Timken (NYSE:TKR) Issues Earnings Results, Misses Estimates By $0.15 EPS

Timken (NYSE:TKR) announced its quarterly earnings results on Tuesday. The industrial products company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.38 by ($0.15), Briefing.com reports. Timken had a return on equity of 16.36% and a net margin of 7.52%. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. During the same period in the prior year, the business posted $1.55 earnings per share. Timken’s revenue for the quarter 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 %

Timken stock traded up $5.94 during trading on Wednesday, reaching $78.54. 1,202,557 shares of the company were exchanged, compared to its average volume of 479,955. Timken has a 52-week low of $70.15 and a 52-week high of $94.71. The company has a market capitalization of $5.51 billion, a P/E ratio of 16.17, a PEG ratio of 1.90 and a beta of 1.43. The stock’s 50 day simple moving average is $82.77 and its two-hundred day simple moving average is $83.91. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.95 and a quick ratio of 1.64.

Insider Buying and Selling at Timken

In related news, CEO Richard G. Kyle sold 30,000 shares of the firm’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $80.46, for a total transaction of $2,413,800.00. Following the completion of the sale, the chief executive officer now directly owns 244,485 shares of the company’s stock, valued at approximately $19,671,263.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

TKR has been the topic of several recent research reports. DA Davidson lowered their price objective on Timken from $103.00 to $99.00 and set a “buy” rating on the stock in a research report on Wednesday. Evercore ISI reduced their price target on Timken from $94.00 to $87.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Oppenheimer cut their price objective on Timken from $102.00 to $97.00 and set an “outperform” rating for the company in a research report on Wednesday. Citigroup began coverage on Timken in a research report on Monday, October 14th. They set a “neutral” rating and a $90.00 target price on the stock. Finally, KeyCorp dropped their price target on shares of Timken from $104.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday. Eight equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $89.60.

Timken Company Profile

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.