Timken (NYSE:TKR) Releases FY 2024 Earnings Guidance

Timken (NYSE:TKR) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 5.550-5.650 for the period, compared to the consensus estimate of 6.060. The company issued revenue guidance of $4.6 billion-$4.6 billion, compared to the consensus revenue estimate of $4.6 billion. Timken also updated its FY24 guidance to $5.55-5.65 EPS.

Analysts Set New Price Targets

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

Timken Price Performance

Shares of TKR stock traded up $6.50 during trading hours on Wednesday, reaching $79.10. The company’s stock had a trading volume of 1,377,868 shares, compared to its average volume of 480,770. Timken has a fifty-two week low of $70.15 and a fifty-two week high of $94.71. The company has a quick ratio of 1.64, a current ratio of 2.95 and a debt-to-equity ratio of 0.72. The firm’s 50 day simple moving average is $82.77 and its 200-day simple moving average is $83.91. The company has a market capitalization of $5.55 billion, a price-to-earnings ratio of 16.17, a PEG ratio of 1.90 and a beta of 1.43.

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

Insider Activity at Timken

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