Zacks Investment Research Downgrades Timken Steel (TMST) to Sell

Timken Steel (NYSE:TMST) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued 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. “

Other research analysts also recently issued reports about the company. BidaskClub upgraded Timken Steel from a “sell” rating to a “hold” rating in a report on Tuesday, October 3rd. ValuEngine downgraded Timken Steel from a “hold” rating to a “sell” rating in a report on Tuesday, October 31st. Jefferies Group reiterated a “hold” rating and set a $18.00 price objective on shares of Timken Steel in a report on Sunday, October 29th. KeyCorp downgraded Timken Steel from a “sector weight” rating to an “underweight” rating and set a $12.00 price objective for the company. in a report on Wednesday, December 6th. Finally, JPMorgan Chase & Co. assumed coverage on Timken Steel in a report on Wednesday, October 4th. They set a “neutral” rating and a $17.00 price objective for the company. Four research analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $17.20.

Timken Steel (TMST) opened at $16.61 on Friday. The company has a current ratio of 2.21, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $738.18, a PE ratio of -9.83 and a beta of 2.11. Timken Steel has a fifty-two week low of $12.48 and a fifty-two week 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 Zacks’ consensus estimate of ($0.08) by ($0.05). The firm had revenue of $339.10 million for the quarter, compared to the consensus estimate of $351.50 million. Timken Steel had a negative return on equity of 12.92% and a negative net margin of 6.39%. The firm’s quarterly revenue was up 58.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.38) earnings per share. analysts anticipate that Timken Steel will post -0.56 EPS for the current 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 stock was sold at an average price of $13.68, for a total transaction of $34,856.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 8.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of TMST. Trexquant Investment LP acquired a new position in Timken Steel during the third quarter valued at approximately $179,000. BNP Paribas Arbitrage SA boosted its position in Timken Steel by 52.0% during 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. acquired a new position in Timken Steel during the third quarter valued at approximately $212,000. Dynamic Technology Lab Private Ltd acquired a new position in Timken Steel during the third quarter valued at approximately $223,000. Finally, Municipal Employees Retirement System of Michigan boosted its position in Timken Steel by 58.7% during the third quarter. Municipal Employees Retirement System of Michigan now owns 14,650 shares of the basic materials company’s stock valued at $242,000 after purchasing an additional 5,420 shares during the last quarter. 74.16% of the stock is owned by hedge funds and other institutional investors.

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About Timken Steel

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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