The Timken Company (NYSE:TKR) Shares Acquired by Teacher Retirement System of Texas

Jun 08, 2023

Teacher Retirement System of Texas boosted its position in The Timken Company (NYSE:TKR - Get Rating) by 35.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,645 shares of the industrial products company's stock after buying an additional 8,873 shares during the quarter. Teacher Retirement System of Texas' holdings in Timken were worth $2,378,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC grew its position in shares of Timken by 9.4% during the 4th quarter. Quadrant Capital Group LLC now owns 1,784 shares of the industrial products company's stock valued at $126,000 after buying an additional 154 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its stake in Timken by 36.3% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 13,092 shares of the industrial products company's stock valued at $925,000 after purchasing an additional 3,487 shares during the last quarter. Granite Investment Partners LLC raised its holdings in shares of Timken by 31.0% during the fourth quarter. Granite Investment Partners LLC now owns 86,054 shares of the industrial products company's stock valued at $6,081,000 after acquiring an additional 20,357 shares during the period. Amalgamated Bank raised its holdings in shares of Timken by 20.3% during the fourth quarter. Amalgamated Bank now owns 56,612 shares of the industrial products company's stock valued at $4,001,000 after acquiring an additional 9,538 shares during the period. Finally, Telemark Asset Management LLC acquired a new position in Timken in the 4th quarter valued at approximately $10,601,000. Institutional investors and hedge funds own 82.00% of the company's stock.

A number of brokerages have weighed in on TKR. Jefferies Financial Group increased their price target on shares of Timken from $95.00 to $105.00 and gave the company a "buy" rating in a report on Monday, March 6th. Citigroup lifted their price objective on shares of Timken from $78.00 to $98.00 and gave the company a "buy" rating in a report on Wednesday, February 8th. StockNews.com upgraded shares of Timken from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 11th. Evercore ISI lowered their target price on shares of Timken from $89.00 to $83.00 in a report on Tuesday, May 9th. Finally, KeyCorp upped their price objective on shares of Timken from $88.00 to $102.00 and gave the company an "overweight" rating in a report on Tuesday, February 7th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $90.78.

TKR opened at $78.18 on Monday. The business has a fifty day moving average of $76.19 and a 200 day moving average of $77.22. The Timken Company has a 52-week low of $50.85 and a 52-week high of $89.40. The company has a quick ratio of 1.47, a current ratio of 2.76 and a debt-to-equity ratio of 0.81. The stock has a market cap of $5.66 billion, a P/E ratio of 13.99, a PEG ratio of 0.90 and a beta of 1.54.

Timken (NYSE:TKR - Get Rating) last announced its earnings results on Wednesday, May 3rd. The industrial products company reported $2.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.24. Timken had a return on equity of 20.72% and a net margin of 8.88%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period in the prior year, the company posted $1.61 EPS. The firm's quarterly revenue was up 12.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that The Timken Company will post 7.26 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 30th. Investors of record on Tuesday, May 16th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend was Monday, May 15th. This is a boost from Timken's previous quarterly dividend of $0.31. Timken's dividend payout ratio (DPR) is currently 23.61%.

In related news, CEO Richard G. Kyle sold 23,232 shares of the stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $73.77, for a total value of $1,713,824.64. Following the completion of the transaction, the chief executive officer now directly owns 383,082 shares in the company, valued at $28,259,959.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Richard G. Kyle sold 24,851 shares of the business's stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $73.74, for a total value of $1,832,512.74. Following the transaction, the chief executive officer now owns 383,082 shares in the company, valued at approximately $28,248,466.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Richard G. Kyle sold 23,232 shares of the business's stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $73.77, for a total value of $1,713,824.64. Following the transaction, the chief executive officer now owns 383,082 shares in the company, valued at approximately $28,259,959.14. The disclosure for this sale can be found here. Insiders own 9.89% of the company's stock.

The Timken Co engages in the engineering, manufacturing, and marketing of bearings and industrial motion products. In addition to bearings, it offers drives, belts, chains, lubrication systems, couplings, industrial clutches, and brakes. It operates through the Mobile and Process Industries segments.

Want to see what other hedge funds are holding TKR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Timken Company (NYSE:TKR - Get Rating).

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