Victory Capital Management Inc. Sells 17,150 Shares of The Timken Company (NYSE:TKR)

Victory Capital Management Inc. decreased its holdings in shares of The Timken Company (NYSE:TKR) by 9.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 170,177 shares of the industrial products company’s stock after selling 17,150 shares during the quarter. Victory Capital Management Inc. owned approximately 0.24% of Timken worth $14,344,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Winslow Asset Management Inc. lifted its holdings in Timken by 3.6% in the 3rd quarter. Winslow Asset Management Inc. now owns 5,050 shares of the industrial products company’s stock worth $426,000 after purchasing an additional 175 shares during the last quarter. Venturi Wealth Management LLC raised its holdings in Timken by 230.7% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,088 shares of the industrial products company’s stock worth $92,000 after acquiring an additional 759 shares during the period. State of New Jersey Common Pension Fund D boosted its holdings in Timken by 3.3% during the third quarter. State of New Jersey Common Pension Fund D now owns 23,397 shares of the industrial products company’s stock valued at $1,972,000 after acquiring an additional 753 shares during the period. Covestor Ltd boosted its stake in Timken by 20.0% during the 3rd quarter. Covestor Ltd now owns 1,786 shares of the industrial products company’s stock valued at $151,000 after purchasing an additional 298 shares during the period. Finally, Verdence Capital Advisors LLC boosted its position in shares of Timken by 3.8% in the third quarter. Verdence Capital Advisors LLC now owns 4,539 shares of the industrial products company’s stock valued at $383,000 after acquiring an additional 168 shares during the period. Institutional investors and hedge funds own 89.08% of the company’s stock.

Timken Stock Performance

TKR stock opened at $73.50 on Wednesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.00 and a quick ratio of 1.62. The Timken Company has a fifty-two week low of $71.57 and a fifty-two week high of $94.71. The stock has a market capitalization of $5.15 billion, a PE ratio of 15.28, a price-to-earnings-growth ratio of 1.12 and a beta of 1.43. The company has a 50 day moving average price of $81.70 and a 200 day moving average price of $83.11.

Timken (NYSE:TKR) last posted its quarterly earnings results 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). The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.12 billion. Timken had a net margin of 7.41% and a return on equity of 14.82%. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period last year, the company earned $1.55 EPS. Analysts forecast that The Timken Company will post 5.61 EPS for the current year.

Timken Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Tuesday, November 19th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.85%. Timken’s dividend payout ratio is 28.27%.

Wall Street Analyst Weigh In

A number of analysts have commented on TKR shares. KeyCorp reduced their price objective on Timken from $104.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. DA Davidson dropped their target price on Timken from $103.00 to $99.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. Oppenheimer decreased their price target on Timken from $102.00 to $97.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 6th. Evercore ISI raised shares of Timken from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $87.00 to $91.00 in a report on Wednesday, November 13th. 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 target on the stock. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $90.00.

Insider Activity

In other news, Director Richard G. Kyle sold 30,000 shares of Timken stock in a transaction dated Friday, November 8th. The stock was 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 in the company, valued at $14,895,606.15. The trade was a 13.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.70% of the stock is owned by company insiders.

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.