Q2 2023 EPS Estimates for The Timken Company (NYSE:TKR) Raised by Analyst

Posted by Defense World Staff on May 6th, 2023

The Timken Company (NYSE:TKR – Get Rating) – Analysts at KeyCorp upped their Q2 2023 EPS estimates for shares of Timken in a research note issued to investors on Wednesday, May 3rd. KeyCorp analyst S. Barger now anticipates that the industrial products company will post earnings per share of $2.05 for the quarter, up from their prior forecast of $1.97. KeyCorp has a “Overweight” rating and a $102.00 price target on the stock. The consensus estimate for Timken’s current full-year earnings is $7.30 per share. KeyCorp also issued estimates for Timken’s Q3 2023 earnings at $1.84 EPS and Q4 2023 earnings at $1.52 EPS.

Several other equities research analysts have also commented on the stock. Oppenheimer boosted their price target on shares of Timken from $88.00 to $90.00 and gave the stock an “outperform” rating in a report on Tuesday, February 7th. Morgan Stanley increased their price target on shares of Timken from $83.00 to $88.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 7th. Jefferies Financial Group raised their target price on shares of Timken from $95.00 to $105.00 and gave the company a “buy” rating in a report on Monday, March 6th. Bank of America upgraded shares of Timken from a “neutral” rating to a “buy” rating and increased their price target for the company from $71.00 to $87.00 in a research note on Friday, January 13th. Finally, The Goldman Sachs Group increased their price target on shares of Timken from $70.00 to $79.00 and gave the company a “neutral” rating in a research note on Wednesday, February 8th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.75.

Timken Stock Up 3.6 %

NYSE:TKR opened at $76.79 on Friday. The company has a current ratio of 2.76, a quick ratio of 1.30 and a debt-to-equity ratio of 0.81. Timken has a twelve month low of $50.85 and a twelve month high of $89.40. The company’s 50 day moving average is $79.37 and its two-hundred day moving average is $76.54. The company has a market cap of $5.58 billion, a PE ratio of 14.01, a P/E/G ratio of 0.88 and a beta of 1.54.

Timken (NYSE:TKR – Get Rating) last announced its earnings results on Wednesday, May 3rd. The industrial products company reported $2.09 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.24. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.23 billion. Timken had a net margin of 8.88% and a return on equity of 20.72%. The business’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.61 earnings per share.

Timken Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 6th. Investors of record on Tuesday, February 21st were paid a dividend of $0.31 per share. The ex-dividend date was Friday, February 17th. This represents a $1.24 dividend on an annualized basis and a yield of 1.61%. Timken’s payout ratio is currently 22.63%.

Insider Buying and Selling

In related news, CEO Richard G. Kyle sold 24,841 shares of the stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $85.97, for a total value of $2,135,580.77. Following the completion of the sale, the chief executive officer now directly owns 383,082 shares of the company’s stock, valued at approximately $32,933,559.54. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 9.89% of the stock is owned by company insiders.

Institutional Trading of Timken

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in shares of Timken by 12.5% during the third quarter. BlackRock Inc. now owns 6,620,518 shares of the industrial products company’s stock worth $390,875,000 after acquiring an additional 736,067 shares during the last quarter. Norges Bank acquired a new position in Timken during the fourth quarter valued at approximately $43,603,000. Invesco Ltd. boosted its position in Timken by 54.9% during the first quarter. Invesco Ltd. now owns 1,588,490 shares of the industrial products company’s stock valued at $96,421,000 after purchasing an additional 562,930 shares during the last quarter. Victory Capital Management Inc. raised its stake in Timken by 520.3% in the fourth quarter. Victory Capital Management Inc. now owns 648,455 shares of the industrial products company’s stock valued at $45,826,000 after buying an additional 543,922 shares during the period. Finally, Millennium Management LLC increased its stake in shares of Timken by 165.7% during the fourth quarter. Millennium Management LLC now owns 774,368 shares of the industrial products company’s stock worth $54,725,000 after purchasing an additional 482,926 shares during the period. Institutional investors own 82.00% of the company’s stock.

Timken Company Profile

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The Timken Co engages in the engineering, manufacturing, and marketing of bearings and industrial motion products. In addition to bearings, it offers drives, belts, chains, lubrication systems, couplings, industrial clutches, and brakes. It operates through the Mobile and Process Industries segments.