Timken (NYSE:TKR) Updates FY24 Earnings Guidance

Timken (NYSE:TKR) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $6.00 to $6.20 for the period, compared to the consensus earnings per share 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.

Analyst Upgrades and Downgrades

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

Timken Stock Down 3.6 %

Shares of NYSE:TKR traded down $3.05 during mid-day trading on Friday, reaching $81.45. 632,330 shares of the stock were exchanged, compared to its average volume of 529,101. The company has a quick ratio of 1.02, a current ratio of 2.95 and a debt-to-equity ratio of 0.72. The company has a market cap of $5.71 billion, a P/E ratio of 15.52, a P/E/G ratio of 1.81 and a beta of 1.46. Timken has a one year low of $65.71 and a one year high of $94.71. The stock’s 50 day simple moving average is $82.97 and its 200-day simple moving average is $84.49.

Timken (NYSE:TKR) last posted its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.03. The business had revenue of $1.18 billion during 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%. Timken’s quarterly revenue was down 7.1% on a year-over-year basis. During the same period last year, the company earned $2.01 earnings per share. As a group, equities research analysts predict that Timken will post 6.15 EPS for the current year.

Insider Buying and Selling at Timken

In other Timken news, CFO Philip D. Fracassa sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $89.76, for a total value of $897,600.00. Following the completion of the transaction, the chief financial officer now directly owns 105,541 shares in the company, valued at $9,473,360.16. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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.