Timken Co (TKR) reported quarterly earnings results on Thursday, Jul-28-2016. The company said it had a profit of $0.55 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.05. Analysts had a consensus of $0.50. The company posted revenue of $674.00 million in the period, compared to analysts expectations of $691.51 million. The company’s revenue was down -7.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS.
Many Wall Street Analysts have commented on Timken Co. Timken Co was Upgraded by Avondale to ” Mkt Outperform” on Jul 11, 2016. Topeka Capital Markets Initiated Timken Co on May 26, 2016 to “Hold”, Price Target of the shares are set at $35.
Timken Co opened for trading at $31.54 and hit $33.59 on the upside on Thursday, eventually ending the session at $33.35, with a gain of 2.90% or 0.94 points. The heightened volatility saw the trading volume jump to 13,88,013 shares. Company has a market cap of $2,642 M.
In a different news, on Jun 1, 2016, Jacqueline F Woods (director) sold 2,500 shares at $33.74 per share price. According to the SEC, on Dec 2, 2015, William R Burkhart (EVP, GC and Secretary) sold 45 shares at $32.16 per share price. On May 22, 2015, Ward J Jr Timken (director) sold 88,314 shares at $40.62 per share price, according to the Form-4 filing with the securities and exchange commission.
The Timken Company (Timken) engineers manufactures and markets bearings transmissions gearboxes chain and related products and offers a spectrum of power system rebuild and repair services around the world. The Company operates through two segments: Mobile Industries which offers bearings seals lubrication devices and systems as well as power transmission components engineered chain augers and related products and maintenance services and Process Industries which provides industrial bearings and assemblies power transmission components such as gears and gearboxes couplings seals lubricants chains and related products and services. The Companys industrial brands include Timken Fafnir Philadelphia Gear Drives and Interlube. The Company sells products and services to the following market sectors: industrial equipment construction agriculture rail aerospace and defense automotive heavy truck and energy.