JPMorgan Chase & Co. Sells 879,422 Shares of The Timken Company (NYSE:TKR)

JPMorgan Chase & Co. decreased its holdings in shares of The Timken Company (NYSE:TKR) by 29.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,130,603 shares of the industrial products company’s stock after selling 879,422 shares during the period. JPMorgan Chase & Co. owned 3.04% of Timken worth $179,589,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Coastline Trust Co bought a new position in shares of Timken in the third quarter worth approximately $29,000. Livelsberger Financial Advisory bought a new stake in Timken in the 3rd quarter worth about $32,000. UMB Bank n.a. raised its position in Timken by 64.1% in the 3rd quarter. UMB Bank n.a. now owns 430 shares of the industrial products company’s stock worth $36,000 after buying an additional 168 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in Timken during the 2nd quarter valued at about $44,000. Finally, Brooklyn Investment Group purchased a new stake in shares of Timken during the 3rd quarter valued at about $74,000. 89.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Timken news, Director Richard G. Kyle sold 30,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were 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 trade represents a 13.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 8.70% of the company’s stock.

Timken Trading Up 0.7 %

NYSE TKR opened at $71.37 on Wednesday. The stock has a market cap of $5.00 billion, a PE ratio of 14.84, a PEG ratio of 1.12 and a beta of 1.38. The Timken Company has a 12 month low of $70.00 and a 12 month high of $94.71. The company’s 50-day moving average price is $76.93 and its 200-day moving average price is $80.50. The company has a current ratio of 3.00, a quick ratio of 1.62 and a debt-to-equity ratio of 0.71.

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

Timken Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Tuesday, November 19th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date was Tuesday, November 19th. Timken’s payout ratio is 28.27%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Evercore ISI raised shares of Timken from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $87.00 to $91.00 in a report on Wednesday, November 13th. Morgan Stanley raised Timken from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $82.00 to $93.00 in a research report on Tuesday, December 17th. Oppenheimer decreased their price target on Timken from $102.00 to $97.00 and set an “outperform” rating on the stock in a report on Wednesday, November 6th. KeyCorp reissued a “sector weight” rating on shares of Timken in a report on Friday, November 22nd. Finally, Jefferies Financial Group raised shares of Timken from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $80.00 to $95.00 in a research note on Friday, December 6th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Timken presently has an average rating of “Moderate Buy” and a consensus price target of $92.90.

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.