Timken (TKR) Upgraded to “Buy” by Bank of America

Timken (NYSE:TKR) was upgraded by equities researchers at Bank of America from a “neutral” rating to a “buy” rating in a note issued to investors on Monday, The Fly reports.

Other research analysts also recently issued research reports about the company. Zacks Investment Research upgraded Timken from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research note on Saturday, October 13th. ValuEngine downgraded Timken from a “sell” rating to a “strong sell” rating in a research note on Friday, October 12th. Finally, Goldman Sachs Group assumed coverage on Timken in a research note on Tuesday, October 2nd. They set a “neutral” rating and a $56.00 price target on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. Timken currently has a consensus rating of “Buy” and a consensus price target of $55.60.

TKR stock opened at $40.15 on Monday. The company has a current ratio of 2.72, a quick ratio of 1.44 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of 15.27, a P/E/G ratio of 0.64 and a beta of 1.88. Timken has a 1 year low of $34.90 and a 1 year high of $55.65.

Timken (NYSE:TKR) last posted its quarterly earnings results on Monday, October 29th. The industrial products company reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.01). The company had revenue of $881.30 million during the quarter, compared to analyst estimates of $912.58 million. Timken had a net margin of 7.89% and a return on equity of 19.58%. Timken’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.71 EPS. Equities analysts forecast that Timken will post 4.21 EPS for the current fiscal year.

In other news, Director Frank C. Sullivan purchased 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 5th. The shares were purchased at an average price of $41.05 per share, for a total transaction of $205,250.00. Following the purchase, the director now directly owns 51,932 shares of the company’s stock, valued at approximately $2,131,808.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 11.15% of the company’s stock.

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. grew its stake in shares of Timken by 0.4% in the 3rd quarter. BlackRock Inc. now owns 6,053,330 shares of the industrial products company’s stock valued at $301,759,000 after purchasing an additional 22,720 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Timken by 9.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,962,212 shares of the industrial products company’s stock valued at $97,817,000 after purchasing an additional 173,964 shares during the last quarter. Boston Partners grew its stake in shares of Timken by 2.6% in the 2nd quarter. Boston Partners now owns 1,944,278 shares of the industrial products company’s stock valued at $84,673,000 after purchasing an additional 48,733 shares during the last quarter. LSV Asset Management grew its stake in shares of Timken by 7.7% in the 3rd quarter. LSV Asset Management now owns 1,653,575 shares of the industrial products company’s stock valued at $82,430,000 after purchasing an additional 117,700 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Timken by 23.3% in the 3rd quarter. Victory Capital Management Inc. now owns 1,384,005 shares of the industrial products company’s stock valued at $68,993,000 after purchasing an additional 261,313 shares during the last quarter. Institutional investors own 78.88% of the company’s stock.

About Timken

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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