Timken (NYSE:TKR) Releases 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.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Stifel Nicolaus boosted their price target on shares of Timken from $92.00 to $100.00 and gave the stock a buy rating in a research note on Wednesday. StockNews.com cut shares of Timken from a buy rating to a hold rating in a report on Wednesday, February 21st. DA Davidson began coverage on shares of Timken in a report on Tuesday, January 23rd. They set a buy rating and a $92.00 price target on the stock. The Goldman Sachs Group increased their price objective on shares of Timken from $78.00 to $87.00 and gave the company a neutral rating in a research report on Tuesday, February 6th. Finally, Oppenheimer restated an outperform rating and set a $100.00 price objective (up previously from $97.00) on shares of Timken in a research report on Thursday, March 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $87.09.

Timken Trading Up 1.4 %

NYSE:TKR traded up $1.24 during mid-day trading on Thursday, hitting $88.73. 372,853 shares of the stock traded hands, compared to its average volume of 505,377. The stock has a market capitalization of $6.25 billion, a price-to-earnings ratio of 16.87, a PEG ratio of 1.22 and a beta of 1.51. Timken has a 52 week low of $65.71 and a 52 week high of $95.08. The firm’s 50 day moving average is $85.77 and its two-hundred day moving average is $79.78. The company has a quick ratio of 0.96, a current ratio of 1.87 and a debt-to-equity ratio of 0.66.

Timken (NYSE:TKR) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.50 by $0.27. The company had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.15 billion. Timken had a net margin of 7.99% and a return on equity of 17.98%. The firm’s revenue was down 5.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.09 EPS. On average, equities research analysts predict that Timken will post 6.11 earnings per share for the current year.

Timken Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 6th. Investors of record on Tuesday, February 20th were issued 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 1.49%. Timken’s payout ratio is 25.14%.

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.