Timken Shares Up 6.5% Following Earnings Beat (TKR)
Timken (NYSE:TKR) shares shot up 6.5% during trading on Thursday after the company announced better than expected quarterly earnings, Analyst Ratings Network.com reports. The stock traded as high as $63.99 and last traded at $63.58, with a volume of 1,429,799 shares. The stock had previously closed at $59.68.
The company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.09. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.12 billion. During the same quarter in the previous year, the company posted $0.80 earnings per share. The company’s revenue for the quarter was up 1.3% on a year-over-year basis.
A number of research firms have recently commented on TKR. Analysts at KeyCorp downgraded shares of Timken from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. They now have a $70.00 price target on the stock. Separately, analysts at Jefferies Group raised their price target on shares of Timken to $70.00 in a research note on Monday, March 24th. Finally, analysts at Jefferies Group raised their price target on shares of Timken from $62.00 to $66.00 in a research note on Friday, January 31st. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Timken presently has a consensus rating of “Hold” and an average price target of $62.94.
The stock has a 50-day moving average of $59.36 and a 200-day moving average of $56.19. The company has a market cap of $5.911 billion and a price-to-earnings ratio of 21.78.
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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