Timken (NYSE:TKR) Issues FY 2024 Earnings Guidance

Timken (NYSE:TKR) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 6.000-6.300 for the period, compared to the consensus estimate of 6.050. The company issued revenue guidance of $4.6 billion-$4.7 billion, compared to the consensus revenue estimate of $4.6 billion.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Oppenheimer restated an outperform rating and issued a $100.00 price target (up from $97.00) on shares of Timken in a research report on Thursday, March 21st. DA Davidson started coverage on shares of Timken in a research report on Tuesday, January 23rd. They issued a buy rating and a $92.00 price target for the company. The Goldman Sachs Group increased their price objective on shares of Timken from $78.00 to $87.00 and gave the stock a neutral rating in a research report on Tuesday, February 6th. Morgan Stanley started coverage on shares of Timken in a research report on Monday, January 8th. They set an equal weight rating and a $74.00 price objective for the company. Finally, Evercore ISI cut shares of Timken from an outperform rating to an in-line rating and set a $84.00 price objective for the company. in a research report on Tuesday, February 20th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $85.90.

Timken Stock Performance

NYSE TKR traded up $2.52 during trading hours on Tuesday, reaching $89.22. 1,408,924 shares of the company were exchanged, compared to its average volume of 500,149. Timken has a 1 year low of $65.71 and a 1 year high of $95.08. The business’s 50 day simple moving average is $85.43 and its 200-day simple moving average is $79.59. The company has a quick ratio of 0.96, a current ratio of 1.79 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $6.28 billion, a P/E ratio of 17.32, a P/E/G ratio of 1.18 and a beta of 1.54.

Timken (NYSE:TKR) last posted its quarterly earnings data on Monday, February 5th. The industrial products company reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.15. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.06 billion. Timken had a net margin of 8.26% and a return on equity of 19.57%. The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter last year, the company posted $1.22 earnings per share. On average, equities research analysts expect that Timken will post 6.02 earnings per share for the current year.

Timken Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 6th. Shareholders of record on Tuesday, February 20th were given a dividend of $0.33 per share. The ex-dividend date was Friday, February 16th. This represents a $1.32 annualized dividend and a yield of 1.48%. Timken’s payout ratio is presently 24.18%.

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.