Great West Life Assurance Co. Can reduced its holdings in shares of Timken Steel Corporation (NYSE:TMST) by 7.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 52,611 shares of the basic materials company’s stock after selling 4,153 shares during the quarter. Great West Life Assurance Co. Can owned 0.12% of Timken Steel worth $839,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Municipal Employees Retirement System of Michigan raised its position in Timken Steel by 3.8% in the second quarter. Municipal Employees Retirement System of Michigan now owns 9,230 shares of the basic materials company’s stock valued at $142,000 after purchasing an additional 340 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in Timken Steel by 52.0% in the second quarter. BNP Paribas Arbitrage SA now owns 12,654 shares of the basic materials company’s stock valued at $194,000 after purchasing an additional 4,327 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in Timken Steel in the third quarter valued at about $212,000. Dynamic Technology Lab Private Ltd bought a new position in Timken Steel in the third quarter valued at about $223,000. Finally, Voya Investment Management LLC raised its position in Timken Steel by 12.5% in the second quarter. Voya Investment Management LLC now owns 19,195 shares of the basic materials company’s stock valued at $295,000 after purchasing an additional 2,129 shares during the last quarter. Institutional investors and hedge funds own 74.16% of the company’s stock.
Several research firms have commented on TMST. Jefferies Group reiterated a “hold” rating and issued a $19.00 target price on shares of Timken Steel in a research report on Thursday, October 19th. Zacks Investment Research downgraded Timken Steel from a “buy” rating to a “hold” rating in a research report on Friday, November 3rd. BidaskClub upgraded Timken Steel from a “strong sell” rating to a “sell” rating in a research report on Thursday, September 21st. KeyCorp downgraded Timken Steel from a “sector weight” rating to an “underweight” rating and set a $12.00 target price for the company. in a research report on Wednesday, December 6th. Finally, Cowen reiterated a “buy” rating on shares of Timken Steel in a research report on Friday, September 1st. Three 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 company. Timken Steel currently has an average rating of “Hold” and an average price target of $17.20.
Timken Steel (NYSE:TMST) last issued its quarterly earnings results on Thursday, October 26th. The basic materials company reported ($0.13) earnings per share 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 analyst estimates 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 quarterly revenue was up 58.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.38) EPS. sell-side analysts expect that Timken Steel Corporation will post -0.56 EPS for the current year.
In other news, insider Tina M. Beskid sold 2,548 shares of the stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $13.68, for a total value of $34,856.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 8.10% of the company’s stock.
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Timken Steel 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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