KeyCorp Downgrades Timken Steel (TMST) to Underweight

KeyCorp cut shares of Timken Steel (NYSE:TMST) from a sector weight rating to an underweight rating in a report published on Wednesday morning, Marketbeat reports. KeyCorp currently has $12.00 price target on the basic materials company’s stock. KeyCorp also issued estimates for Timken Steel’s FY2018 earnings at $0.06 EPS.

Several other brokerages have also issued reports on TMST. Jefferies Group reiterated a hold rating and issued a $18.00 price target on shares of Timken Steel in a research note on Sunday, October 29th. J P Morgan Chase & Co started coverage on shares of Timken Steel in a research note on Wednesday, October 4th. They issued a neutral rating and a $17.00 price target on the stock. BidaskClub upgraded shares of Timken Steel from a sell rating to a hold rating in a research note on Tuesday, October 3rd. ValuEngine lowered shares of Timken Steel from a hold rating to a sell rating in a research note on Tuesday, October 31st. Finally, Zacks Investment Research upgraded shares of Timken Steel from a hold rating to a buy rating and set a $16.00 price objective on the stock in a research note on Thursday, November 2nd. 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 presently has a consensus rating of Hold and a consensus price target of $17.20.

Shares of Timken Steel (NYSE:TMST) opened at $13.47 on Wednesday. Timken Steel has a 52-week low of $12.48 and a 52-week high of $23.00. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.21 and a quick ratio of 1.05.

Timken Steel (NYSE:TMST) last posted its quarterly earnings data on Thursday, October 26th. The basic materials company reported ($0.13) 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% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.38) earnings per share. research analysts forecast that Timken Steel will post -0.56 EPS for the current year.

In other Timken Steel news, insider Tina M. Beskid sold 2,548 shares of the business’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $13.68, for a total value of $34,856.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 8.10% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its holdings in Timken Steel by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,444,679 shares of the basic materials company’s stock valued at $52,945,000 after purchasing an additional 428,630 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Timken Steel by 2.4% during the 2nd quarter. Vanguard Group Inc. now owns 3,332,660 shares of the basic materials company’s stock worth $51,223,000 after acquiring an additional 77,821 shares during the period. State Street Corp lifted its holdings in shares of Timken Steel by 22.0% during the 2nd quarter. State Street Corp now owns 1,933,464 shares of the basic materials company’s stock worth $29,719,000 after acquiring an additional 348,031 shares during the period. Gamco Investors INC. ET AL lifted its holdings in shares of Timken Steel by 2.8% during the 3rd quarter. Gamco Investors INC. ET AL now owns 1,147,176 shares of the basic materials company’s stock worth $18,928,000 after acquiring an additional 31,724 shares during the period. Finally, Royce & Associates LP lifted its holdings in shares of Timken Steel 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 acquiring an additional 42,000 shares during the period. 74.19% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Timken Steel (NYSE:TMST)

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