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Timken stock gets market respect

Resource from:  CBCC Likes:2958
Sep 01,2005
CANTON, Ohio (AP) - Fast-growing bearings and steel maker Timken Co. has earned a position on a well respected stock listing and a recommendation by a top financial magazine. Tuesday was the first full day Timken shares were included by market experts on the Standard & Poors Midcap 400 stock index. The shares were after the markets closed Monday. "We think it reinforces the growth strategy we've been pursuing," said Timken spokeswoman Elaine Russell Reolfi. Four years ago, Timken shares were trading at $15 and the company's stock didn't have enough numbers or value, a term called market cap, to make the S&P list, one of the most popular stock guides used by investors. Since then, Timken purchased Torrington Co. in 2003 and the company has benefited from a recovering economy, with its stock trading in the $28 range and a market cap of about $2.6 billion. On Monday, Forbes magazine ranked Timken No. 77 on its list of the best 100 mid-cap companies, calling Timken a "star" prospect among midcap companies for growth. Timken also regained a position on the Fortune 500 list last year for the first time since 1995. Timken employs about 26,000 people and has operations in 27 countries. Shares fell 26 cents to $28.28 in trading Tuesday on the New York Stock Exchange. Timken stock has traded in a range of $22.73 to $29.50 during the last 52 weeks.
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