Timken (NYSE:TKR) Announces Quarterly Earnings Results, Misses Expectations By $0.15 EPS

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

Timken Trading Up 8.2 %

Shares of NYSE:TKR traded up $5.94 during trading on Wednesday, reaching $78.54. The company’s stock had a trading volume of 1,202,557 shares, compared to its average volume of 479,955. Timken has a 12 month low of $70.15 and a 12 month high of $94.71. The company has a current ratio of 2.95, a quick ratio of 1.64 and a debt-to-equity ratio of 0.72. The firm’s 50 day simple moving average is $82.77 and its two-hundred day simple moving average is $83.91. The stock has a market capitalization of $5.51 billion, a PE ratio of 16.17, a price-to-earnings-growth ratio of 1.90 and a beta of 1.43.

Insider Transactions at Timken

In other news, CEO Richard G. Kyle sold 30,000 shares of the stock in a transaction 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 sale, the chief executive officer now owns 244,485 shares of the company’s stock, 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 legal filing with the SEC, which can be accessed through this link. Company insiders own 8.70% of the company’s stock.

Analysts Set New Price Targets

TKR has been the topic of several research analyst reports. Oppenheimer lowered 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 reduced their price target on shares of Timken from $103.00 to $99.00 and set a “buy” rating for the company in a research report on Wednesday. Citigroup started coverage on shares of Timken in a report on Monday, October 14th. They set a “neutral” rating and a $90.00 target price for the company. Evercore ISI dropped 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. Finally, KeyCorp cut 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. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $89.60.

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.