Timken (NYSE:TKR) Updates FY 2024 Earnings Guidance

Timken (NYSE:TKR) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 6.000-6.200 for the period, compared to the consensus earnings per share estimate of 6.210. 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 $6.00 to $6.20 EPS.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Loop Capital raised their target price on Timken from $78.00 to $87.00 and gave the stock a hold rating in a research report on Wednesday, May 1st. Stifel Nicolaus raised their target price on Timken from $92.00 to $100.00 and gave the stock a buy rating in a research report on Wednesday, May 1st. KeyCorp raised their target price on Timken from $95.00 to $104.00 and gave the stock an overweight rating in a research report on Thursday, May 23rd. Finally, Raymond James began coverage on Timken in a research report on Friday, June 28th. They issued a market perform rating for the company. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $87.91.

Timken Price Performance

TKR stock traded down $3.05 during mid-day trading on Friday, hitting $81.45. 632,330 shares of the stock were exchanged, compared to its average volume of 529,101. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.95 and a quick ratio of 1.02. The business has a fifty day moving average price of $82.97 and a 200 day moving average price of $84.54. Timken has a 12 month low of $65.71 and a 12 month high of $94.71. The stock has a market capitalization of $5.71 billion, a price-to-earnings ratio of 15.51, a PEG ratio of 1.81 and a beta of 1.46.

Timken (NYSE:TKR) last released its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.63 EPS for the quarter, topping the consensus estimate of $1.60 by $0.03. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. Timken had a return on equity of 16.36% and a net margin of 7.52%. The company’s quarterly revenue was down 7.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.01 earnings per share. On average, sell-side analysts anticipate that Timken will post 6.15 EPS for the current year.

Insider Activity at Timken

In related news, CFO Philip D. Fracassa sold 10,000 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $89.76, for a total transaction of $897,600.00. Following the transaction, the chief financial officer now owns 105,541 shares in the company, valued at approximately $9,473,360.16. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 8.70% of the stock is owned by company 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.