Timken (NYSE:TKR) Releases FY 2024 Earnings Guidance

Timken (NYSE:TKR) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 5.550-5.650 for the period, compared to the consensus earnings per share 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.

Timken Stock Up 9.0 %

TKR stock traded up $6.50 during midday trading on Wednesday, hitting $79.10. The stock had a trading volume of 1,377,868 shares, compared to its average volume of 480,770. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.95 and a quick ratio of 1.64. The firm has a market cap of $5.55 billion, a price-to-earnings ratio of 16.17, a price-to-earnings-growth ratio of 1.90 and a beta of 1.43. The business has a 50-day moving average of $82.77 and a two-hundred day moving average of $83.91. Timken has a 52-week low of $70.15 and a 52-week high of $94.71.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Citigroup began coverage on shares of Timken in a report on Monday, October 14th. They set a “neutral” rating and a $90.00 price objective for the company. KeyCorp dropped their price target on Timken from $104.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday. DA Davidson lowered their target price on Timken from $103.00 to $99.00 and set a “buy” rating on the stock in a 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 report on Wednesday. Finally, Evercore ISI lowered their target price on Timken from $94.00 to $87.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $89.60.

Insider Transactions at Timken

In related news, CEO Richard G. Kyle sold 30,000 shares of Timken 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 completion of the transaction, the chief executive officer now owns 244,485 shares in the company, valued at $19,671,263.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 8.70% of the company’s stock.

Timken Company Profile

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.