company, valued at $22,167,408.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 8.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on TKR shares. Evercore ISI cut their target price on shares of Timken from $94.00 to $87.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. DA Davidson reissued a “buy” rating and set a $103.00 price objective on shares of Timken in a research report on Tuesday, September 17th. Citigroup began coverage on Timken in a report on Monday. They issued a “neutral” rating and a $90.00 target price on the stock. Finally, Raymond James assumed coverage on Timken in a report on Friday, June 28th. They set a “market perform” rating for the company. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Timken presently has a consensus rating of “Hold” and a consensus price target of $91.70.

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.