The Timken Company (NYSE:TKR – Get Rating) – Equities researchers at Oppenheimer decreased their Q2 2022 earnings per share estimates for shares of Timken in a research note issued to investors on Monday, May 2nd. Oppenheimer analyst B. Blair now forecasts that the industrial products company will post earnings per share of $1.35 for the quarter, down from their prior estimate of $1.36. Oppenheimer currently has a “Outperform” rating and a $75.00 price objective on the stock. Oppenheimer also issued estimates for Timken’s Q3 2022 earnings at $1.36 EPS, FY2022 earnings at $5.25 EPS and FY2023 earnings at $6.10 EPS.
Several other equities research analysts have also recently issued reports on TKR. Morgan Stanley decreased their price target on shares of Timken from $76.00 to $72.00 and set an “equal weight” rating on the stock in a research note on Monday, April 18th. Evercore ISI raised shares of Timken from an “in-line” rating to an “outperform” rating and set a $78.00 price objective for the company in a report on Tuesday, February 15th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Timken from a “sell” rating to a “hold” rating and set a $59.00 price objective on the stock in a research note on Thursday, April 7th. The Goldman Sachs Group dropped their price target on Timken from $74.00 to $64.00 and set a “neutral” rating on the stock in a research note on Thursday, April 7th. Finally, KeyCorp cut their price target on shares of Timken from $84.00 to $75.00 in a report on Tuesday. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $77.10.
Timken (NYSE:TKR – Get Rating) last released its quarterly earnings results on Monday, May 2nd. The industrial products company reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.45. Timken had a net margin of 8.93% and a return on equity of 15.51%. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same period in the previous year, the firm earned $1.38 EPS. The business’s revenue was up 9.6% on a year-over-year basis.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 4th. Shareholders of record on Tuesday, February 22nd were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.97%. This is an increase from Timken’s previous quarterly dividend of $0.25. The ex-dividend date was Friday, February 18th. Timken’s payout ratio is currently 24.59%.
In other news, CFO Philip D. Fracassa sold 5,000 shares of the company’s stock in a transaction dated Friday, February 18th. The stock was sold at an average price of $68.32, for a total transaction of $341,600.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 10.79% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the company. Morgan Stanley raised its stake in shares of Timken by 210.9% in the second quarter. Morgan Stanley now owns 684,964 shares of the industrial products company’s stock worth $55,200,000 after buying an additional 464,666 shares during the period. Commonwealth Equity Services LLC lifted its holdings in shares of Timken by 52.1% in the 3rd quarter. Commonwealth Equity Services LLC now owns 16,406 shares of the industrial products company’s stock worth $1,073,000 after buying an additional 5,617 shares during the period. Victory Capital Management Inc. raised its position in shares of Timken by 14.0% in the 3rd quarter. Victory Capital Management Inc. now owns 70,616 shares of the industrial products company’s stock worth $4,620,000 after acquiring an additional 8,669 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of Timken by 38.9% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 10,106 shares of the industrial products company’s stock worth $661,000 after acquiring an additional 2,828 shares in the last quarter. Finally, Treasurer of the State of North Carolina increased its position in Timken by 3.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 23,120 shares of the industrial products company’s stock valued at $1,513,000 after buying an additional 779 shares in the last quarter. Hedge funds and other institutional investors own 80.18% of the company’s stock.
About Timken (Get Rating)
The Timken Company designs, manufactures, and manages engineered bearings and power transmission products worldwide. It operates in two segments, Mobile Industries and Process Industries. The Mobile Industries segment offers a portfolio of bearings, seals, and lubrication devices and systems, as well as power transmission components, engineered chains, augers, belts, couplings, clutches, brakes, and related products and maintenance services to original equipment manufacturers (OEMs) and end-users of off-highway equipment for the agricultural, construction, mining, outdoor power equipment, and power sports markets; and on-highway vehicles, including passenger cars, light trucks, and medium- and heavy-duty trucks, as well as rail cars and locomotives.
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