The Timken Company to Post FY2023 Earnings of $5.96 Per Share, KeyCorp Forecasts (NYSE:TKR)

The Timken Company (NYSE:TKRGet Rating) – Investment analysts at KeyCorp reduced their FY2023 EPS estimates for shares of Timken in a research report issued to clients and investors on Monday, May 2nd. KeyCorp analyst S. Barger now forecasts that the industrial products company will earn $5.96 per share for the year, down from their prior forecast of $6.08.

Timken (NYSE:TKRGet Rating) last released its quarterly earnings data on Monday, May 2nd. The industrial products company reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.16 by $0.45. Timken had a return on equity of 15.51% and a net margin of 8.93%. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter in the prior year, the company posted $1.38 earnings per share. The firm’s revenue was up 9.6% on a year-over-year basis.

Other research analysts have also recently issued reports about the company. Evercore ISI raised Timken from an “in-line” rating to an “outperform” rating and set a $78.00 price objective for the company in a research report on Tuesday, February 15th. They noted that the move was a valuation call. Bank of America cut Timken from a “buy” rating to a “neutral” rating and reduced their price target for the company from $85.00 to $80.00 in a research report on Friday, January 7th. Morgan Stanley reduced their price target on Timken from $76.00 to $72.00 and set an “equal weight” rating for the company in a research report on Monday, April 18th. Oppenheimer started coverage on Timken in a research report on Wednesday, April 13th. They set an “outperform” rating and a $75.00 price target for the company. Finally, StockNews.com raised Timken from a “hold” rating to a “buy” rating in a research report on Tuesday. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $77.10.

Shares of Timken stock opened at $60.86 on Wednesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.47 and a quick ratio of 1.31. The company has a market capitalization of $4.56 billion, a P/E ratio of 12.47, a price-to-earnings-growth ratio of 0.93 and a beta of 1.56. The business has a 50-day moving average of $60.72 and a two-hundred day moving average of $66.71. Timken has a 1 year low of $55.32 and a 1 year high of $92.39.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Seizert Capital Partners LLC increased its stake in shares of Timken by 13.8% during the first quarter. Seizert Capital Partners LLC now owns 505,683 shares of the industrial products company’s stock worth $30,695,000 after purchasing an additional 61,261 shares during the period. Guyasuta Investment Advisors Inc. increased its stake in shares of Timken by 1.1% during the first quarter. Guyasuta Investment Advisors Inc. now owns 22,235 shares of the industrial products company’s stock worth $1,350,000 after purchasing an additional 245 shares during the period. Verdence Capital Advisors LLC increased its stake in shares of Timken by 15.5% during the first quarter. Verdence Capital Advisors LLC now owns 5,152 shares of the industrial products company’s stock worth $313,000 after purchasing an additional 693 shares during the period. Brandywine Oak Private Wealth LLC increased its stake in shares of Timken by 14.5% during the first quarter. Brandywine Oak Private Wealth LLC now owns 4,111 shares of the industrial products company’s stock worth $249,000 after purchasing an additional 522 shares during the period. Finally, Granite Investment Partners LLC increased its stake in shares of Timken by 20.4% during the first quarter. Granite Investment Partners LLC now owns 61,545 shares of the industrial products company’s stock worth $3,736,000 after purchasing an additional 10,429 shares during the period. Institutional investors own 80.18% of the company’s stock.

In other news, CFO Philip D. Fracassa sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, February 18th. The stock was sold at an average price of $68.32, for a total value of $341,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 10.79% of the company’s stock.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 4th. Stockholders of record on Tuesday, February 22nd were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.97%. This is a boost from Timken’s previous quarterly dividend of $0.25. The ex-dividend date was Friday, February 18th. Timken’s dividend payout ratio (DPR) is presently 24.59%.

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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Earnings History and Estimates for Timken (NYSE:TKR)

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