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June 15, 2023
Price action reveals The Timken Company, Honeywell International, Snap-On Inc as the stocks to watch as they near pivotal price targets in the near term.
Here's the most recent update: The leading indices are showing gains — Dow Jones up to 34,374, gaining 1.16%. S&P 500 goes up 0.84%, trading at 4,409.37.
What is a Price Target?
A "price target" is an estimate of the future price of a stock based on earnings forecasts and assumed valuation multiples. Price targets are typically generated by respected market analysts who believe a stock to be fairly valued relative to its projected and historical earnings. Target prices are used to evaluate stocks and can help investors evaluate the potential risk/reward profile of a stock. Take a look at these industrials stocks and their price targets.
Buyers pushing Timken towards its price target of $85.91; currently at $85.08
After ending yesterday at $84.1, The Timken Company is currently trading at $85.08.
Timken hit a significant low of $51.81 around 11 months ago, but has since recovered 62.32%. The company has a market cap of $6.16 billion with an average daily trading volume of 567,306 shares. Timken last reported revenue of $1.26 billion with an EPS of $2.09.
Timken's run now faces a challenge at $85.91, which is only 82 cents away and will be interesting to follow.
The firm disclosed a quarterly dividend of 33 cents per share on Friday, May 5th and was paid on Tuesday, May 30th — thereby generating a yield of 1.55% for all eligble shareholders.
Buyers pushing Honeywell towards its price target of $202.67; currently at $202.42
The manufacturing and technology company trades at $202.42 today, after closing yesterday at $200.52 and gaining $1.9 (0.95%). Today's gains are adding to Honeywell's an 11 day bullish trend, during which it gained a total of $8.92.
Honeywell hit a significant low of $166.97 around 8 months ago, but has since recovered 20.09%. Currently, the manufacturing and technology company has a market capitalization of $134.75 billion with an average daily volume of 2.21 million shares. So far this year, it has been under-performing the S&P by 17.29%. Honeywell has a forecast of $8.52 billion with an EPS of $1.93.
Honeywell's recent run now faces a major challenge as concentrated supply is likely found at $202.67 with price action currently 25 cents away.
Buyers pushing Snap-on towards its price target of $274.06; currently at $273.81
After ending yesterday at $271.78, Snap-on is currently trading at $273.81. Today's gains are adding to Snap-on's an 11 day bullish trend, during which it gained a total of $22.92.
The US manufacturing company has fallen back around 0.68% from the significant high of $273.63 set 2 days ago. Snap-on's market cap currently stands at $14.49 billion with an average daily volume of 312,981 shares. So far this year, it has been beating the S&P by 7.62%. Snap-on expected revenue of $1.13 billion with an EPS of $4.14.
Snap-on's run now faces a challenge at $274.06, which is only 26 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
