Timken Co. (TKR) Shares Gap Up to $33.64
Timken Co. (NYSE:TKR) gapped up prior to trading on Tuesday . The stock had previously closed at $33.48, but opened at $33.64. Timken shares last traded at $34.30, with a volume of 491,469 shares changing hands.
Several research firms recently commented on TKR. Zacks Investment Research raised Timken from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a report on Friday, April 29th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $40.00 price target (up previously from $34.00) on shares of Timken in a report on Thursday, April 28th. Topeka Capital Markets began coverage on Timken in a report on Thursday, May 26th. They issued a “hold” rating and a $35.00 price target for the company. Finally, Avondale Partners raised Timken from a “market perform” rating to an “outperform” rating and set a $35.00 price target for the company in a report on Monday, July 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $33.33.
The stock has a 50 day moving average of $32.52 and a 200-day moving average of $32.59. The firm has a market capitalization of $2.69 billion and a P/E ratio of 20.60.
Timken (NYSE:TKR) last posted its earnings results on Thursday, July 28th. The company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.05. During the same period in the previous year, the company posted $0.57 EPS. The company earned $673.50 million during the quarter, compared to analysts’ expectations of $693.64 million. Timken’s quarterly revenue was down 7.4% compared to the same quarter last year. Equities analysts expect that Timken Co. will post $1.92 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 2nd. Shareholders of record on Monday, August 15th will be issued a $0.26 dividend. The ex-dividend date is Thursday, August 11th. This represents a $1.04 annualized dividend and a yield of 3.03%.
In other Timken news, Director Jacqueline F. Woods sold 2,500 shares of the business’s stock in a transaction on Tuesday, May 31st. The stock was sold at an average price of $33.74, for a total value of $84,350.00. Following the completion of the transaction, the director now directly owns 18,017 shares in the company, valued at approximately $607,893.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
A hedge fund recently raised its stake in Timken stock. Eaton Vance Management raised its stake in shares of Timken Co. (NYSE:TKR) by 1.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 44,471 shares of the company’s stock after buying an additional 800 shares during the period. Eaton Vance Management owned about 0.05% of Timken worth $1,271,000 as of its most recent filing with the SEC.
The Timken Company engineers, manufactures and markets bearings, transmissions, gearboxes, chain and related products and offers a spectrum of power system rebuild and repair services around the world. The Company operates through two segments: Mobile Industries, which offers bearings, seals, lubrication devices and systems, as well as power transmission components, engineered chain, augers and related products and maintenance services, and Process Industries, which provides industrial bearings and assemblies, power transmission components such as gears and gearboxes, couplings, seals, lubricants, chains and related products and services.
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