Timken (NYSE:TKR) Issues FY24 Earnings Guidance

Timken (NYSE:TKR) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $5.55-5.65 for the period, compared to the consensus estimate of $6.06. The company issued revenue guidance of ~$4.58 billion, compared to the consensus revenue estimate of $4.58 billion. Timken also updated its FY 2024 guidance to 5.550-5.650 EPS.

Timken Stock Performance

Shares of NYSE:TKR traded down $8.97 during trading on Tuesday, hitting $74.40. 1,228,792 shares of the company were exchanged, compared to its average volume of 471,752. Timken has a 52-week low of $70.15 and a 52-week high of $94.71. The stock has a 50 day moving average of $82.98 and a 200 day moving average of $84.00. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.95 and a quick ratio of 1.64. The company has a market cap of $5.22 billion, a PE ratio of 16.13, a P/E/G ratio of 1.89 and a beta of 1.43.

Timken Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Tuesday, August 20th were given a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.83%. Timken’s dividend payout ratio (DPR) is currently 27.87%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Citigroup initiated coverage on shares of Timken in a research report on Monday, October 14th. They set a “neutral” rating and a $90.00 price target for the company. Evercore ISI decreased their target price on Timken from $94.00 to $87.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Finally, DA Davidson reiterated a “buy” rating and set a $103.00 price target on shares of Timken in a research report on Tuesday, September 17th. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Timken presently has an average rating of “Hold” and a consensus target price of $91.70.

Insider Buying and Selling at Timken

In other Timken news, CEO Richard G. Kyle sold 30,000 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were 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 owns 244,485 shares in the company, valued at approximately $19,671,263.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.