Timken (NYSE:TKR) Releases FY 2024 Earnings Guidance

Timken (NYSE:TKR - Get Free Report) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 6.000-6.300 for the period, compared to the consensus 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.

Timken Trading Up 2.9 %

TKR traded up $2.51 during trading on Tuesday, hitting $89.21. 1,432,782 shares of the stock were exchanged, compared to its average volume of 504,455. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.96 and a current ratio of 1.79. The firm has a 50 day simple moving average of $85.43 and a 200 day simple moving average of $79.59. The firm has a market cap of $6.28 billion, a price-to-earnings ratio of 16.34, a P/E/G ratio of 1.18 and a beta of 1.54. Timken has a 1 year low of $65.71 and a 1 year high of $95.08.

Timken (NYSE:TKR - Get Free Report) last released its quarterly earnings data on Monday, February 5th. The industrial products company reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.15. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.06 billion. Timken had a return on equity of 19.57% and a net margin of 8.26%. The firm's quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the company posted $1.22 earnings per share. As a group, equities analysts expect that Timken will post 6.02 EPS for the current year.

Timken Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 6th. Stockholders of record on Tuesday, February 20th were paid a dividend of $0.33 per share. The ex-dividend date was Friday, February 16th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.48%. Timken's payout ratio is 24.18%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Morgan Stanley started coverage on shares of Timken in a research note on Monday, January 8th. They set an equal weight rating and a $74.00 price target on the stock. DA Davidson initiated coverage on Timken in a research report on Tuesday, January 23rd. They issued a buy rating and a $92.00 target price on the stock. The Goldman Sachs Group raised their price target on shares of Timken from $78.00 to $87.00 and gave the stock a neutral rating in a research report on Tuesday, February 6th. Oppenheimer restated an outperform rating and set a $100.00 price objective (up from $97.00) on shares of Timken in a research note on Thursday, March 21st. Finally, Evercore ISI lowered shares of Timken from an outperform rating to an in-line rating and set a $84.00 price objective on the stock. in a research note on Tuesday, February 20th. One 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's stock. According to MarketBeat.com, the stock has an average rating of Hold and an average target price of $85.90.

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.