FY2024 Earnings Forecast for Timken Issued By Zacks Research

The Timken Company (NYSE:TKR) – Stock analysts at Zacks Research lowered their FY2024 earnings per share estimates for Timken in a research note issued to investors on Wednesday, December 18th. Zacks Research analyst M. Das now forecasts that the industrial products company will post earnings of $5.60 per share for the year, down from their previous forecast of $5.62. The consensus estimate for Timken’s current full-year earnings is $5.61 per share. Zacks Research also issued estimates for Timken’s Q4 2024 earnings at $0.97 EPS.

Timken (NYSE:TKR) last announced its earnings results on Tuesday, November 5th. The industrial products company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.15). 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 7.41% and a return on equity of 14.82%. The business’s quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.55 EPS.

A number of other equities analysts have also weighed in on TKR. Morgan Stanley upgraded shares of Timken from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $82.00 to $93.00 in a report on Tuesday, December 17th. Evercore ISI raised Timken from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $87.00 to $91.00 in a research report on Wednesday, November 13th. KeyCorp reissued a “sector weight” rating on shares of Timken in a research report on Friday, November 22nd. Jefferies Financial Group raised shares of Timken from a “hold” rating to a “buy” rating and boosted their price objective for the company from $80.00 to $95.00 in a research report on Friday, December 6th. Finally, Citigroup raised Timken from a “neutral” rating to a “buy” rating and raised their target price for the stock from $85.00 to $90.00 in a report on Monday, December 9th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Timken currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.90.

Timken Price Performance

Shares of NYSE:TKR opened at $71.63 on Friday. The business has a fifty day moving average price of $78.66 and a 200-day moving average price of $81.05. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.00 and a quick ratio of 1.62. The company has a market capitalization of $5.02 billion, a PE ratio of 14.89, a PEG ratio of 1.12 and a beta of 1.38. Timken has a 1-year low of $70.20 and a 1-year high of $94.71.

Timken Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Tuesday, November 19th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend was Tuesday, November 19th. Timken’s payout ratio is currently 28.27%.

Insider Transactions at Timken

In other news, Director Richard G. Kyle sold 30,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $76.59, for a total transaction of $2,297,700.00. Following the completion of the transaction, the director now directly owns 194,485 shares in the company, valued at approximately $14,895,606.15. This represents a 13.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.70% of the company’s stock.

Hedge Funds Weigh In On Timken

A number of institutional investors and hedge funds have recently made changes to their positions in TKR. American Century Companies Inc. increased its stake in Timken by 4.8% during the second quarter. American Century Companies Inc. now owns 2,817,294 shares of the industrial products company’s stock worth $225,750,000 after acquiring an additional 128,791 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in Timken by 4.2% during the third quarter. Thrivent Financial for Lutherans now owns 2,679,790 shares of the industrial products company’s stock worth $225,880,000 after buying an additional 107,350 shares during the period. Dimensional Fund Advisors LP increased its position in Timken by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 2,104,910 shares of the industrial products company’s stock valued at $168,667,000 after acquiring an additional 97,550 shares during the last quarter. State Street Corp lifted its holdings in shares of Timken by 3.5% in the 3rd quarter. State Street Corp now owns 1,953,838 shares of the industrial products company’s stock worth $164,689,000 after acquiring an additional 66,208 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its position in Timken by 34.3% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,700,979 shares of the industrial products company’s stock worth $143,376,000 after purchasing an additional 434,800 shares during the period. 89.08% of the stock is owned by hedge funds and other institutional investors.

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.