What is DA Davidson’s Forecast for Timken FY2024 Earnings?

The Timken Company (NYSE:TKR) – Investment analysts at DA Davidson dropped their FY2024 EPS estimates for Timken in a report released on Tuesday, October 29th. DA Davidson analyst M. Shlisky now expects that the industrial products company will earn $6.07 per share for the year, down from their prior estimate of $6.10. DA Davidson currently has a “Buy” rating and a $103.00 price target on the stock. The consensus estimate for Timken’s current full-year earnings is $6.05 per share.

A number of other research firms also recently issued reports on TKR. Evercore ISI reduced their price objective 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. Citigroup assumed coverage on shares of Timken in a research report on Monday, October 14th. They issued a “neutral” rating and a $90.00 price target on the stock. Eight research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Timken presently has a consensus rating of “Hold” and a consensus target price of $91.70.

Timken Price Performance

NYSE:TKR opened at $84.42 on Wednesday. The company has a market capitalization of $5.92 billion, a P/E ratio of 17.30, a P/E/G ratio of 1.92 and a beta of 1.43. The business’s 50-day moving average is $83.01 and its 200 day moving average is $84.02. 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 $65.71 and a 12 month high of $94.71.

Timken (NYSE:TKR) last released its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.63 EPS for the quarter, beating the consensus estimate of $1.60 by $0.03. Timken had a net margin of 7.52% and a return on equity of 16.36%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the firm earned $2.01 EPS. The business’s revenue was down 7.1% on a year-over-year basis.

Institutional Trading of Timken

Several institutional investors and hedge funds have recently made changes to their positions in TKR. State of Michigan Retirement System increased its position in Timken by 2.6% during the 1st quarter. State of Michigan Retirement System now owns 15,923 shares of the industrial products company’s stock valued at $1,392,000 after purchasing an additional 400 shares during the period. Norden Group LLC bought a new position in Timken in the first quarter worth approximately $1,341,000. Van ECK Associates Corp lifted its holdings in Timken by 36.5% during the first quarter. Van ECK Associates Corp now owns 21,867 shares of the industrial products company’s stock worth $1,912,000 after buying an additional 5,849 shares during the period. Diversify Advisory Services LLC bought a new stake in Timken during the 1st quarter valued at $531,000. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Timken by 6.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 106,932 shares of the industrial products company’s stock valued at $9,349,000 after acquiring an additional 6,398 shares during the period. 89.08% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Timken news, CEO Richard G. Kyle sold 30,000 shares of Timken stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 244,485 shares of the company’s stock, valued at $19,671,263.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.70% of the stock is owned by insiders.

Timken Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Tuesday, August 20th were issued a $0.34 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.61%. Timken’s payout ratio is 27.87%.

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.