Timken Steel (TMST) Downgraded by KeyCorp to “Underweight”
KeyCorp cut shares of Timken Steel (NYSE:TMST) from a sector weight rating to an underweight rating in a report released on Wednesday. They currently have $12.00 price objective on the basic materials company’s stock.
A number of other equities research analysts have also commented on TMST. Cowen reiterated a buy rating on shares of Timken Steel in a research report on Friday, September 1st. BidaskClub lowered Timken Steel from a sell rating to a strong sell rating in a research report on Wednesday, September 13th. J P Morgan Chase & Co started coverage on Timken Steel in a research report on Wednesday, October 4th. They issued a neutral rating and a $17.00 price target on the stock. Jefferies Group reiterated a hold rating on shares of Timken Steel in a research report on Thursday, October 12th. Finally, ValuEngine lowered Timken Steel from a hold rating to a sell rating in a research report on Tuesday, October 31st. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Timken Steel currently has an average rating of Hold and an average price target of $17.20.
Timken Steel (TMST) traded down $2.08 during midday trading on Wednesday, hitting $12.83. The company’s stock had a trading volume of 1,762,300 shares, compared to its average volume of 508,714. Timken Steel has a 1 year low of $12.48 and a 1 year high of $23.00. 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 (NYSE:TMST) last released its quarterly earnings results on Thursday, October 26th. The basic materials company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.05). Timken Steel had a negative net margin of 6.39% and a negative return on equity of 12.92%. The company had revenue of $339.10 million during the quarter, compared to the consensus estimate of $351.50 million. During the same quarter last year, the firm posted ($0.38) EPS. The company’s quarterly revenue was up 58.6% on a year-over-year basis. equities research analysts expect that Timken Steel will post -0.56 EPS for the current year.
In other news, insider Tina M. Beskid sold 2,548 shares of the business’s 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 filing with the SEC, which can be accessed through this link. 8.10% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in TMST. State of Alaska Department of Revenue lifted its stake in shares of Timken Steel by 79.6% in the 2nd quarter. State of Alaska Department of Revenue now owns 7,706 shares of the basic materials company’s stock valued at $118,000 after purchasing an additional 3,416 shares during the period. Municipal Employees Retirement System of Michigan lifted its stake in shares of Timken Steel by 3.8% in the 2nd 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 period. Trexquant Investment LP acquired a new position in shares of Timken Steel in the 3rd quarter valued at about $179,000. BNP Paribas Arbitrage SA lifted its stake in shares of Timken Steel by 52.0% in the 2nd 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 period. Finally, Crossmark Global Holdings Inc. acquired a new position in shares of Timken Steel in the 3rd quarter valued at about $212,000. 74.19% of the stock is currently owned by 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.
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