Truist Financial Corp Reduces Holdings in The Timken Company (NYSE:TKR)

Truist Financial Corp trimmed its stake in The Timken Company (NYSE:TKR) by 1.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,624 shares of the industrial products company’s stock after selling 214 shares during the period. Truist Financial Corp’s holdings in Timken were worth $1,258,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Coastline Trust Co purchased a new position in Timken during the 3rd quarter valued at about $29,000. Brooklyn Investment Group purchased a new position in Timken during the 3rd quarter valued at about $74,000. Venturi Wealth Management LLC raised its holdings in Timken by 230.7% in the third quarter. Venturi Wealth Management LLC now owns 1,088 shares of the industrial products company’s stock worth $92,000 after buying an additional 759 shares during the last quarter. Blue Trust Inc. raised its holdings in Timken by 88.3% in the fourth quarter. Blue Trust Inc. now owns 1,877 shares of the industrial products company’s stock worth $134,000 after buying an additional 880 shares during the last quarter. Finally, Covestor Ltd raised its holdings in Timken by 20.0% in the third quarter. Covestor Ltd now owns 1,786 shares of the industrial products company’s stock worth $151,000 after buying an additional 298 shares during the last quarter. 89.08% of the stock is owned by hedge funds and other institutional investors.

Timken Stock Performance

Shares of TKR stock opened at $81.06 on Friday. The company has a 50 day moving average price of $77.33 and a 200-day moving average price of $79.31. The Timken Company has a 52 week low of $69.35 and a 52 week high of $94.71. The firm has a market capitalization of $5.67 billion, a PE ratio of 16.25, a P/E/G ratio of 1.51 and a beta of 1.39. The company has a quick ratio of 1.61, a current ratio of 3.07 and a debt-to-equity ratio of 0.69.

Timken (NYSE:TKR) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.08. Timken had a net margin of 7.71% and a return on equity of 13.93%. As a group, equities research analysts expect that The Timken Company will post 5.62 earnings per share for the current year.

Timken Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Tuesday, February 25th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Tuesday, February 25th. This represents a $1.36 annualized dividend and a yield of 1.68%. Timken’s dividend payout ratio (DPR) is 27.25%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on TKR shares. DA Davidson decreased their target price on shares of Timken from $103.00 to $99.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. KeyCorp reaffirmed a “sector weight” rating on shares of Timken in a report on Friday, November 22nd. Oppenheimer decreased their target price on shares of Timken from $102.00 to $97.00 and set an “outperform” rating for the company in a report on Wednesday, November 6th. Evercore ISI lifted their target price on shares of Timken from $91.00 to $102.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Finally, Jefferies Financial Group raised shares of Timken from a “hold” rating to a “buy” rating and lifted their target price for the stock from $80.00 to $95.00 in a report on Friday, December 6th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.70.

Insider Activity at Timken

In related news, CFO Philip D. Fracassa sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $81.50, for a total transaction of $407,500.00. Following the completion of the sale, the chief financial officer now directly owns 90,541 shares in the company, valued at approximately $7,379,091.50. The trade was a 5.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 8.70% of the stock is currently owned by company insiders.

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.