Zacks Investment Research Upgrades TimkenSteel Corp. (TMST) to Hold
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. “
A number of other research firms have also recently commented on TMST. Jefferies Group dropped their target price on TimkenSteel Corp. from $12.00 to $11.00 and set a hold rating on the stock in a research report on Friday, July 29th. Cowen and Company restated a market perform rating and set a $13.00 target price (up from $8.00) on shares of TimkenSteel Corp. in a research report on Wednesday, June 1st.
Shares of TimkenSteel Corp. (NYSE:TMST) opened at 9.09 on Friday. TimkenSteel Corp. has a one year low of $3.69 and a one year high of $15.25. The stock has a 50 day moving average price of $9.47 and a 200 day moving average price of $10.00. The stock’s market capitalization is $401.97 million.
TimkenSteel Corp. (NYSE:TMST) last posted its earnings results on Thursday, July 28th. The company reported ($0.24) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.26) by $0.02. TimkenSteel Corp. had a negative return on equity of 11.76% and a negative net margin of 9.13%. The firm had revenue of $223.10 million for the quarter, compared to analysts’ expectations of $234.22 million. During the same period last year, the firm earned ($0.54) EPS. The company’s quarterly revenue was down 19.8% on a year-over-year basis. Equities analysts forecast that TimkenSteel Corp. will post ($1.23) earnings per share for the current year.
A number of large investors have recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. purchased a new stake in TimkenSteel Corp. during the first quarter valued at about $3,265,000. IFP Advisors Inc boosted its stake in TimkenSteel Corp. by 20.9% in the first quarter. IFP Advisors Inc now owns 17,098 shares of the company’s stock valued at $156,000 after buying an additional 2,954 shares during the last quarter. Virginia Retirement System purchased a new stake in TimkenSteel Corp. during the first quarter valued at about $491,000. Goldman Sachs Group Inc. boosted its stake in TimkenSteel Corp. by 394.8% in the first quarter. Goldman Sachs Group Inc. now owns 282,479 shares of the company’s stock valued at $2,571,000 after buying an additional 225,386 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. boosted its stake in TimkenSteel Corp. by 26.7% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 19,211 shares of the company’s stock valued at $175,000 after buying an additional 4,052 shares during the last quarter. Institutional investors own 60.50% of the company’s stock.
About TimkenSteel Corp.
TimkenSteel Corporation manufactures alloy steel, as well as carbon and micro-alloy steel, with an annual melt capacity of approximately two million tons. The Company’s portfolio includes special bar quality (SBQ) bars, seamless mechanical tubing and precision steel components. It operates in two segments: Industrial & Mobile and Energy & Distribution.
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