Allspring Global Investments Holdings LLC Cuts Stock Holdings in The Timken Company (NYSE:TKR)

Allspring Global Investments Holdings LLC lowered its position in shares of The Timken Company (NYSE:TKR) by 3.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 382,950 shares of the industrial products company’s stock after selling 12,460 shares during the period. Allspring Global Investments Holdings LLC owned 0.54% of Timken worth $30,686,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. Norges Bank purchased a new position in Timken during the fourth quarter worth about $56,995,000. Fiduciary Management Inc. WI increased its holdings in Timken by 94.7% in the fourth quarter. Fiduciary Management Inc. WI now owns 1,133,076 shares of the industrial products company’s stock valued at $90,816,000 after buying an additional 551,097 shares in the last quarter. Vanguard Group Inc. increased its holdings in Timken by 5.6% in the first quarter. Vanguard Group Inc. now owns 6,515,972 shares of the industrial products company’s stock valued at $569,691,000 after buying an additional 347,794 shares in the last quarter. Interval Partners LP purchased a new position in Timken in the first quarter valued at about $22,907,000. Finally, Westwood Holdings Group Inc. increased its holdings in Timken by 6,368.3% in the fourth quarter. Westwood Holdings Group Inc. now owns 193,790 shares of the industrial products company’s stock valued at $15,532,000 after buying an additional 190,794 shares in the last quarter. Institutional investors and hedge funds own 89.08% of the company’s stock.

Insider Buying and Selling

In other news, CEO Richard G. Kyle sold 30,000 shares of Timken stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $80.46, for a total value of $2,413,800.00. Following the completion of the transaction, the chief executive officer now directly owns 244,485 shares of the company’s stock, valued at approximately $19,671,263.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.70% of the stock is currently owned by insiders.

Timken Stock Down 1.9 %

Shares of TKR opened at $83.20 on Wednesday. The company’s fifty day moving average is $82.30 and its two-hundred day moving average is $84.66. The Timken Company has a fifty-two week low of $65.71 and a fifty-two week high of $94.71. The company has a quick ratio of 1.64, a current ratio of 2.95 and a debt-to-equity ratio of 0.72. The firm has a market cap of $5.86 billion, a PE ratio of 15.85, a price-to-earnings-growth ratio of 1.77 and a beta of 1.46.

Timken (NYSE:TKR) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.03. Timken had a net margin of 7.52% and a return on equity of 16.36%. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter last year, the firm posted $2.01 EPS. The business’s revenue for the quarter was down 7.1% compared to the same quarter last year. Analysts forecast that The Timken Company will post 6.13 earnings per share for the current year.

Timken Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Tuesday, August 20th will be paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend is Tuesday, August 20th. Timken’s dividend payout ratio (DPR) is 25.90%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on TKR. Raymond James began coverage on shares of Timken in a research note on Friday, June 28th. They set a “market perform” rating for the company. Stifel Nicolaus raised their price objective on shares of Timken from $92.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. Evercore ISI dropped their price objective on shares of Timken from $94.00 to $87.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. KeyCorp raised their target price on shares of Timken from $95.00 to $104.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Finally, Loop Capital raised their target price on shares of Timken from $78.00 to $87.00 and gave the stock a “hold” rating in a research report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Timken presently has a consensus rating of “Hold” and a consensus price target of $88.18.

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.