Timken (NYSE:TKR) Posts Quarterly 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 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 analysts’ expectations of $1.12 billion. Timken had a net margin of 7.52% and a return on equity of 16.36%. The business’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $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 Trading Up 8.7 %

NYSE:TKR traded up $6.33 during trading hours on Wednesday, hitting $78.93. The company had a trading volume of 1,097,616 shares, compared to its average volume of 479,467. The company has a current ratio of 2.95, a quick ratio of 1.64 and a debt-to-equity ratio of 0.72. The company has a 50-day moving average of $82.77 and a 200 day moving average of $83.91. The company has a market cap 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. Timken has a 1 year low of $70.15 and a 1 year high of $94.71.

Insider Buying and Selling at Timken

In other Timken news, CEO Richard G. Kyle sold 30,000 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 244,485 shares in the company, valued at $19,671,263.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 8.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on TKR shares. DA Davidson restated a “buy” rating and set a $103.00 price target on shares of Timken in a research note on Tuesday, September 17th. Citigroup initiated coverage on Timken in a research report on Monday, October 14th. They set a “neutral” rating and a $90.00 price objective on the stock. Evercore ISI dropped their price objective 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. Oppenheimer dropped their price objective on Timken from $102.00 to $97.00 and set an “outperform” rating on the stock in a research report on Wednesday. Finally, KeyCorp dropped their price objective on Timken from $104.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average 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.