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

Timken (NYSE:TKR) released its quarterly earnings results on Tuesday. The industrial products company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the prior year, the company posted $1.55 earnings per share. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. Timken updated its FY 2024 guidance to 5.550-5.650 EPS and its FY24 guidance to $5.55-5.65 EPS.

Timken Stock Performance

NYSE:TKR traded up $6.33 during mid-day trading on Wednesday, reaching $78.93. 1,097,616 shares of the stock were exchanged, compared to its average volume of 479,467. The company has a 50 day simple moving average of $82.77 and a 200-day simple moving average of $83.91. Timken has a 1 year low of $70.15 and a 1 year high of $94.71. The stock has a market capitalization of $5.54 billion, a P/E ratio of 14.88, a P/E/G ratio of 1.90 and a beta of 1.43. The company has a quick ratio of 1.64, a current ratio of 2.95 and a debt-to-equity ratio of 0.72.

Insider Buying and Selling at Timken

In other Timken news, CEO Richard G. Kyle sold 30,000 shares of Timken stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $80.46, for a total value 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 8.70% of the company’s stock.

Analysts Set New Price Targets

TKR has been the topic of several research reports. KeyCorp decreased their target price on Timken from $104.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday. Citigroup initiated coverage on Timken in a research note on Monday, October 14th. They set a “neutral” rating and a $90.00 target price on the stock. DA Davidson reissued a “buy” rating and set a $103.00 target price on shares of Timken in a research note on Tuesday, September 17th. Evercore ISI reduced their price target on Timken from $94.00 to $87.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Finally, Oppenheimer reduced their price target on Timken from $102.00 to $97.00 and set an “outperform” rating on the stock in a research report on Wednesday. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $90.00.

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.