Timken Steel Corporation (NYSE:TMST) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm currently has a $16.00 target price on the basic materials company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 14.29% from the stock’s current price.
According to Zacks, “TimkenSteel Corporation engages in manufacturing alloy steel, as well as carbon and micro-alloy steel. The company provides air-melted alloy steel bars, tubes, and precision components, as well as value-added services, including thermal treatment and machining. Its customers include companies in the market sectors: oil & gas; automotive; industrial equipment; mining; construction; rail; aerospace and defence; heavy truck; agriculture, and power generation. TimkenSteel Corporation is headquartered in Canton, Ohio. “
Other research analysts have also recently issued reports about the stock. ValuEngine cut shares of Timken Steel Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday. BidaskClub lowered Timken Steel Corporation from a “hold” rating to a “sell” rating in a research note on Thursday. Jefferies Group LLC reissued a “hold” rating and set a $18.00 price objective on shares of Timken Steel Corporation in a research note on Sunday. Finally, Cowen and Company set a $23.00 price objective on Timken Steel Corporation and gave the company a “buy” rating in a research note on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $18.50.
Timken Steel Corporation (NYSE:TMST) last issued its quarterly earnings results on Thursday, October 26th. The basic materials company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.05). Timken Steel Corporation had a negative net margin of 6.39% and a negative return on equity of 12.92%. The business had revenue of $339.10 million for the quarter, compared to the consensus estimate of $351.50 million. During the same quarter in the previous year, the business earned ($0.38) earnings per share. The firm’s revenue was up 58.6% on a year-over-year basis.
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Several large investors have recently added to or reduced their stakes in TMST. Wells Fargo & Company MN lifted its stake in Timken Steel Corporation by 3.5% in the first quarter. Wells Fargo & Company MN now owns 35,943 shares of the basic materials company’s stock worth $679,000 after acquiring an additional 1,220 shares during the period. OppenheimerFunds Inc. lifted its stake in Timken Steel Corporation by 4.1% in the first quarter. OppenheimerFunds Inc. now owns 33,119 shares of the basic materials company’s stock worth $627,000 after acquiring an additional 1,309 shares during the period. Principal Financial Group Inc. lifted its stake in Timken Steel Corporation by 3.6% in the first quarter. Principal Financial Group Inc. now owns 295,786 shares of the basic materials company’s stock worth $5,593,000 after acquiring an additional 10,398 shares during the period. Thrivent Financial For Lutherans lifted its stake in Timken Steel Corporation by 9.1% in the first quarter. Thrivent Financial For Lutherans now owns 22,450 shares of the basic materials company’s stock worth $425,000 after acquiring an additional 1,880 shares during the period. Finally, MARSHALL WACE ASIA Ltd purchased a new stake in Timken Steel Corporation in the first quarter worth $256,000. 75.67% of the stock is owned by hedge funds and other institutional investors.
Timken Steel Corporation Company Profile
TimkenSteel Corporation manufactures alloy steel, as well as carbon and micro-alloy steel. The Company’s portfolio includes special bar quality (SBQ) bars, seamless mechanical tubing and precision steel components. In addition, the Company supplies machining and thermal treatment services, as well as manage raw material recycling programs, which are used as a feeder system for its melt operations.
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