Hotchkis & Wiley Capital Management LLC Raises Position in The Timken Company (NYSE:TKR)

Hotchkis & Wiley Capital Management LLC increased its position in The Timken Company (NYSE:TKR) by 34.3% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,700,979 shares of the industrial products company’s stock after purchasing an additional 434,800 shares during the period. Hotchkis & Wiley Capital Management LLC owned 2.43% of Timken worth $143,376,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Verition Fund Management LLC boosted its holdings in shares of Timken by 3,179.1% during the 3rd quarter. Verition Fund Management LLC now owns 193,858 shares of the industrial products company’s stock valued at $16,340,000 after buying an additional 187,946 shares in the last quarter. American Century Companies Inc. raised its position in 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 worth $225,750,000 after purchasing an additional 128,791 shares during the last quarter. Thrivent Financial for Lutherans raised its position in shares of Timken by 4.2% in the third quarter. Thrivent Financial for Lutherans now owns 2,679,790 shares of the industrial products company’s stock valued at $225,880,000 after buying an additional 107,350 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Timken by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,104,910 shares of the industrial products company’s stock valued at $168,667,000 after purchasing an additional 97,550 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of Timken in the 2nd quarter worth approximately $6,897,000. Institutional investors own 89.08% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on TKR shares. KeyCorp restated a “sector weight” rating on shares of Timken in a research note on Friday, November 22nd. Citigroup initiated 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. Evercore ISI raised Timken from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $87.00 to $91.00 in a research report on Wednesday, November 13th. DA Davidson cut their price objective on 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 target price on shares of Timken from $102.00 to $97.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Timken presently has an average rating of “Hold” and a consensus price target of $90.00.

Timken Stock Performance

Shares of Timken stock opened at $77.93 on Tuesday. 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 Timken Company has a 12 month low of $72.35 and a 12 month high of $94.71. The stock has a market capitalization of $5.46 billion, a price-to-earnings ratio of 16.20, a price-to-earnings-growth ratio of 1.15 and a beta of 1.39. The business has a 50-day moving average of $80.96 and a 200 day moving average of $82.27.

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

Timken Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Tuesday, November 19th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend was Tuesday, November 19th. Timken’s dividend payout ratio (DPR) is 28.27%.

Insider Buying and Selling

In related news, Director Richard G. Kyle sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $76.59, for a total transaction of $2,297,700.00. Following the completion of the transaction, the director now owns 194,485 shares in the company, valued at $14,895,606.15. This trade represents a 13.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 8.70% of the stock is currently owned by corporate insiders.

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.