Point72 Asset Management L.P. Acquires New Holdings in Timken Co (TKR)
Point72 Asset Management L.P. acquired a new position in shares of Timken Co (NYSE:TKR) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 86,300 shares of the industrial products company’s stock, valued at approximately $4,190,000. Point72 Asset Management L.P. owned approximately 0.11% of Timken at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in TKR. Advisor Group Inc. raised its holdings in Timken by 19.7% during the second quarter. Advisor Group Inc. now owns 4,051 shares of the industrial products company’s stock valued at $187,000 after buying an additional 666 shares in the last quarter. US Bancorp DE raised its holdings in Timken by 10.1% during the second quarter. US Bancorp DE now owns 4,262 shares of the industrial products company’s stock valued at $197,000 after buying an additional 390 shares in the last quarter. Calamos Advisors LLC bought a new position in Timken during the second quarter valued at about $210,000. Janus Henderson Group PLC bought a new position in Timken during the second quarter valued at about $215,000. Finally, Bank of Montreal Can raised its holdings in Timken by 6.8% during the second quarter. Bank of Montreal Can now owns 4,785 shares of the industrial products company’s stock valued at $221,000 after buying an additional 303 shares in the last quarter. Institutional investors and hedge funds own 79.05% of the company’s stock.
Timken Co (NYSE TKR) opened at $48.65 on Wednesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.59 and a quick ratio of 1.38. The company has a market capitalization of $3,795.48, a PE ratio of 20.29, a PEG ratio of 1.61 and a beta of 1.49. Timken Co has a 12 month low of $39.40 and a 12 month high of $53.10.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Friday, November 17th were paid a $0.27 dividend. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.22%. Timken’s payout ratio is presently 43.03%.
TKR has been the topic of several recent research reports. Zacks Investment Research lowered Timken from a “buy” rating to a “hold” rating in a report on Wednesday, September 27th. Jefferies Group restated a “hold” rating and set a $50.00 target price on shares of Timken in a report on Thursday, October 26th. Finally, ValuEngine lowered Timken from a “buy” rating to a “hold” rating in a report on Friday, September 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $52.00.
In other news, insider Richard G. Kyle sold 9,242 shares of Timken stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $49.75, for a total value of $459,789.50. Following the transaction, the insider now directly owns 89,236 shares in the company, valued at $4,439,491. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 11.08% of the company’s stock.
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Timken Company Profile
The Timken Company engineers, manufactures and markets bearings, transmissions, gearboxes, belts, chain, couplings and related products and offers a spectrum of power system rebuild and repair services across the world. The Company operates through two segments: Mobile Industries and Process Industries.
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