DA Davidson Weighs in on Timken’s FY2024 Earnings (NYSE:TKR)

The Timken Company (NYSE:TKR) – DA Davidson dropped their FY2024 earnings per share estimates for shares of Timken in a note issued to investors on Wednesday, November 6th. DA Davidson analyst M. Shlisky now forecasts that the industrial products company will earn $5.57 per share for the year, down from their previous estimate of $6.07. DA Davidson has a “Buy” rating and a $99.00 price target on the stock. The consensus estimate for Timken’s current full-year earnings is $6.05 per share. DA Davidson also issued estimates for Timken’s Q4 2024 earnings at $0.93 EPS.

Several other brokerages have also commented on TKR. KeyCorp cut their price target on Timken from $104.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday. Citigroup started coverage on Timken in a research note on Monday, October 14th. They set a “neutral” rating and a $90.00 price target on the stock. Evercore ISI cut their price target on Timken from $94.00 to $87.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Finally, Oppenheimer cut their price target on Timken from $102.00 to $97.00 and set an “outperform” rating on the stock in a research note on Wednesday. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Timken presently has an average rating of “Hold” and a consensus target price of $89.60.

Timken Stock Performance

Shares of Timken stock opened at $76.99 on Thursday. The firm has a market cap of $5.40 billion, a P/E ratio of 16.01, a P/E/G ratio of 1.90 and a beta of 1.43. The company has a current ratio of 2.95, a quick ratio of 1.64 and a debt-to-equity ratio of 0.72. Timken has a 12 month low of $70.15 and a 12 month high of $94.71. The stock’s fifty day moving average price is $82.56 and its 200-day moving average price is $83.82.

Timken (NYSE:TKR) last released its earnings results on Tuesday, November 5th. The industrial products company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.15). Timken had a return on equity of 16.36% and a net margin of 7.52%. The business had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the previous year, the business earned $1.55 EPS. The business’s revenue for the quarter was down 1.4% on a year-over-year basis.

Institutional Investors Weigh In On Timken

Several institutional investors have recently added to or reduced their stakes in the business. Thrivent Financial for Lutherans boosted its holdings in Timken by 4.2% in 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 acquiring an additional 107,350 shares in the last quarter. Natixis Advisors LLC boosted its holdings in Timken by 7.6% in the third quarter. Natixis Advisors LLC now owns 31,637 shares of the industrial products company’s stock worth $2,667,000 after acquiring an additional 2,235 shares in the last quarter. Coastline Trust Co acquired a new stake in shares of Timken during the third quarter worth about $29,000. Connable Office Inc. lifted its holdings in shares of Timken by 33.9% during the third quarter. Connable Office Inc. now owns 5,868 shares of the industrial products company’s stock worth $495,000 after purchasing an additional 1,487 shares during the period. Finally, Royce & Associates LP lifted its holdings in shares of Timken by 73.2% during the third quarter. Royce & Associates LP now owns 190,456 shares of the industrial products company’s stock worth $16,054,000 after purchasing an additional 80,513 shares during the period. Institutional investors and hedge funds own 89.08% of the company’s stock.

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.