JPMorgan Chase & Co. Sells 1,176,277 Shares of The Timken Company (NYSE:TKR)

JPMorgan Chase & Co. lessened its stake in The Timken Company (NYSE:TKR) by 55.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 954,326 shares of the industrial products company’s stock after selling 1,176,277 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.36% of Timken worth $68,110,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Fairway Wealth LLC bought a new stake in Timken in the 4th quarter worth about $29,000. Amundi grew its holdings in shares of Timken by 25.8% in the fourth quarter. Amundi now owns 848 shares of the industrial products company’s stock valued at $61,000 after acquiring an additional 174 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Timken during the fourth quarter valued at approximately $109,000. AlphaQuest LLC lifted its holdings in Timken by 25,983.3% during the fourth quarter. AlphaQuest LLC now owns 1,565 shares of the industrial products company’s stock worth $112,000 after acquiring an additional 1,559 shares during the period. Finally, Blue Trust Inc. boosted its position 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 purchasing an additional 880 shares during the last quarter. Hedge funds and other institutional investors own 89.08% of the company’s stock.

Insider Buying and Selling

In other Timken news, CFO Philip D. Fracassa sold 5,000 shares of Timken 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 $7,379,091.50. The trade was a 5.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 8.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on TKR shares. Citigroup lowered their target price on Timken from $90.00 to $85.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. The Goldman Sachs Group dropped their target price on shares of Timken from $85.00 to $75.00 and set a “neutral” rating on the stock in a research note on Wednesday. Evercore ISI raised their price target on shares of Timken from $91.00 to $102.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Morgan Stanley increased their price objective on Timken from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Tuesday, February 11th. Finally, Jefferies Financial Group restated a “hold” rating and issued a $70.00 target price (down from $90.00) on shares of Timken in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Timken currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.82.

Timken Stock Performance

Timken stock opened at $59.88 on Friday. The Timken Company has a 1-year low of $58.26 and a 1-year high of $94.71. The company has a current ratio of 3.07, a quick ratio of 1.61 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $4.19 billion, a PE ratio of 12.00, a price-to-earnings-growth ratio of 1.51 and a beta of 1.28. The firm’s 50 day simple moving average is $77.08 and its 200 day simple moving average is $77.86.

Timken (NYSE:TKR) last released its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $1.16 earnings per share for the quarter, topping 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, analysts expect that The Timken Company will post 5.62 earnings per share for the current fiscal year.

Timken Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Tuesday, February 25th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend was Tuesday, February 25th. Timken’s payout ratio is 27.25%.

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.