Timken (NYSE:TKR) Issues FY 2024 Earnings Guidance

Timken (NYSE:TKR) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share guidance of 6.000-6.300 for the period, compared to the consensus earnings per share estimate of 6.050. The company issued revenue guidance of $4.6 billion-$4.7 billion, compared to the consensus revenue estimate of $4.6 billion.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Evercore ISI downgraded Timken from an outperform rating to an in-line rating and set a $84.00 price target on the stock. in a research report on Tuesday, February 20th. Morgan Stanley began coverage on shares of Timken in a research report on Monday, January 8th. They set an equal weight rating and a $74.00 price objective for the company. StockNews.com lowered shares of Timken from a buy rating to a hold rating in a research report on Wednesday, February 21st. The Goldman Sachs Group lifted their target price on shares of Timken from $78.00 to $87.00 and gave the stock a neutral rating in a report on Tuesday, February 6th. Finally, Oppenheimer reissued an outperform rating and issued a $100.00 price target (up from $97.00) on shares of Timken in a report on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $85.90.

Timken Trading Up 6.4 %

TKR traded up $5.54 during trading on Tuesday, hitting $92.24. 521,569 shares of the stock traded hands, compared to its average volume of 493,018. The firm has a market capitalization of $6.49 billion, a P/E ratio of 17.32, a price-to-earnings-growth ratio of 1.18 and a beta of 1.54. Timken has a 12-month low of $65.71 and a 12-month high of $95.08. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.79 and a quick ratio of 0.96. The firm has a 50-day moving average of $85.43 and a 200 day moving average of $79.59.

Timken (NYSE:TKR) last released its quarterly earnings results on Monday, February 5th. The industrial products company reported $1.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.15. The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.06 billion. Timken had a net margin of 8.26% and a return on equity of 19.57%. Timken’s revenue was up .9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.22 earnings per share. Equities research analysts anticipate that Timken will post 6.02 EPS for the current year.

Timken Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 6th. Investors of record on Tuesday, February 20th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, February 16th. This represents a $1.32 annualized dividend and a yield of 1.43%. Timken’s dividend payout ratio (DPR) is presently 24.18%.

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.