Timken (NYSE:TKR) Announces Earnings Results

Timken (NYSE:TKR) announced its quarterly earnings results on Tuesday. The industrial products company reported $1.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.27, Briefing.com reports. Timken had a return on equity of 19.57% and a net margin of 8.26%. The company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period in the previous year, the company posted $2.09 earnings per share. Timken’s revenue for the quarter was down 5.7% on a year-over-year basis. Timken updated its FY 2024 guidance to 6.000-6.300 EPS.

Timken Stock Performance

NYSE TKR traded down $1.88 on Wednesday, reaching $87.34. The stock had a trading volume of 95,474 shares, compared to its average volume of 499,300. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.96 and a current ratio of 1.79. Timken has a 12-month low of $65.71 and a 12-month high of $95.08. The business’s 50-day moving average price is $85.43 and its 200 day moving average price is $79.59. The stock has a market cap of $6.15 billion, a P/E ratio of 16.34, a price-to-earnings-growth ratio of 1.20 and a beta of 1.54.

Timken Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 6th. Investors of record on Tuesday, February 20th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 1.51%. The ex-dividend date was Friday, February 16th. Timken’s payout ratio is 24.18%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Morgan Stanley assumed coverage on Timken in a research note on Monday, January 8th. They set an “equal weight” rating and a $74.00 target price for the company. The Goldman Sachs Group upped their target price on Timken from $78.00 to $87.00 and gave the company a “neutral” rating in a report on Tuesday, February 6th. Stifel Nicolaus raised their target price on Timken from $92.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday. StockNews.com downgraded Timken from a “buy” rating to a “hold” rating in a research report on Wednesday, February 21st. Finally, Evercore ISI downgraded Timken from an “outperform” rating to an “in-line” rating and set a $84.00 target price for the company. in a research report on Tuesday, February 20th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $86.70.

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.