Timken (NYSE:TKR) Issues 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.

Timken Stock Performance

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 company has a quick ratio of 1.64, a current ratio of 2.95 and a debt-to-equity ratio of 0.72. The business’s 50 day simple moving average is $82.77 and its 200-day simple moving average is $83.91. The firm has a market cap of $5.55 billion, a PE ratio of 16.17, a P/E/G ratio of 1.90 and a beta of 1.43. Timken has a one year low of $70.15 and a one year high of $94.71.

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

Analyst Upgrades and Downgrades

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

Insider Activity at Timken

In other news, CEO Richard G. Kyle sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $80.46, for a total transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 8.70% of the stock is owned by corporate 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.