Timken (NYSE:TKR) Shares Gap Down – Here’s Why

The Timken Company (NYSE:TKR)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $83.37, but opened at $78.00. Timken shares last traded at $79.95, with a volume of 66,802 shares changing hands.

Analyst Ratings Changes

Several research firms recently commented on TKR. Evercore ISI cut their target price 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. Citigroup assumed coverage on shares of Timken in a research note on Monday, October 14th. They issued a “neutral” rating and a $90.00 price objective for the company. Finally, DA Davidson restated a “buy” rating and issued a $103.00 price objective on shares of Timken in a research note on Tuesday, September 17th. Eight equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $91.70.

Timken Stock Down 9.8 %

The firm has a market cap of $5.28 billion, a price-to-earnings ratio of 16.13, a PEG ratio of 1.89 and a beta of 1.43. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.64 and a current ratio of 2.95. The business’s 50-day moving average is $82.98 and its 200-day moving average is $84.00.

Timken Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date was Tuesday, August 20th. Timken’s dividend payout ratio is currently 27.87%.

Insiders Place Their Bets

In other Timken news, CEO Richard G. Kyle sold 30,000 shares of the stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $80.46, for a total transaction of $2,413,800.00. Following the sale, the chief executive officer now owns 244,485 shares of the company’s stock, valued at $19,671,263.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 8.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Winslow Asset Management Inc. boosted its stake in shares of Timken by 3.6% in the 3rd quarter. Winslow Asset Management Inc. now owns 5,050 shares of the industrial products company’s stock valued at $426,000 after purchasing an additional 175 shares during the last quarter. Venturi Wealth Management LLC boosted its stake in Timken by 230.7% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,088 shares of the industrial products company’s stock worth $92,000 after acquiring an additional 759 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its stake in Timken by 3.3% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 23,397 shares of the industrial products company’s stock worth $1,972,000 after acquiring an additional 753 shares during the last quarter. Covestor Ltd boosted its stake in Timken by 20.0% during the 3rd quarter. Covestor Ltd now owns 1,786 shares of the industrial products company’s stock worth $151,000 after acquiring an additional 298 shares during the last quarter. Finally, Verdence Capital Advisors LLC boosted its stake in Timken by 3.8% during the 3rd quarter. Verdence Capital Advisors LLC now owns 4,539 shares of the industrial products company’s stock worth $383,000 after acquiring an additional 168 shares during the last quarter. Institutional investors own 89.08% of the company’s stock.

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.