Timken Steel (TMST) Cut to Underweight at KeyCorp

Timken Steel (NYSE:TMST) was downgraded by stock analysts at KeyCorp from a “sector weight” rating to an “underweight” rating in a research note issued to investors on Wednesday. They presently have a $12.00 target price on the basic materials company’s stock. KeyCorp’s price objective indicates a potential downside of 19.52% from the company’s current price.

Several other research analysts have also recently issued reports on TMST. BidaskClub upgraded shares of Timken Steel from a “sell” rating to a “hold” rating in a report on Tuesday, October 3rd. Jefferies Group reiterated a “hold” rating and issued a $19.00 price objective on shares of Timken Steel in a report on Thursday, October 19th. Zacks Investment Research upgraded shares of Timken Steel from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a report on Thursday, November 2nd. ValuEngine cut shares of Timken Steel from a “hold” rating to a “sell” rating in a report on Tuesday, October 31st. Finally, J P Morgan Chase & Co began coverage on shares of Timken Steel in a report on Wednesday, October 4th. They issued a “neutral” rating and a $17.00 price objective for the company. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $17.20.

Timken Steel (NYSE:TMST) traded down $0.50 during trading on Wednesday, hitting $14.91. 225,900 shares of the stock traded hands, compared to its average volume of 503,356. The company has a quick ratio of 1.05, a current ratio of 2.21 and a debt-to-equity ratio of 0.28. Timken Steel has a twelve month low of $12.48 and a twelve month high of $23.00.

Timken Steel (NYSE:TMST) last posted its quarterly earnings data on Thursday, October 26th. The basic materials company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.05). The company had revenue of $339.10 million during the quarter, compared to the consensus estimate of $351.50 million. Timken Steel had a negative net margin of 6.39% and a negative return on equity of 12.92%. The company’s revenue was up 58.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.38) earnings per share. sell-side analysts anticipate that Timken Steel will post -0.56 EPS for the current fiscal year.

In related news, insider Tina M. Beskid sold 2,548 shares of the stock in a transaction that occurred on Friday, November 17th. The shares were sold at an average price of $13.68, for a total transaction of $34,856.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 8.10% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue lifted its stake in Timken Steel 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 valued at $118,000 after purchasing an additional 3,416 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its position in shares of Timken Steel by 3.8% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 9,230 shares of the basic materials company’s stock valued at $142,000 after acquiring an additional 340 shares in the last quarter. Trexquant Investment LP purchased a new stake in shares of Timken Steel in the 3rd quarter valued at approximately $179,000. BNP Paribas Arbitrage SA lifted its position in shares of Timken Steel by 52.0% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 12,654 shares of the basic materials company’s stock valued at $194,000 after acquiring an additional 4,327 shares in the last quarter. Finally, Crossmark Global Holdings Inc. purchased a new stake in shares of Timken Steel in the 3rd quarter valued at approximately $212,000. 74.19% of the stock is owned by institutional investors and hedge funds.

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Timken Steel 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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