Timken Company (The) (TKR) : The traders have covered their outstanding shorts in Timken Company (The) (TKR) to the tune of -424,434 shares, a change of -10.4%. As on Jul 29, 2016, the outstanding shorts on the stock were 4,087,847 shares, however, by August 15, 2016, the shorts had reduced to 3,663,413 shares. The covering shows that the traders dont believe that a large downside exists in the stock from current levels. The open short positions equal 5.3% of the free float of the stock. It takes 6 days to cover the outstanding short positions. The stock has an average daily volume of 564,817 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Timken Company (The) (NYSE:TKR): The stock opened at $34.17 on Wednesday but the bulls could not build on the opening and the stock topped out at $34.41 for the day. The stock traded down to $34.01 during the day, due to lack of any buying support eventually closed down at $34.07 with a loss of -0.67% for the day. The stock had closed at $34.30 on the previous day. The total traded volume was 472,916 shares.
In a related news, The director, of Timken Co, Woods Jacqueline F had unloaded 2,500 shares at $33.74 per share in a transaction on May 31, 2016. The total value of transaction was $84,350. The Insider information was revealed by the Securities and Exchange Commission in a Form 4 filing.
The Timken Company (Timken) engineers, manufactures and markets bearings, transmissions, gearboxes, chain and related products and offers a spectrum of power system rebuild and repair services around the world. The Company operates through two segments: Mobile Industries, which offers bearings, seals, lubrication devices and systems, as well as power transmission components, engineered chain, augers and related products and maintenance services, and Process Industries, which provides industrial bearings and assemblies, power transmission components such as gears and gearboxes, couplings, seals, lubricants, chains and related products and services. The Companys industrial brands include Timken, Fafnir, Philadelphia Gear, Drives and Interlube. The Company sells products and services to the following market sectors: industrial equipment, construction, agriculture, rail, aerospace and defense, automotive, heavy truck and energy.