Timken Co (NYSE:TKR) was the target of a large drop in short interest in June. As of June 15th, there was short interest totalling 1,495,900 shares, a drop of 12.9% from the May 15th total of 1,718,100 shares. Currently, 2.2% of the shares of the stock are short sold. Based on an average daily volume of 668,600 shares, the days-to-cover ratio is presently 2.2 days.
Shares of TKR traded up $0.28 during midday trading on Friday, hitting $47.68. 429,139 shares of the stock traded hands, compared to its average volume of 701,012. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of 11.41, a PEG ratio of 0.97 and a beta of 1.77. The company’s 50 day simple moving average is $48.37. Timken has a 1-year low of $33.98 and a 1-year high of $52.45. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.81 and a quick ratio of 1.58.
Timken (NYSE:TKR) last announced its quarterly earnings results on Wednesday, May 1st. The industrial products company reported $1.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.11. The business had revenue of $979.70 million during the quarter, compared to analysts’ expectations of $983.81 million. Timken had a return on equity of 21.51% and a net margin of 8.55%. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.01 EPS. As a group, equities analysts forecast that Timken will post 5.24 earnings per share for the current fiscal year.
In other news, EVP Ronald J. Myers sold 13,191 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $50.77, for a total value of $669,707.07. Following the completion of the transaction, the executive vice president now owns 18,987 shares in the company, valued at approximately $963,969.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Shelly Marie Chadwick sold 2,400 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $51.44, for a total transaction of $123,456.00. Following the transaction, the insider now owns 1,443 shares of the company’s stock, valued at $74,227.92. The disclosure for this sale can be found here. Company insiders own 11.58% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. raised its stake in shares of Timken by 3.3% in the fourth quarter. BlackRock Inc. now owns 6,254,286 shares of the industrial products company’s stock valued at $233,409,000 after purchasing an additional 200,956 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Timken by 10.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,159,524 shares of the industrial products company’s stock valued at $80,593,000 after purchasing an additional 197,312 shares in the last quarter. LSV Asset Management raised its stake in shares of Timken by 0.4% in the first quarter. LSV Asset Management now owns 1,677,475 shares of the industrial products company’s stock valued at $73,171,000 after purchasing an additional 7,200 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Timken by 5.8% in the fourth quarter. Bank of New York Mellon Corp now owns 1,093,309 shares of the industrial products company’s stock valued at $40,803,000 after purchasing an additional 59,559 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Timken in the fourth quarter valued at $33,099,000. 78.16% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have weighed in on the stock. Morgan Stanley set a $143.00 target price on shares of FedEx and gave the company a “hold” rating in a report on Monday, June 10th. Goldman Sachs Group downgraded shares of Micro Focus International from a “neutral” rating to a “sell” rating in a report on Tuesday. Zacks Investment Research upgraded shares of Vistra Energy from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a report on Saturday, July 13th. Bank of America set a $68.00 target price on shares of Inphi and gave the company a “buy” rating in a report on Monday. Finally, ValuEngine upgraded shares of WPP from a “sell” rating to a “hold” rating in a report on Wednesday, June 19th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $56.60.
About Timken
The Timken Company engineers, manufactures, and markets engineered bearings and power transmission products worldwide. It operates in two segments, Mobile Industries and Process Industries. The Mobile Industries segment offers a portfolio of bearings, seals, and lubrication devices and systems, as well as power transmission components, engineered chains, augers, belts, couplings, clutches, brakes, and related products and maintenance services to original equipment manufacturers (OEMs) and end users of off-highway equipment for the agricultural, construction, mining, outdoor power equipment, and power sports markets; and on-highway vehicles, including passenger cars, light trucks, and medium- and heavy-duty trucks, as well as rail cars and locomotives.