Timken sets new targets

Timken (TKR) has raised its full-year EPS estimate to $0.15 a share, and intends to retain the company's $0.25 dividend in Q3, citing long term targets for growth, margins and capital allocation.

The company has also authorized an additional share buyback of up to 10M shares, which expires in 2015. This adds on to the existing buyback authorization, which still has 1.5M shares remaining.

TimkenSteel, currently a division of Timken, is still set to spinoff on June 30. TimkenSteel will be listed on the NYSE under the new ticker TMST.

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