The Timken Company (NYSE:TKR – Get Rating) – Equities research analysts at KeyCorp upped their Q3 2022 earnings estimates for shares of Timken in a note issued to investors on Sunday, July 31st. KeyCorp analyst S. Barger now expects that the industrial products company will earn $1.31 per share for the quarter, up from their previous forecast of $1.28. The consensus estimate for Timken’s current full-year earnings is $5.63 per share. KeyCorp also issued estimates for Timken’s Q4 2022 earnings at $1.03 EPS, FY2022 earnings at $5.61 EPS, Q1 2023 earnings at $1.69 EPS, Q2 2023 earnings at $1.75 EPS, Q3 2023 earnings at $1.47 EPS, Q4 2023 earnings at $1.19 EPS and FY2023 earnings at $6.11 EPS.
Several other equities research analysts also recently commented on TKR. The Goldman Sachs Group dropped their price objective on shares of Timken from $74.00 to $64.00 and set a “neutral” rating on the stock in a report on Thursday, April 7th. Citigroup lowered their price target on shares of Timken from $75.00 to $60.00 in a report on Thursday, July 7th. Jefferies Financial Group lowered their price target on shares of Timken from $85.00 to $75.00 in a report on Friday, July 15th. Morgan Stanley increased their price target on shares of Timken from $63.00 to $68.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, Oppenheimer started coverage on shares of Timken in a report on Wednesday, April 13th. They issued an “outperform” rating and a $75.00 price target on the stock. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $72.56.
Timken Price Performance
Timken (NYSE:TKR – Get Rating) last posted its earnings results on Thursday, July 28th. The industrial products company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.31. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.13 billion. Timken had a net margin of 8.66% and a return on equity of 16.86%. The business’s revenue was up 8.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.37 EPS.
Timken Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, June 2nd. Stockholders of record on Monday, May 16th were issued a $0.31 dividend. This is a boost from Timken’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, May 13th. This represents a $1.24 annualized dividend and a dividend yield of 1.94%. Timken’s dividend payout ratio (DPR) is currently 25.10%.
Insider Transactions at Timken
In related news, Director Jacqueline F. Woods sold 2,860 shares of the firm’s stock in a transaction on Thursday, May 26th. The stock was sold at an average price of $59.89, for a total value of $171,285.40. Following the completion of the sale, the director now owns 16,568 shares of the company’s stock, valued at $992,257.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Timken news, CFO Philip D. Fracassa sold 9,511 shares of the firm’s stock in a transaction on Thursday, May 26th. The stock was sold at an average price of $59.94, for a total transaction of $570,089.34. Following the completion of the transaction, the chief financial officer now owns 85,659 shares of the company’s stock, valued at $5,134,400.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jacqueline F. Woods sold 2,860 shares of the firm’s stock in a transaction on Thursday, May 26th. The shares were sold at an average price of $59.89, for a total value of $171,285.40. Following the transaction, the director now directly owns 16,568 shares of the company’s stock, valued at approximately $992,257.52. The disclosure for this sale can be found here. Company insiders own 10.79% of the company’s stock.
Hedge Funds Weigh In On Timken
Several large investors have recently modified their holdings of the stock. CWM LLC bought a new stake in Timken in the 4th quarter worth about $28,000. Confluence Wealth Services Inc. bought a new stake in shares of Timken during the 4th quarter valued at about $30,000. GPS Wealth Strategies Group LLC bought a new stake in shares of Timken during the 1st quarter valued at about $30,000. Venture Visionary Partners LLC bought a new stake in shares of Timken during the 2nd quarter valued at about $35,000. Finally, Janiczek Wealth Management LLC lifted its position in shares of Timken by 222.9% during the 2nd quarter. Janiczek Wealth Management LLC now owns 678 shares of the industrial products company’s stock valued at $44,000 after buying an additional 468 shares in the last quarter. Hedge funds and other institutional investors own 80.18% of the company’s stock.
Timken Company Profile
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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