Cowen and Company set a $23.00 price target on Timken Steel Corporation (NYSE:TMST) in a research report sent to investors on Thursday. The brokerage currently has a buy rating on the basic materials company’s stock.

Several other research firms have also recently issued reports on TMST. BidaskClub cut shares of Timken Steel Corporation from a buy rating to a hold rating in a research note on Saturday, July 8th. Zacks Investment Research raised shares of Timken Steel Corporation from a hold rating to a buy rating and set a $18.00 price target on the stock in a research note on Tuesday, April 25th. Macquarie raised shares of Timken Steel Corporation from an underperform rating to a neutral rating in a research note on Monday, April 3rd. ValuEngine raised shares of Timken Steel Corporation from a sell rating to a hold rating in a research note on Friday, June 2nd. Finally, Jefferies Group LLC decreased their price target on shares of Timken Steel Corporation from $18.00 to $16.50 and set a hold rating on the stock in a research note on Wednesday, April 19th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Timken Steel Corporation has a consensus rating of Hold and an average target price of $19.17.

Timken Steel Corporation (NYSE:TMST) opened at 15.72 on Thursday. The stock’s market capitalization is $697.54 million. Timken Steel Corporation has a 52 week low of $8.36 and a 52 week high of $23.00. The firm’s 50-day moving average is $14.87 and its 200-day moving average is $16.23.

Timken Steel Corporation (NYSE:TMST) last released its quarterly earnings results on Thursday, April 27th. The basic materials company reported ($0.12) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by $0.02. Timken Steel Corporation had a negative return on equity of 15.69% and a negative net margin of 10.34%. The firm had revenue of $309.40 million for the quarter, compared to analyst estimates of $308.78 million. During the same period in the prior year, the business earned ($0.31) earnings per share. Timken Steel Corporation’s revenue for the quarter was up 42.0% on a year-over-year basis. On average, equities research analysts predict that Timken Steel Corporation will post ($0.71) EPS for the current fiscal year.

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Several large investors have recently added to or reduced their stakes in TMST. BlackRock Inc. boosted its stake in Timken Steel Corporation by 51,982.7% in the first quarter. BlackRock Inc. now owns 4,911,398 shares of the basic materials company’s stock valued at $92,873,000 after buying an additional 4,901,968 shares in the last quarter. Vanguard Group Inc. boosted its stake in Timken Steel Corporation by 5.9% in the first quarter. Vanguard Group Inc. now owns 3,254,839 shares of the basic materials company’s stock valued at $61,549,000 after buying an additional 182,622 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Timken Steel Corporation by 30.2% in the first quarter. Dimensional Fund Advisors LP now owns 3,016,049 shares of the basic materials company’s stock valued at $57,032,000 after buying an additional 699,127 shares in the last quarter. State Street Corp boosted its stake in Timken Steel Corporation by 15.4% in the first quarter. State Street Corp now owns 1,585,433 shares of the basic materials company’s stock valued at $29,978,000 after buying an additional 211,004 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Timken Steel Corporation by 115.2% in the first quarter. Bank of New York Mellon Corp now owns 1,039,610 shares of the basic materials company’s stock valued at $19,659,000 after buying an additional 556,559 shares in the last quarter. 74.29% of the stock is currently owned by institutional investors and hedge funds.

About Timken Steel Corporation

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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