What is DA Davidson’s Forecast for Timken FY2024 Earnings?

The Timken Company (NYSE:TKR) – Equities researchers at DA Davidson cut their FY2024 earnings estimates for Timken in a report released on Tuesday, October 29th. DA Davidson analyst M. Shlisky now expects that the industrial products company will post earnings per share of $6.07 for the year, down from their previous forecast of $6.10. DA Davidson has a “Buy” rating and a $103.00 price objective on the stock. The consensus estimate for Timken’s current full-year earnings is $6.05 per share.

Timken (NYSE:TKR) last announced its earnings results on Wednesday, July 31st. The industrial products company reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.03. Timken had a return on equity of 16.36% and a net margin of 7.52%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same period in the previous year, the business earned $2.01 EPS. The firm’s revenue for the quarter was down 7.1% on a year-over-year basis.

A number of other analysts have also recently commented on TKR. Citigroup began coverage on shares of Timken in a research note on Monday, October 14th. They issued a “neutral” rating and a $90.00 target price for the company. Evercore ISI dropped their price objective on shares of Timken from $94.00 to $87.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $91.70.

Timken Price Performance

Shares of NYSE TKR opened at $84.42 on Wednesday. Timken has a fifty-two week low of $65.71 and a fifty-two week high of $94.71. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.64 and a current ratio of 2.95. The company has a market cap of $5.92 billion, a PE ratio of 17.30, a P/E/G ratio of 1.92 and a beta of 1.43. The business has a 50-day simple moving average of $83.01 and a two-hundred day simple moving average of $84.02.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Timken by 5.6% in the 1st quarter. Vanguard Group Inc. now owns 6,515,972 shares of the industrial products company’s stock valued at $569,691,000 after purchasing an additional 347,794 shares in the last quarter. Interval Partners LP purchased a new stake in shares of Timken in the first quarter valued at approximately $22,907,000. American Century Companies Inc. raised its stake in shares of Timken by 4.8% during the 2nd quarter. American Century Companies Inc. now owns 2,817,294 shares of the industrial products company’s stock worth $225,750,000 after buying an additional 128,791 shares during the period. Kodai Capital Management LP purchased a new position in shares of Timken during the 1st quarter valued at approximately $9,130,000. Finally, Dimensional Fund Advisors LP grew its stake in Timken by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,104,910 shares of the industrial products company’s stock valued at $168,667,000 after acquiring an additional 97,550 shares during the period. Institutional investors and hedge funds own 89.08% of the company’s stock.

Insider Transactions at Timken

In related news, CEO Richard G. Kyle sold 30,000 shares of Timken stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $80.76, for a total transaction of $2,422,800.00. Following the completion of the transaction, the chief executive officer now directly owns 274,485 shares in the company, valued at approximately $22,167,408.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 8.70% of the company’s stock.

Timken Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Tuesday, August 20th were issued a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.36 annualized dividend and a dividend yield of 1.61%. Timken’s dividend payout ratio (DPR) is presently 27.87%.

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.