Channing Capital Management LLC Decreases Position in The Timken Company (NYSE:TKR)

Channing Capital Management LLC reduced its position in shares of The Timken Company (NYSE:TKR) by 62.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,038 shares of the industrial products company’s stock after selling 87,879 shares during the period. Channing Capital Management LLC owned 0.07% of Timken worth $4,171,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Sheets Smith Wealth Management purchased a new stake in Timken during the 4th quarter valued at about $454,000. Victory Capital Management Inc. grew its position in shares of Timken by 0.5% in the fourth quarter. Victory Capital Management Inc. now owns 223,946 shares of the industrial products company’s stock valued at $17,949,000 after purchasing an additional 1,174 shares in the last quarter. Amica Mutual Insurance Co. increased its holdings in shares of Timken by 100.0% in the fourth quarter. Amica Mutual Insurance Co. now owns 16,264 shares of the industrial products company’s stock valued at $1,304,000 after purchasing an additional 8,132 shares during the last quarter. Van ECK Associates Corp purchased a new position in Timken during the fourth quarter worth approximately $1,284,000. Finally, Retirement Systems of Alabama boosted its stake in Timken by 0.9% during the fourth quarter. Retirement Systems of Alabama now owns 176,113 shares of the industrial products company’s stock worth $14,115,000 after buying an additional 1,612 shares during the last quarter. 89.08% of the stock is currently owned by hedge funds and other institutional investors.

Timken Stock Up 0.2 %

NYSE:TKR traded up $0.22 during midday trading on Monday, reaching $89.71. The company had a trading volume of 293,952 shares, compared to its average volume of 504,314. The Timken Company has a 12-month low of $65.71 and a 12-month high of $95.08. The firm has a market capitalization of $6.32 billion, a price-to-earnings ratio of 17.05, a PEG ratio of 1.21 and a beta of 1.51. The company has a current ratio of 1.87, a quick ratio of 1.02 and a debt-to-equity ratio of 0.66. The stock’s fifty day simple moving average is $86.12 and its 200-day simple moving average is $80.06.

Timken (NYSE:TKR) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $1.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.27. Timken had a return on equity of 17.98% and a net margin of 7.99%. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter last year, the company earned $2.09 EPS. Timken’s revenue for the quarter was down 5.7% compared to the same quarter last year. On average, sell-side analysts anticipate that The Timken Company will post 6.18 earnings per share for the current fiscal year.

Timken Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 28th. Shareholders of record on Tuesday, May 14th will be given a $0.34 dividend. The ex-dividend date of this dividend is Monday, May 13th. This is an increase from Timken’s previous quarterly dividend of $0.33. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.52%. Timken’s dividend payout ratio is currently 25.90%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. StockNews.com lowered Timken from a “buy” rating to a “hold” rating in a report on Wednesday, February 21st. Oppenheimer reaffirmed an “outperform” rating and set a $100.00 target price (up from $97.00) on shares of Timken in a research note on Thursday, March 21st. Evercore ISI cut shares of Timken from an “outperform” rating to an “in-line” rating and set a $84.00 price target for the company. in a research note on Tuesday, February 20th. Loop Capital raised their target price on Timken from $78.00 to $87.00 and gave the stock a “hold” rating in a research note on Wednesday, May 1st. Finally, The Goldman Sachs Group boosted their price target on shares of Timken from $78.00 to $87.00 and gave the company a “neutral” rating in a research note on Tuesday, February 6th. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $87.09.

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.