Timken Steel Corporation (NYSE:TMST) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

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 analysts have also recently issued reports on TMST. Jefferies Group LLC reaffirmed a “hold” rating and issued a $18.00 target price on shares of Timken Steel Corporation in a report on Sunday, October 29th. ValuEngine cut shares of Timken Steel Corporation from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, BidaskClub cut shares of Timken Steel Corporation from a “hold” rating to a “sell” rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, four have given 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 an average price target of $18.50.

Timken Steel Corporation (NYSE:TMST) last announced its earnings results on Thursday, October 26th. The basic materials company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.05). The company had revenue of $339.10 million for the quarter, compared to the consensus estimate of $351.50 million. Timken Steel Corporation had a negative net margin of 6.39% and a negative return on equity of 12.92%. The company’s revenue for the quarter was up 58.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.38) EPS.

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Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in Timken Steel Corporation by 51,982.7% during the first quarter. BlackRock Inc. now owns 4,911,398 shares of the basic materials company’s stock valued at $92,873,000 after purchasing an additional 4,901,968 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Timken Steel Corporation by 14.2% during the second 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 in the last quarter. Vanguard Group Inc. raised its stake in Timken Steel Corporation by 2.4% during the second quarter. Vanguard Group Inc. now owns 3,332,660 shares of the basic materials company’s stock valued at $51,223,000 after purchasing an additional 77,821 shares in the last quarter. State Street Corp raised its stake in Timken Steel Corporation by 22.0% during the second quarter. State Street Corp now owns 1,933,464 shares of the basic materials company’s stock valued at $29,719,000 after purchasing an additional 348,031 shares in the last quarter. Finally, Gamco Investors INC. ET AL raised its stake in Timken Steel Corporation by 2.8% during the third quarter. Gamco Investors INC. ET AL now owns 1,147,176 shares of the basic materials company’s stock valued at $18,928,000 after purchasing an additional 31,724 shares in the last quarter. 75.67% of the stock is currently owned by hedge funds and other institutional investors.

Timken Steel Corporation 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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