Legal & General Group Plc Has $9.58 Million Position in The Timken Company (NYSE:TKR)

Legal & General Group Plc cut its position in The Timken Company (NYSE:TKR) by 4.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 134,173 shares of the industrial products company’s stock after selling 6,814 shares during the quarter. Legal & General Group Plc owned 0.19% of Timken worth $9,576,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in TKR. Victory Capital Management Inc. boosted its position in Timken by 418.4% during the 4th quarter. Victory Capital Management Inc. now owns 882,156 shares of the industrial products company’s stock worth $62,959,000 after buying an additional 711,979 shares during the period. Norges Bank acquired a new position in shares of Timken during the fourth quarter worth $42,748,000. American Century Companies Inc. grew its stake in shares of Timken by 11.3% in the fourth quarter. American Century Companies Inc. now owns 3,158,690 shares of the industrial products company’s stock worth $225,436,000 after purchasing an additional 320,354 shares during the last quarter. Royce & Associates LP increased its holdings in Timken by 108.9% in the fourth quarter. Royce & Associates LP now owns 397,895 shares of the industrial products company’s stock valued at $28,398,000 after purchasing an additional 207,439 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Timken during the 4th quarter worth $14,460,000. 89.08% of the stock is currently owned by institutional investors.

Timken Stock Up 0.7 %

TKR stock opened at $61.39 on Friday. The stock’s 50 day simple moving average is $72.97 and its 200 day simple moving average is $76.19. The company has a market cap of $4.30 billion, a P/E ratio of 12.30, a price-to-earnings-growth ratio of 1.51 and a beta of 1.28. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.61 and a current ratio of 3.07. The Timken Company has a fifty-two week low of $56.20 and a fifty-two week high of $94.71.

Timken (NYSE:TKR) last issued its earnings results on Wednesday, February 5th. The industrial products company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.08. Timken had a return on equity of 13.93% and a net margin of 7.71%. On average, research analysts expect that The Timken Company will post 5.62 earnings per share for the current fiscal year.

Timken Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Tuesday, February 25th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend was Tuesday, February 25th. Timken’s payout ratio is presently 27.25%.

Analyst Ratings Changes

Several brokerages have recently weighed in on TKR. The Goldman Sachs Group decreased their price target on Timken from $85.00 to $75.00 and set a “neutral” rating for the company in a research note on Wednesday, April 2nd. Loop Capital decreased their target price on shares of Timken from $85.00 to $65.00 and set a “hold” rating for the company in a research report on Thursday. Evercore ISI boosted their price target on shares of Timken from $91.00 to $102.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Bank of America upgraded shares of Timken from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $73.00 to $78.00 in a research report on Tuesday, February 4th. Finally, Morgan Stanley cut their price target on shares of Timken from $94.00 to $88.00 and set an “overweight” rating on the stock in a research report on Wednesday. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $84.91.

Insider Buying and Selling

In related news, CFO Philip D. Fracassa sold 5,000 shares of Timken stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $81.50, for a total transaction of $407,500.00. Following the transaction, the chief financial officer now owns 90,541 shares of the company’s stock, valued at $7,379,091.50. The trade was a 5.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 8.70% of the stock is currently owned by company insiders.

Timken Company Profile

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.