May 17, 2023 – Mercer Global Advisors Inc. ADV has increased its position in The Timken Company by 9.1%. As reported in their most recent disclosure with the Securities and Exchange Commission (SEC), the institutional investor now owns over 26,900 shares of Timken’s stock, equating to a value of $1.9 million.
The news comes after Timken announced its quarterly earnings data on May 3rd, revealing impressive results that exceeded analysts’ expectations. The company reported earnings per share of $2.09 for the quarter, beating the consensus estimate of $1.85 by $0.24. Revenue during this period was up at $1.26 billion compared to estimates of $1.23 billion.
Timken’s return on equity of approximately 20% and net margin of 8% showed strong financial performance for Q1 which may have enticed Mercer Global Advisors Inc. ADV into increasing their position in the industrial products company.
Several analysts have recently commented on Timken’s stock with Morgan Stanley increasing their price objective from $83 to $88 and Evercore ISI lowering their price target from $89 to $83, both in May 2023 alone.
Jefferies Financial Group even raised their target price to an impressive $105 from $95 back in March 2023, whilst Oppenheimer raised theirs from $88 to just below Jefferies’ at $90 back in February 2023.
Despite these differing opinions on where TKR should be heading next, it appears that sentiments generally seem positive towards this renown industrial manufacturing firm as StockNews.com also upgraded TKR shares from “buy” to “strong-buy” earlier this month.
Averaging out multiple ratings by various analysts reveals a current consensus rating of “Moderate Buy” according to Bloomberg.com; perhaps indicating good things ahead for those already invested or considering joining the shareholders ranks for Timken.
[bs_forecast_slider ticker=”TKR”]
Hedge Funds and Institutions Increase Holdings in Timken while CEO Sells Shares
May 17, 2023 – Timken, the industrial products company, has been seeing some significant modifications in its holdings by hedge funds and other institutional investors. CWM LLC raised its holdings in Timken by 39.8% in the fourth quarter, now owning a total of 481 shares worth $34,000 after acquiring an additional 137 shares during the last quarter. Symphony Financial Ltd. Co., on the other hand, lifted its holdings in Timken by 2.0% in the fourth quarter and now owns a whopping 7,243 shares of the industrial products company’s stock valued at $514,000 after acquiring an additional 141 shares during that same time period.
Kovitz Investment Group Partners LLC also added to their holding with an increase of almost 1%, bringing their share count to 13,908 worth $821k with another purchase of 144 shares last year while Royal Fund Management LLC lifted its holdings by approximately 1.3%, making them own around $817k worth with an additional acquisition of 146 shares during the last quarter.
Finally, IFP Advisors Inc lifted its holdings in Timken significantly more than others mentioned above by over eight percent in the third quarter to own a total of about $103k worth of shares spanning over two thousand units.
Interestingly enough, not only hedge funds and institutional investors are grabbing up Timken; it’s been reported that CEO Richard G. Kyle sold a total of almost fifty-thousand shares since February this year alone. This has led some analysts to speculate whether Timken is attracting potential buyers or if Kyle is worried about future prospects for his company with such aggressive selling.
Regardless of rumors or speculation however Timothy Manganello (Chairperson) stresses “the uniqueness” that separates them from competitors like SKF AB as they continue growing through innovation and acquisitions which we will get more insight on through quarterly earnings released next week.
