Carillon Tower Advisers Inc. raised its stake in Timken Co (NYSE:TKR) by 4.9% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 241,875 shares of the industrial products company’s stock after buying an additional 11,200 shares during the quarter. Carillon Tower Advisers Inc.’s holdings in Timken were worth $12,057,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Bank of Montreal Can bought a new stake in Timken in the second quarter valued at $123,000. Meeder Asset Management Inc. lifted its stake in Timken by 3,876.6% in the third quarter. Meeder Asset Management Inc. now owns 3,738 shares of the industrial products company’s stock valued at $187,000 after buying an additional 3,644 shares during the last quarter. D.A. Davidson & CO. bought a new stake in Timken in the third quarter valued at $215,000. Integrated Investment Consultants LLC bought a new stake in Timken in the second quarter valued at $218,000. Finally, Fulton Bank N.A. bought a new stake in Timken in the third quarter valued at $221,000. Institutional investors own 78.55% of the company’s stock.
In related news, Director Frank C. Sullivan acquired 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 5th. The shares were acquired at an average cost of $41.05 per share, for a total transaction of $205,250.00. Following the completion of the purchase, the director now directly owns 51,932 shares in the company, valued at $2,131,808.60. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 11.15% of the stock is owned by insiders.
Timken (NYSE:TKR) last issued its quarterly earnings data on Monday, October 29th. The industrial products company reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.01). Timken had a net margin of 7.89% and a return on equity of 19.58%. The company had revenue of $881.30 million for the quarter, compared to the consensus estimate of $912.58 million. During the same quarter in the prior year, the firm earned $0.71 earnings per share. Timken’s revenue for the quarter was up 14.2% compared to the same quarter last year. As a group, analysts predict that Timken Co will post 4.21 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 4th. Investors of record on Tuesday, November 20th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend is Monday, November 19th. Timken’s dividend payout ratio is currently 42.59%.
A number of equities research analysts have issued reports on TKR shares. Zacks Investment Research upgraded Timken from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Saturday, October 13th. ValuEngine cut Timken from a “sell” rating to a “strong sell” rating in a research note on Friday, October 12th. Goldman Sachs Group started coverage on Timken in a research note on Tuesday, October 2nd. They issued a “neutral” rating and a $56.00 target price on the stock. Finally, Bank of America upgraded Timken from an “underperform” rating to a “neutral” rating and set a $56.00 target price on the stock in a research note on Wednesday, August 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $55.60.
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The Timken Company engineers, manufactures, and markets bearings, transmissions, gearboxes, belts, chains, lubrication systems, couplings, industrial clutches and brakes, and related products worldwide. It operates through two segments, Mobile Industries and Process Industries. The Mobile Industries segment offers a portfolio of bearings, seals, lubrication devices, and systems, as well as power transmission components, engineered chains, augers, belts, couplings, clutches and brakes, and related products and maintenance services to original equipment manufacturers (OEMs) and end users of off-highway equipment for the agricultural, construction, mining, outdoor power equipment, and power sports markets; and on-highway vehicles, including passenger cars, light trucks, and medium- and heavy-duty trucks, as well as rail cars and locomotives.
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