Timken (NYSE:TKR) Releases FY24 Earnings Guidance

Timken (NYSE:TKR - Get Free Report) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $5.55-5.65 for the period, compared to the consensus earnings per share 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 Trading Down 12.9 %

Shares of Timken stock traded down $10.77 during trading hours on Tuesday, hitting $72.60. The company's stock had a trading volume of 2,260,628 shares, compared to its average volume of 476,578. The stock has a market cap of $5.09 billion, a price-to-earnings ratio of 16.13, a P/E/G ratio of 1.89 and a beta of 1.43. Timken has a twelve month low of $70.15 and a twelve month high of $94.71. The firm has a fifty 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 quick ratio of 1.64 and a current ratio of 2.95.

Timken Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Tuesday, August 20th were given a dividend of $0.34 per share. 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 1.87%. Timken's payout ratio is currently 27.87%.

Analyst Upgrades and Downgrades

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

Insider Transactions at Timken

In related news, CEO Richard G. Kyle sold 30,000 shares of the firm's stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $80.46, for a total transaction of $2,413,800.00. Following the transaction, the chief executive officer now owns 244,485 shares in the company, valued at $19,671,263.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 8.70% of the company's stock.

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.