Granite Investment Partners LLC Has $5.55 Million Stock Holdings in The Timken Company (NYSE:TKR)

Granite Investment Partners LLC reduced its holdings in The Timken Company (NYSE:TKR) by 2.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 69,210 shares of the industrial products company’s stock after selling 1,450 shares during the quarter. Granite Investment Partners LLC owned about 0.10% of Timken worth $5,546,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TKR. Fidelis Capital Partners LLC acquired a new position in Timken during the 1st quarter valued at about $26,000. Livelsberger Financial Advisory purchased a new stake in shares of Timken during the 4th quarter valued at $30,000. Versant Capital Management Inc bought a new stake in shares of Timken during the 2nd quarter worth $30,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Timken by 1,905.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 361 shares of the industrial products company’s stock worth $32,000 after buying an additional 343 shares during the last quarter. Finally, Manchester Capital Management LLC grew its position in Timken by 51.3% during the first quarter. Manchester Capital Management LLC now owns 605 shares of the industrial products company’s stock valued at $53,000 after buying an additional 205 shares during the period. 89.08% of the stock is owned by institutional investors.

Timken Trading Down 1.9 %

Shares of TKR opened at $82.55 on Friday. The business’s 50-day moving average price is $82.50 and its 200-day moving average price is $84.52. The company has a quick ratio of 1.64, a current ratio of 2.95 and a debt-to-equity ratio of 0.72. The stock has a market cap of $5.81 billion, a PE ratio of 15.72, a P/E/G ratio of 1.73 and a beta of 1.44. The Timken Company has a twelve month low of $65.71 and a twelve month high of $94.71.

Timken (NYSE:TKR) last issued its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.03. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. Timken had a return on equity of 16.36% and a net margin of 7.52%. The firm’s revenue was down 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $2.01 earnings per share. On average, equities analysts forecast that The Timken Company will post 6.11 EPS for the current fiscal year.

Timken Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Tuesday, August 20th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend was Tuesday, August 20th. Timken’s dividend payout ratio is currently 25.90%.

Insider Buying and Selling at Timken

In other news, CEO Richard G. Kyle sold 30,000 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $80.76, for a total transaction of $2,422,800.00. Following the sale, the chief executive officer now owns 274,485 shares in the company, valued at approximately $22,167,408.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 8.70% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have commented on TKR shares. Evercore ISI lowered their price objective on shares of Timken from $94.00 to $87.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Raymond James assumed coverage on Timken in a report on Friday, June 28th. They set a “market perform” rating for the company. Finally, DA Davidson restated a “buy” rating and issued a $103.00 target price on shares of Timken in a research note on Tuesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $89.18.

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.