Timken (NYSE:TKR) Announces Earnings Results

Timken (NYSE:TKR) released its quarterly earnings results on Tuesday. The industrial products company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.15), Briefing.com reports. The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.12 billion. Timken had a net margin of 7.52% and a return on equity of 16.36%. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the previous year, the company earned $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 Stock Down 2.8 %

Shares of Timken stock traded down $2.22 during midday trading on Thursday, hitting $76.99. The company had a trading volume of 749,863 shares, compared to its average volume of 484,207. 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 stock has a market capitalization of $5.40 billion, a P/E ratio of 16.46, a P/E/G ratio of 1.90 and a beta of 1.43. The company has a 50 day moving average of $82.70 and a 200 day moving average of $83.87. Timken has a 52-week low of $70.15 and a 52-week high of $94.71.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Citigroup assumed coverage on Timken in a research report on Monday, October 14th. They issued a “neutral” rating and a $90.00 target price for the company. DA Davidson decreased their target price on Timken from $103.00 to $99.00 and set a “buy” rating for the company in a research report on Wednesday. Oppenheimer decreased their target price on Timken from $102.00 to $97.00 and set an “outperform” rating for the company in a research report on Wednesday. KeyCorp decreased their target price on Timken from $104.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Evercore ISI decreased their target price on Timken from $94.00 to $87.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Timken has an average rating of “Hold” and a consensus target price of $89.60.

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.