Timken (TKR) Raised to Buy at Zacks Investment Research
Timken (NYSE:TKR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm currently has a $46.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price target points to a potential upside of 17.38% from the stock’s previous close.
According to Zacks, “The Timken Company engineers, manufactures and markets bearings, transmissions, gearboxes, belts, chain and related products, and offers a spectrum of powertrain rebuild and repair services. The leading authority on tapered roller bearings, Timken today applies its deep knowledge of metallurgy, tribology and mechanical power transmission across a variety of bearings and related systems to improve reliability and efficiency of machinery and equipment all around the world. The company’s growing product and services portfolio features many strong industrial brands including Timken, Fafnir, Philadelphia Gear, Carlisle, Drives and Interlube. “
A number of other analysts have also recently issued reports on the stock. ValuEngine cut shares of Timken from a “sell” rating to a “strong sell” rating in a research note on Friday, October 12th. Goldman Sachs Group assumed coverage on shares of Timken in a research note on Tuesday, October 2nd. They issued a “neutral” rating and a $56.00 price objective for the company. 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 research note on Wednesday, August 8th. Finally, KeyCorp increased their price objective on shares of Timken from $54.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $55.60.
Timken (NYSE:TKR) last announced its quarterly earnings data on Monday, October 29th. The industrial products company reported $1.06 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.07 by ($0.01). The firm had revenue of $881.30 million during the quarter, compared to analysts’ expectations of $912.58 million. Timken had a return on equity of 19.58% and a net margin of 7.89%. The business’s revenue for the quarter was up 14.2% on a year-over-year basis. During the same period last year, the company earned $0.71 earnings per share. On average, equities analysts anticipate that Timken will post 4.18 EPS for the current year.
In other news, Director Frank C. Sullivan bought 5,000 shares of the stock in a transaction dated Monday, November 5th. The stock was purchased at an average price of $41.05 per share, for a total transaction of $205,250.00. Following the acquisition, the director now owns 51,932 shares of the company’s stock, valued at $2,131,808.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 11.15% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in TKR. Assenagon Asset Management S.A. bought a new stake in shares of Timken in the 3rd quarter worth about $17,907,000. William Blair Investment Management LLC bought a new stake in Timken during the 3rd quarter valued at about $13,664,000. Victory Capital Management Inc. lifted its holdings in Timken by 23.3% during the 3rd quarter. Victory Capital Management Inc. now owns 1,384,005 shares of the industrial products company’s stock valued at $68,993,000 after buying an additional 261,313 shares in the last quarter. Segall Bryant & Hamill LLC bought a new stake in Timken during the 2nd quarter valued at about $9,475,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Timken by 9.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,962,212 shares of the industrial products company’s stock valued at $97,817,000 after buying an additional 173,964 shares in the last quarter. Hedge funds and other institutional investors own 78.55% of the company’s stock.
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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