Timken (NYSE:TKR) Updates FY24 Earnings Guidance

Timken (NYSE:TKR) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $5.55-5.65 for the period, compared to the consensus EPS estimate of $6.06. The company issued revenue guidance of ~$4.58 billion, compared to the consensus revenue estimate of $4.58 billion. Timken also updated its FY 2024 guidance to 5.550-5.650 EPS.

Analysts Set New Price Targets

TKR has been the subject of a number of research analyst reports. DA Davidson cut their target price on shares of Timken from $103.00 to $99.00 and set a “buy” rating for the company in a research report on Wednesday. KeyCorp decreased their price objective on Timken from $104.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday. Evercore ISI cut their target price on shares of Timken from $94.00 to $87.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Oppenheimer dropped their price objective on shares of Timken from $102.00 to $97.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, Citigroup assumed coverage on shares of Timken in a research report on Monday, October 14th. They issued a “neutral” rating and a $90.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Timken presently has an average rating of “Hold” and an average price target of $89.60.

Timken Trading Up 9.0 %

TKR traded up $6.50 during trading on Wednesday, hitting $79.10. The company’s stock had a trading volume of 1,409,897 shares, compared to its average volume of 480,919. The firm has a market capitalization of $5.55 billion, a P/E ratio of 16.17, a PEG ratio of 1.90 and a beta of 1.43. Timken has a twelve month low of $70.15 and a twelve month high of $94.71. The stock’s fifty day moving average price is $82.77 and its 200-day moving average price is $83.91. The company has a quick ratio of 1.64, a current ratio of 2.95 and a debt-to-equity ratio of 0.72.

Timken (NYSE:TKR) last posted its quarterly earnings results on Tuesday, November 5th. The industrial products company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.15). Timken had a return on equity of 16.36% and a net margin of 7.52%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period last year, the company posted $1.55 earnings per share. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. Analysts anticipate that Timken will post 6.05 EPS for the current year.

Insider Buying and Selling

In other news, CEO Richard G. Kyle sold 30,000 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $80.46, for a total value of $2,413,800.00. Following the completion of the sale, the chief executive officer now owns 244,485 shares in the company, valued at $19,671,263.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 8.70% of the stock is currently owned by company insiders.

About Timken

The Timken Company designs, manufactures, and sells engineered bearings and industrial motion products, and related services in the United States and internationally. The company's Engineered Bearings segment provides various bearing products, including tapered, spherical, and cylindrical roller bearings; plain bearings, metal-polymer bearings, and rod end bearings; radial, angular, and precision ball bearings; thrust and specialty ball bearings; journal bearings; and housed or mounted bearings.