Timken (NYSE:TKR) Issues FY 2024 Earnings Guidance

Timken (NYSE:TKR) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 5.550-5.650 for the period, compared to the consensus estimate of 6.060. The company issued revenue guidance of $4.6 billion-$4.6 billion, compared to the consensus revenue estimate of $4.6 billion.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. DA Davidson restated a “buy” rating and issued a $103.00 target price on shares of Timken in a research note on Tuesday, September 17th. Citigroup began coverage on Timken in a report on Monday, October 14th. They set a “neutral” rating and a $90.00 target price for the company. Finally, Evercore ISI cut 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 note on Monday, August 19th. Eight equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $91.70.

Timken Trading Up 0.3 %

TKR opened at $83.37 on Tuesday. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.95 and a quick ratio of 1.64. The company’s 50 day simple moving average is $83.01 and its two-hundred day simple moving average is $84.00. The firm has a market capitalization of $5.85 billion, a price-to-earnings ratio of 17.08, a price-to-earnings-growth ratio of 1.89 and a beta of 1.43. Timken has a 1-year low of $70.15 and a 1-year high of $94.71.

Timken Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Tuesday, August 20th were paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date was Tuesday, August 20th. Timken’s dividend payout ratio (DPR) is presently 27.87%.

Insider Activity

In other Timken news, CEO Richard G. Kyle sold 30,000 shares of Timken stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $80.46, for a total transaction of $2,413,800.00. Following the transaction, the chief executive officer now directly owns 244,485 shares of the company’s stock, valued at $19,671,263.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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.