Timken Steel Corporation (TMST) Announces Quarterly Earnings Results, Misses Expectations By $0.05 EPS
Timken Steel Corporation (NYSE:TMST) posted its quarterly earnings data on Thursday. The basic materials company reported ($0.13) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.05), Briefing.com reports. Timken Steel Corporation had a negative return on equity of 14.32% and a negative net margin of 8.13%. The firm had revenue of $339.10 million for the quarter, compared to the consensus estimate of $351.50 million. During the same period in the prior year, the company earned ($0.38) EPS. The company’s revenue for the quarter was up 58.6% compared to the same quarter last year.
Timken Steel Corporation (NYSE:TMST) traded down 10.87% during midday trading on Friday, hitting $15.75. The stock had a trading volume of 931,920 shares. The firm has a 50 day moving average of $16.19 and a 200 day moving average of $15.21. The firm’s market cap is $699.68 million. Timken Steel Corporation has a 52 week low of $9.39 and a 52 week high of $23.00.
Several equities research analysts recently weighed in on TMST shares. Zacks Investment Research raised shares of Timken Steel Corporation from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a research report on Tuesday, July 18th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $19.00 price objective on shares of Timken Steel Corporation in a research note on Thursday, October 19th. JPMorgan Chase & Co. began coverage on Timken Steel Corporation in a research note on Wednesday, October 4th. They issued a “neutral” rating and a $17.00 price objective for the company. BidaskClub downgraded Timken Steel Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Cowen and Company reissued a “buy” rating on shares of Timken Steel Corporation in a research report on Friday, September 1st. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Timken Steel Corporation has an average rating of “Hold” and a consensus price target of $19.00.
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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