Timken (NYSE:TKR) Issues Quarterly Earnings Results

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

Timken Price Performance

NYSE:TKR traded up $6.16 during midday trading on Wednesday, hitting $78.76. The company had a trading volume of 1,239,476 shares, compared to its average volume of 480,126. The stock’s fifty day moving average price is $82.77 and its 200-day moving average price is $83.91. Timken has a 52-week low of $70.15 and a 52-week high of $94.71. The company has a quick ratio of 1.64, a current ratio of 2.95 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $5.52 billion, a PE ratio of 16.17, a P/E/G ratio of 1.90 and a beta of 1.43.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Citigroup initiated coverage on Timken in a research report on Monday, October 14th. They issued a “neutral” rating and a $90.00 price objective on the stock. KeyCorp cut their price target on Timken from $104.00 to $90.00 and set an “overweight” rating for the company in a research note on Wednesday. Evercore ISI reduced their price objective on shares of Timken from $94.00 to $87.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. DA Davidson reduced their target price on Timken from $103.00 to $99.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Oppenheimer lowered their price target on shares of Timken from $102.00 to $97.00 and set an “outperform” rating on the stock in a report on Wednesday. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $89.60.

Insiders Place Their Bets

In other news, CEO Richard G. Kyle sold 30,000 shares of the 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 transaction, the chief executive officer now directly owns 244,485 shares in the company, valued at approximately $19,671,263.10. This 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 link. Corporate insiders own 8.70% of the company’s stock.

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.