Oppenheimer Asset Management Inc. increases its position in The Timken Company (NYSE:TKR)

VaselineSeptember 17, 2024

0 4 minutes read

Oppenheimer Asset Management Inc. grew its position in shares of The Timken Company (NYSE:TKR – Free Report) by 24.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,258 shares of the industrial products company’s stock after acquiring an additional 10,014 shares during the period. Oppenheimer Asset Management Inc. owned about 0.07% of Timken worth $4,027,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Fidelis Capital Partners LLC purchased a new stake in Timken in the 1st quarter valued at $26,000. Livelsberger Financial Advisory bought a new stake in shares of Timken in the fourth quarter valued at about $30,000. Versant Capital Management Inc acquired a new stake in shares of Timken during the second quarter valued at about $30,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Timken by 1,905.6% in the first quarter. EverSource Wealth Advisors LLC now owns 361 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 343 shares in the last quarter. Finally, Manchester Capital Management LLC increased its position in Timken by 51.3% in the first quarter. Manchester Capital Management LLC now owns 605 shares of the industrial products company’s stock worth $53,000 after purchasing an additional 205 shares in the last quarter. 89.08% of shares are currently owned by institutional investors.

Timken trading rose 1.1%

Shares of NYSE TKR opened at $80.62 on Tuesday. The company has a fifty day moving average price of $82.37 and a 200 day moving average price of $84.56. Timken Company has a 1 year low of $65.71 and a 1 year high of $94.71. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.95, and a quick ratio of 1.64. The stock has a market cap of $5.68 billion, a P/E ratio of 15.36, a price-to-earnings-growth ratio of 1.69 and a beta of 1.44.

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Timken (NYSE:TKR – Get Your Free Report ) last posted its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $1.63 earnings per share for the quarter, topping 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 company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same period last year, the business earned $2.01 EPS. The company’s revenue was down 7.1% compared to the same quarter last year. equities research analysts expect that The Timken Company will post 6.13 EPS for the current fiscal year.

Timken announces dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Tuesday, August 20th were given a dividend of $0.34 per share. This represents a dividend of $1.36 on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend was Tuesday, August 20th. Timken’s payout ratio is currently 25.90%.

The Wall Street analyst weighs in

A number of equities research analysts have issued reports on TKR shares. KeyCorp boosted their price objective on Timken from $95.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Raymond James assumed coverage on shares of Timken in a report on Friday, June 28th. They set a “market perform” rating on the stock. Finally, Evercore ISI dropped their target price on Timken from $94.00 to $87.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $88.18.

See the latest stock analysis on TKR

Indoor activity

In related news, CEO Richard G. Kyle sold 30,000 shares of the company’s 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 transaction, the chief executive officer now directly owns 244,485 shares in the company, valued at approximately $19,671,263.10. The sale was disclosed in a filing with the SEC, which can be accessed via this link. Company insiders own 8.70% of the company’s shares.

About Timken

(Free report)

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 offers various bearing products, including tapered, spherical and cylindrical bearings; plain bearings, metal-polymer bearings and rod bearings; Radial, angular contact and precision ball bearings; axial and special ball bearings; rolling bearings; and housed or mounted bearings.