State of Alaska Department of Revenue Buys Shares of 4,100 Timken Co (TKR)
State of Alaska Department of Revenue bought a new stake in shares of Timken Co (NYSE:TKR) in the 4th quarter, HoldingsChannel reports. The firm bought 4,100 shares of the industrial products company’s stock, valued at approximately $201,000.
Other hedge funds have also added to or reduced their stakes in the company. Essex Investment Management Co. LLC acquired a new stake in Timken during the third quarter valued at approximately $382,000. Nomura Holdings Inc. acquired a new stake in Timken during the second quarter valued at approximately $349,000. Parametrica Management Ltd acquired a new stake in Timken during the third quarter valued at approximately $331,000. Lord Abbett & CO. LLC lifted its stake in Timken by 20.6% during the second quarter. Lord Abbett & CO. LLC now owns 1,350,766 shares of the industrial products company’s stock valued at $62,473,000 after purchasing an additional 230,730 shares during the last quarter. Finally, Virginia Retirement Systems ET AL lifted its stake in Timken by 16.8% during the third quarter. Virginia Retirement Systems ET AL now owns 52,100 shares of the industrial products company’s stock valued at $2,529,000 after purchasing an additional 7,500 shares during the last quarter. 79.33% of the stock is owned by institutional investors and hedge funds.
Shares of Timken Co (NYSE:TKR) opened at $43.95 on Friday. 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 cap of $3,776.07, a P/E ratio of 17.51, a P/E/G ratio of 1.30 and a beta of 1.44. Timken Co has a 12-month low of $41.78 and a 12-month high of $55.65.
TKR has been the subject of several recent research reports. Longbow Research raised shares of Timken from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 2nd. Zacks Investment Research downgraded shares of Timken from a “buy” rating to a “hold” rating in a research report on Tuesday, October 31st. Jefferies Group upgraded shares of Timken from a “hold” rating to a “buy” rating in a research report on Thursday, January 18th. Finally, Stifel Nicolaus reduced their price target on shares of Timken from $53.00 to $52.00 and set a “hold” rating for the company in a research report on Thursday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $52.25.
In related news, insider Richard G. Kyle sold 9,242 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $49.75, for a total value of $459,789.50. Following the completion of the sale, the insider now owns 89,236 shares in the company, valued at approximately $4,439,491. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 11.08% of the stock is currently owned by corporate insiders.
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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