Zacks Investment Research Downgrades Timken Steel Corporation (NYSE:TMST) to Hold

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, November 3rd.

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. “

Several other equities analysts have also commented on the stock. Jefferies Group LLC reiterated a “hold” rating and issued a $19.00 price target on shares of Timken Steel Corporation in a research note on Thursday, October 19th. J P Morgan Chase & Co started coverage on shares of Timken Steel Corporation in a research report on Wednesday, October 4th. They set a “neutral” rating and a $17.00 target price on the stock. BidaskClub lowered shares of Timken Steel Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Cowen and Company set a $23.00 target price on shares of Timken Steel Corporation and gave the stock a “buy” rating in a research report on Thursday, July 27th. Finally, ValuEngine upgraded shares of Timken Steel Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $18.50.

Shares of Timken Steel Corporation (NYSE:TMST) opened at $14.10 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 2.21. Timken Steel Corporation has a 1-year low of $12.30 and a 1-year high of $23.00.

Timken Steel Corporation (NYSE:TMST) last posted its earnings results on Thursday, October 26th. The basic materials company reported ($0.13) EPS for the quarter, missing the Zacks’ 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 Corporation 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% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.38) EPS. research analysts forecast that Timken Steel Corporation will post -0.56 EPS for the current fiscal year.

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A number of institutional investors and hedge funds have recently bought and sold shares of TMST. Wells Fargo & Company MN grew its holdings in Timken Steel Corporation by 3.5% in the 1st quarter. Wells Fargo & Company MN now owns 35,943 shares of the basic materials company’s stock valued at $679,000 after buying an additional 1,220 shares during the period. OppenheimerFunds Inc. lifted its stake in shares of Timken Steel Corporation by 4.1% in the 1st quarter. OppenheimerFunds Inc. now owns 33,119 shares of the basic materials company’s stock valued at $627,000 after purchasing an additional 1,309 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Timken Steel Corporation by 3.6% in the 1st quarter. Principal Financial Group Inc. now owns 295,786 shares of the basic materials company’s stock valued at $5,593,000 after purchasing an additional 10,398 shares in the last quarter. Thrivent Financial For Lutherans lifted its stake in shares of Timken Steel Corporation by 9.1% in the 1st quarter. Thrivent Financial For Lutherans now owns 22,450 shares of the basic materials company’s stock valued at $425,000 after purchasing an additional 1,880 shares in the last quarter. Finally, MARSHALL WACE ASIA Ltd acquired a new position in shares of Timken Steel Corporation in the 1st quarter valued at about $256,000. Institutional investors own 73.84% 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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