Timken Steel Corporation (NYSE:TMST) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
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. “
TMST has been the topic of several other reports. Jefferies Group LLC reaffirmed a “hold” rating and issued a $19.00 price target on shares of Timken Steel Corporation in a research report on Thursday, October 19th. J P Morgan Chase & Co initiated coverage on Timken Steel Corporation in a research report on Wednesday, October 4th. They issued a “neutral” rating and a $17.00 price target on the stock. BidaskClub cut shares of Timken Steel Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Cowen and Company set a $23.00 target price on shares of Timken Steel Corporation and gave the company a “buy” rating in a research note on Thursday, July 27th. Finally, ValuEngine upgraded shares of Timken Steel Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus 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) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.05). The business had revenue of $339.10 million during the quarter, compared to analyst estimates of $351.50 million. Timken Steel Corporation had a negative net margin of 6.39% and a negative return on equity of 12.92%. The company’s revenue for the quarter was up 58.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.38) earnings per share.
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A number of institutional investors and hedge funds have recently made changes to their positions in TMST. State of Alaska Department of Revenue lifted its stake in Timken Steel Corporation by 79.6% during the second quarter. State of Alaska Department of Revenue now owns 7,706 shares of the basic materials company’s stock worth $118,000 after purchasing an additional 3,416 shares during the period. Municipal Employees Retirement System of Michigan increased its holdings in shares of Timken Steel Corporation by 3.8% during the second quarter. Municipal Employees Retirement System of Michigan now owns 9,230 shares of the basic materials company’s stock worth $142,000 after buying an additional 340 shares in the last quarter. BNP Paribas Arbitrage SA increased its holdings in shares of Timken Steel Corporation by 52.0% during the second quarter. BNP Paribas Arbitrage SA now owns 12,654 shares of the basic materials company’s stock worth $194,000 after buying an additional 4,327 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new stake in shares of Timken Steel Corporation during the third quarter worth approximately $212,000. Finally, Capital One National Association increased its holdings in shares of Timken Steel Corporation by 6.2% during the second quarter. Capital One National Association now owns 16,030 shares of the basic materials company’s stock worth $246,000 after buying an additional 937 shares in the last quarter. Hedge funds and other institutional investors own 75.67% of the company’s stock.
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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