Timkensteel (NYSE:TMST) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
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. “
Separately, KeyCorp cut Timkensteel from a “sector weight” rating to an “underweight” rating and set a $12.00 price objective for the company. in a research report on Wednesday, December 6th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $18.20.
Timkensteel (NYSE:TMST) last posted its quarterly earnings results on Thursday, January 25th. The basic materials company reported ($0.77) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.34) by ($0.43). Timkensteel had a negative net margin of 3.33% and a negative return on equity of 7.56%. The company had revenue of $341.40 million during the quarter, compared to the consensus estimate of $345.00 million. During the same quarter in the prior year, the business earned ($1.52) earnings per share. The firm’s revenue for the quarter was up 59.0% compared to the same quarter last year. equities analysts forecast that Timkensteel will post 0.53 EPS for the current fiscal year.
Large investors have recently added to or reduced their stakes in the stock. Amundi Pioneer Asset Management Inc. lifted its holdings in Timkensteel by 548.3% during the 3rd quarter. Amundi Pioneer Asset Management Inc. now owns 287,861 shares of the basic materials company’s stock worth $4,750,000 after purchasing an additional 243,457 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Timkensteel by 381.1% during the 3rd quarter. Wells Fargo & Company MN now owns 167,385 shares of the basic materials company’s stock worth $2,762,000 after purchasing an additional 132,592 shares during the last quarter. Royce & Associates LP lifted its holdings in Timkensteel by 3.8% during the 3rd quarter. Royce & Associates LP now owns 1,139,301 shares of the basic materials company’s stock worth $18,798,000 after purchasing an additional 42,000 shares during the last quarter. Engineers Gate Manager LP raised its holdings in Timkensteel by 76.4% in the 3rd quarter. Engineers Gate Manager LP now owns 43,003 shares of the basic materials company’s stock valued at $710,000 after acquiring an additional 18,630 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its holdings in Timkensteel by 64.5% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 20,821 shares of the basic materials company’s stock valued at $344,000 after acquiring an additional 8,167 shares in the last quarter. 75.03% of the stock is owned by institutional investors and hedge funds.
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Timkensteel 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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