Verition Fund Management LLC Has $16.34 Million Position in The Timken Company (NYSE:TKR)

Verition Fund Management LLC raised its holdings in The Timken Company (NYSE:TKR) by 3,179.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 193,858 shares of the industrial products company’s stock after purchasing an additional 187,946 shares during the period. Verition Fund Management LLC’s holdings in Timken were worth $16,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in TKR. Price T Rowe Associates Inc. MD increased its stake in Timken by 1.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 89,317 shares of the industrial products company’s stock valued at $7,810,000 after acquiring an additional 1,667 shares during the period. Comerica Bank raised its holdings in shares of Timken by 13.8% in the 1st quarter. Comerica Bank now owns 58,945 shares of the industrial products company’s stock worth $5,154,000 after buying an additional 7,160 shares in the last quarter. Cetera Advisors LLC lifted its position in shares of Timken by 11.0% during the 1st quarter. Cetera Advisors LLC now owns 3,717 shares of the industrial products company’s stock worth $325,000 after buying an additional 368 shares during the period. EverSource Wealth Advisors LLC lifted its position in shares of Timken by 1,905.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 361 shares of the industrial products company’s stock worth $32,000 after buying an additional 343 shares during the period. Finally, Versant Capital Management Inc acquired a new stake in Timken in the 2nd quarter valued at $30,000. Institutional investors and hedge funds own 89.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. DA Davidson cut their price objective on Timken from $103.00 to $99.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Evercore ISI raised shares of Timken from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $87.00 to $91.00 in a report on Wednesday, November 13th. KeyCorp restated a “sector weight” rating on shares of Timken in a research report on Friday, November 22nd. Citigroup initiated coverage on shares of Timken in a report on Monday, October 14th. They set a “neutral” rating and a $90.00 price objective for the company. Finally, Oppenheimer reduced their target price on Timken from $102.00 to $97.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $90.00.

Timken Stock Performance

Shares of Timken stock opened at $77.45 on Friday. The firm has a 50 day simple moving average of $81.06 and a 200 day simple moving average of $82.52. The Timken Company has a fifty-two week low of $72.14 and a fifty-two week high of $94.71. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.00 and a quick ratio of 1.62. The firm has a market cap of $5.43 billion, a P/E ratio of 16.10, a P/E/G ratio of 1.14 and a beta of 1.43.

Timken (NYSE:TKR) last released its earnings results on Tuesday, November 5th. The industrial products company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.15). Timken had a net margin of 7.41% and a return on equity of 14.82%. The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same period last year, the business posted $1.55 earnings per share. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. Sell-side analysts predict that The Timken Company will post 5.61 earnings per share for the current fiscal year.

Timken Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Tuesday, November 19th were given a dividend of $0.34 per share. The ex-dividend date was Tuesday, November 19th. This represents a $1.36 dividend on an annualized basis and a yield of 1.76%. Timken’s payout ratio is presently 28.27%.

Insider Activity

In other Timken news, Director Richard G. Kyle sold 30,000 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $76.59, for a total transaction of $2,297,700.00. Following the completion of the sale, the director now owns 194,485 shares in the company, valued at approximately $14,895,606.15. The trade was a 13.36 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 8.70% of the company’s stock.

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.