Timken (NYSE:TKR) Issues FY24 Earnings Guidance

Timken (NYSE:TKR) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $6.00 to $6.20 for the period, compared to the consensus EPS estimate of $6.21. The company issued revenue guidance of -4 to -3% yr/yr or $4.578 billion to $4.626 billion, compared to the consensus revenue estimate of $4.62 billion. Timken also updated its FY 2024 guidance to 6.000-6.200 EPS.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on TKR shares. KeyCorp increased their target price on Timken from $95.00 to $104.00 and gave the stock an overweight rating in a research note on Thursday, May 23rd. Stifel Nicolaus increased their target price on Timken from $92.00 to $100.00 and gave the stock a buy rating in a research note on Wednesday, May 1st. Raymond James started coverage on Timken in a research note on Friday, June 28th. They set a market perform rating on the stock. Finally, Loop Capital increased their target price on Timken from $78.00 to $87.00 and gave the stock a hold rating in a research note on Wednesday, May 1st. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of Hold and an average target price of $87.91.

Timken Stock Performance

Shares of TKR stock traded down $3.05 during mid-day trading on Friday, reaching $81.45. 632,330 shares of the company’s stock traded hands, compared to its average volume of 529,101. Timken has a 12 month low of $65.71 and a 12 month high of $94.71. The firm has a 50 day moving average price of $82.97 and a two-hundred day moving average price of $84.49. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.02 and a current ratio of 2.95. The firm has a market capitalization of $5.71 billion, a PE ratio of 15.52, a price-to-earnings-growth ratio of 1.81 and a beta of 1.46.

Timken (NYSE:TKR) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.03. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. Timken had a net margin of 7.52% and a return on equity of 16.36%. Timken’s quarterly revenue was down 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.01 EPS. On average, research analysts forecast that Timken will post 6.15 EPS for the current year.

Insider Buying and Selling

In other Timken news, CFO Philip D. Fracassa sold 10,000 shares of the company’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $89.76, for a total value of $897,600.00. Following the transaction, the chief financial officer now directly owns 105,541 shares in the company, valued at approximately $9,473,360.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.70% of the stock is currently owned by corporate insiders.

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.