Bank of Montreal Can Cuts Holdings in The Timken Company (NYSE:TKR)

Bank of Montreal Can trimmed its position in The Timken Company (NYSE:TKR) by 37.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,743 shares of the industrial products company’s stock after selling 13,147 shares during the quarter. Bank of Montreal Can’s holdings in Timken were worth $1,848,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in TKR. Mirabella Financial Services LLP bought a new stake in Timken in the 3rd quarter worth approximately $2,215,000. Penserra Capital Management LLC purchased a new position in shares of Timken in the third quarter valued at $451,000. Charles Schwab Investment Management Inc. increased its position in Timken by 0.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 649,952 shares of the industrial products company’s stock worth $54,784,000 after purchasing an additional 1,989 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its stake in Timken by 0.5% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 122,557 shares of the industrial products company’s stock valued at $10,330,000 after purchasing an additional 580 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its position in Timken by 16.5% during the third quarter. First Horizon Advisors Inc. now owns 1,823 shares of the industrial products company’s stock valued at $154,000 after purchasing an additional 258 shares during the last quarter. 89.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Richard G. Kyle sold 30,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $76.59, for a total transaction of $2,297,700.00. Following the transaction, the director now owns 194,485 shares of the company’s stock, valued at approximately $14,895,606.15. This represents a 13.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 8.70% of the stock is owned by insiders.

Timken Stock Performance

TKR stock opened at $76.10 on Friday. The Timken Company has a twelve month low of $72.35 and a twelve month high of $94.71. The firm has a market cap of $5.34 billion, a price-to-earnings ratio of 15.82, a PEG ratio of 1.15 and a beta of 1.38. The business’s fifty day simple moving average is $80.63 and its two-hundred day simple moving average is $82.06. The company has a quick ratio of 1.62, a current ratio of 3.00 and a debt-to-equity ratio of 0.71.

Timken (NYSE:TKR) last posted its quarterly earnings results on Tuesday, November 5th. The industrial products company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.15). The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Timken had a return on equity of 14.82% and a net margin of 7.41%. The company’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.55 EPS. Analysts predict that The Timken Company will post 5.61 earnings per share for the current year.

Timken Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Tuesday, November 19th were issued a $0.34 dividend. The ex-dividend date was Tuesday, November 19th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.79%. Timken’s payout ratio is 28.27%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Citigroup began coverage on shares of Timken in a report on Monday, October 14th. They issued a “neutral” rating and a $90.00 target price on the stock. KeyCorp reissued a “sector weight” rating on shares of Timken in a research note on Friday, November 22nd. Oppenheimer lowered their price objective on Timken from $102.00 to $97.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Evercore ISI upgraded Timken from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $87.00 to $91.00 in a report on Wednesday, November 13th. Finally, DA Davidson decreased their price target on Timken from $103.00 to $99.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $90.00.

Timken 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.