Alps Advisors Inc. Invests $286,000 in Timken Co (TKR) Stock
Alps Advisors Inc. bought a new position in shares of Timken Co (NYSE:TKR) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 5,815 shares of the industrial products company’s stock, valued at approximately $286,000.
A number of other institutional investors also recently made changes to their positions in the business. Swiss National Bank boosted its holdings in shares of Timken by 2.3% during the 1st quarter. Swiss National Bank now owns 122,000 shares of the industrial products company’s stock valued at $5,563,000 after purchasing an additional 2,700 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in shares of Timken by 6.2% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 395,319 shares of the industrial products company’s stock valued at $18,027,000 after purchasing an additional 22,919 shares during the last quarter. ING Groep NV boosted its holdings in shares of Timken by 146.7% during the 1st quarter. ING Groep NV now owns 10,425 shares of the industrial products company’s stock valued at $475,000 after purchasing an additional 6,199 shares during the last quarter. Systematic Financial Management LP bought a new position in shares of Timken during the 1st quarter valued at about $5,105,000. Finally, KBC Group NV boosted its holdings in shares of Timken by 104.3% during the 1st quarter. KBC Group NV now owns 70,236 shares of the industrial products company’s stock valued at $3,203,000 after purchasing an additional 35,861 shares during the last quarter. 78.43% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:TKR opened at $47.95 on Thursday. The company has a quick ratio of 1.30, a current ratio of 2.39 and a debt-to-equity ratio of 0.57. Timken Co has a 12 month low of $41.85 and a 12 month high of $55.65. The stock has a market capitalization of $3.67 billion, a P/E ratio of 18.23, a price-to-earnings-growth ratio of 0.77 and a beta of 1.60.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 5th. Investors of record on Friday, August 17th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend was Thursday, August 16th. Timken’s payout ratio is 42.59%.
In related news, insider Shelly Marie Chadwick sold 1,043 shares of the stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $48.85, for a total value of $50,950.55. Following the sale, the insider now directly owns 3,102 shares of the company’s stock, valued at approximately $151,532.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Philip D. Fracassa sold 3,582 shares of the stock in a transaction dated Friday, August 10th. The stock was sold at an average price of $48.39, for a total transaction of $173,332.98. Following the completion of the sale, the chief financial officer now directly owns 43,534 shares in the company, valued at $2,106,610.26. The disclosure for this sale can be found here. 11.15% of the stock is currently owned by company insiders.
Several research analysts have commented on the stock. Bank of America raised shares of Timken from an “underperform” rating to a “neutral” rating and set a $56.00 price objective for the company in a report on Wednesday, August 8th. KeyCorp increased their price objective on shares of Timken from $54.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, August 1st. ValuEngine raised shares of Timken from a “strong sell” rating to a “sell” rating in a report on Saturday, July 28th. CL King assumed coverage on shares of Timken in a report on Thursday, June 28th. They issued a “neutral” rating for the company. Finally, Stifel Nicolaus raised shares of Timken from a “hold” rating to a “buy” rating and increased their price target for the company from $52.00 to $60.00 in a report on Monday, May 28th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $55.40.
The Timken Company engineers, manufactures, and markets bearings, transmissions, gearboxes, belts, chains, lubrication systems, couplings, industrial clutches and brakes, and related products worldwide. It operates through two segments, Mobile Industries and Process Industries. The Mobile Industries segment offers a portfolio of bearings, seals, lubrication devices, and systems, as well as power transmission components, engineered chains, augers, belts, couplings, clutches and 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.
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