Timken (NYSE:TKR) Rating Increased to Outperform at Evercore ISI

Evercore ISI upgraded shares of Timken (NYSE:TKR) from an in-line rating to an outperform rating in a research report report published on Wednesday, Marketbeat reports. They currently have $91.00 target price on the industrial products company’s stock, up from their prior target price of $87.00.

A number of other analysts also recently weighed in on the stock. Citigroup assumed coverage on shares of Timken in a report on Monday, October 14th. They issued a “neutral” rating and a $90.00 price target for the company. KeyCorp reduced their target price on shares of Timken from $104.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. DA Davidson reduced their price target on shares of Timken from $103.00 to $99.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Finally, Oppenheimer decreased their price objective on shares of Timken from $102.00 to $97.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Timken presently has a consensus rating of “Hold” and an average target price of $90.00.

Timken Stock Performance

NYSE:TKR opened at $75.59 on Wednesday. The company has a current ratio of 3.00, a quick ratio of 1.62 and a debt-to-equity ratio of 0.71. The company has a 50-day moving average of $81.89 and a 200-day moving average of $83.40. Timken has a twelve month low of $71.57 and a twelve month high of $94.71. The firm has a market cap of $5.30 billion, a price-to-earnings ratio of 15.72, a price-to-earnings-growth ratio of 1.11 and a beta of 1.43.

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

Timken Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Tuesday, November 19th will be given a $0.34 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $1.36 dividend on an annualized basis and a yield of 1.80%. Timken’s payout ratio is 28.27%.

Insider Buying and Selling

In related news, Director Richard G. Kyle sold 30,000 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $76.59, for a total value of $2,297,700.00. Following the transaction, the director now directly owns 194,485 shares in the company, valued at $14,895,606.15. This represents a 13.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 8.70% of the company’s stock.

Institutional Investors Weigh In On Timken

A number of institutional investors have recently made changes to their positions in TKR. Cubist Systematic Strategies LLC bought a new position in shares of Timken during the second quarter worth $4,363,000. Comerica Bank increased its stake in Timken by 13.8% in the 1st quarter. Comerica Bank now owns 58,945 shares of the industrial products company’s stock valued at $5,154,000 after buying an additional 7,160 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Timken by 5.6% in the first quarter. Vanguard Group Inc. now owns 6,515,972 shares of the industrial products company’s stock valued at $569,691,000 after acquiring an additional 347,794 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Timken by 29.4% in the first quarter. Russell Investments Group Ltd. now owns 138,705 shares of the industrial products company’s stock valued at $12,127,000 after buying an additional 31,552 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Timken by 4.8% in the 2nd quarter. American Century Companies Inc. now owns 2,817,294 shares of the industrial products company’s stock valued at $225,750,000 after purchasing an additional 128,791 shares during the period. 89.08% of the stock is owned by institutional investors and hedge funds.

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.