Timken (NYSE:TKR) Issues Quarterly Earnings Results

Timken (NYSE:TKR) announced its quarterly earnings results on Tuesday. The industrial products company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.15), Briefing.com reports. The firm had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $1.12 billion. Timken had a return on equity of 16.36% and a net margin of 7.52%. Timken’s revenue was down 1.4% on a year-over-year basis. During the same period last year, the business earned $1.55 EPS. Timken updated its FY 2024 guidance to 5.550-5.650 EPS and its FY24 guidance to $5.55-5.65 EPS.

Timken Stock Up 8.5 %

NYSE:TKR traded up $6.16 during trading hours on Wednesday, reaching $78.76. 1,239,476 shares of the company traded hands, compared to its average volume of 480,126. Timken has a 1 year low of $70.15 and a 1 year high of $94.71. The stock has a market capitalization of $5.52 billion, a P/E ratio of 16.17, a P/E/G ratio of 1.90 and a beta of 1.43. The business’s 50-day moving average price is $82.77 and its two-hundred day moving average price is $83.91. The company has a current ratio of 2.95, a quick ratio of 1.64 and a debt-to-equity ratio of 0.72.

Analysts Set New Price Targets

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

Insider Activity

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 shares were sold at an average price of $80.46, for a total value of $2,413,800.00. Following the transaction, the chief executive officer now owns 244,485 shares in the company, valued at approximately $19,671,263.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 8.70% of the company’s stock.

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.