Timken Downgraded by Merrill Lynch to Neutral (TKR)
Timken (NYSE:TKR) was downgraded by stock analysts at Merrill Lynch from a “buy” rating to a “neutral” rating in a report issued on Friday, American Banking News reports.
Shares of Timken (NYSE:TKR) traded down 2.04% during mid-day trading on Friday, hitting $51.38. The stock had a trading volume of 3,613,314 shares. Timken has a 1-year low of $36.15 and a 1-year high of $61.56. The stock’s 50-day moving average is $59.33 and its 200-day moving average is $57.00. The company has a market cap of $4.881 billion and a P/E ratio of 16.16. Timken also was the target of some unusual options trading on Friday. Investors bought 12,330 call options on the stock. This is an increase of approximately 682% compared to the average daily volume of 1,576 call options.
Timken (NYSE:TKR) last released its earnings data on Thursday, October 24th. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.89 by $0.35. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the company posted $0.83 earnings per share. The company’s quarterly revenue was down 7.1% on a year-over-year basis.
A number of other analysts have also recently weighed in on TKR. Analysts at Jefferies Group cut their price target on shares of Timken from $73.00 to $62.00 in a research note to investors on Friday. They now have a “buy” rating on the stock. Separately, analysts at Bank of America Corp. downgraded shares of Timken from a “buy” rating to a “neutral” rating in a research note to investors on Friday. They now have a $58.00 price target on the stock, down previously from $70.00. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $62.15.
The Timken Company (NYSE:TKR) develops, manufactures, markets and sells products for friction management and mechanical power transmission, alloy steels and steel components.
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