Evercore ISI Upgrades Timken (NYSE:TKR) to Outperform

Timken (NYSE:TKR) was upgraded by stock analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a note issued to investors on Wednesday, Marketbeat reports. The brokerage presently has a $91.00 price objective on the industrial products company’s stock, up from their prior price objective of $87.00. Evercore ISI’s target price points to a potential upside of 21.35% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. KeyCorp lowered their price target on Timken from $104.00 to $90.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. DA Davidson lowered their target price on Timken from $103.00 to $99.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Oppenheimer cut their price target on Timken from $102.00 to $97.00 and set an “outperform” rating for the company in a research note on Wednesday, November 6th. Finally, Citigroup initiated coverage on shares of Timken in a research report on Monday, October 14th. They issued a “neutral” rating and a $90.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $90.00.

Timken Stock Performance

NYSE TKR opened at $74.99 on Wednesday. The stock has a market capitalization of $5.26 billion, a price-to-earnings ratio of 15.59, a PEG ratio of 1.11 and a beta of 1.43. The business’s 50 day moving average is $81.95 and its two-hundred day moving average is $83.47. Timken has a 12-month low of $71.57 and a 12-month high of $94.71. 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 announced its quarterly earnings data on Tuesday, November 5th. The industrial products company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.15). Timken had a return on equity of 14.82% and a net margin of 7.41%. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the company earned $1.55 EPS. The company’s revenue was down 1.4% on a year-over-year basis. Research analysts expect that Timken will post 5.62 EPS for the current year.

Insider Activity

In other news, Director Richard G. Kyle sold 30,000 shares of Timken stock in a transaction on Friday, November 8th. The stock was sold at an average price of $76.59, for a total value of $2,297,700.00. Following the completion of the sale, the director now owns 194,485 shares of the company’s stock, valued at $14,895,606.15. The trade was a 13.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 8.70% of the company’s stock.

Hedge Funds Weigh In On Timken

Institutional investors and hedge funds have recently bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. grew its position in Timken by 3.4% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 4,661 shares of the industrial products company’s stock valued at $407,000 after acquiring an additional 155 shares during the period. Russell Investments Group Ltd. increased its position in Timken by 29.4% during the 1st quarter. Russell Investments Group Ltd. now owns 138,705 shares of the industrial products company’s stock worth $12,127,000 after purchasing an additional 31,552 shares in the last quarter. William Blair Investment Management LLC raised its holdings in Timken by 3.7% in the first quarter. William Blair Investment Management LLC now owns 5,896 shares of the industrial products company’s stock valued at $515,000 after buying an additional 213 shares during the period. State Board of Administration of Florida Retirement System lifted its position in Timken by 5.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 82,653 shares of the industrial products company’s stock valued at $6,754,000 after buying an additional 4,262 shares in the last quarter. Finally, Chesapeake Capital Corp IL purchased a new stake in Timken during the first quarter worth approximately $499,000. Institutional investors and hedge funds own 89.08% of the company’s stock.

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.