Relational Investors Raises Holding in The Timken Company (TKR)

Ralph Whitworth‘s Relational Investors fund, has upped its position in The Timken Company (NYSE:TKR) to around 8.3 million shares, from some 7.5 million shares held at the end of September, as revealed in the fund’s latest 13F filing. The stake is activist by nature and amasses nearly 8.5% of the company’s common stock.

The Timken Company

The stock of The Timken Company edged up by 7.1% year-to-date. Relational Investors’ holding has a value of $422.6 million, at the current stock price of the company. The company is involved in production and sale of materials for friction management and power transmission. Earlier this month, Timken opened a new 30,000 square-feet facility in India to provide bearing and gear drive repair and upgrade services.

The Timken Company reported a net income worth $52.2 million, or $0.54 per share for the previous quarter, down from $80.9 million posted a year ago. For the full 2013, the company expects EPS between $2.7 and $2.9, and a 13% decrease in its sales on year-over-year basis.

Some of the other hedge funds from our database also revealed ownership of Timken shares, although their holdings are less significant. The position held by Jean-Marie Eveillard‘s First Eagle Investment Management contains around 1.0 million shares, and has a value of $60.9 million. Cliff Asness‘ Aqr Capital Management, disclosed holding 904,600 shares, worth $54.6 million, and Samlyn Capital, managed by Robert Pohly, has a holding worth $34.9 million, which involves some 577,700 shares.

In the equity portfolio of Relational Investors, the company with the highest position in terms of value is Illinois Tool Works Inc. (NYSE:ITW), the fund disclosing ownership of over 10 million shares, worth $763.6 million. It is followed by Hewlett-Packard Company (NYSE:HPQ), and SPX Corporation (NYSE:SPW), Ralph Whitworth’s fund holding $686.9 million and $595.5 million stakes, which amass 32.7 million and 7.1 million shares respectively.

Disclosure: none

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