Timken Steel (TMST) Rating Lowered to Sell at Zacks Investment Research

Timken Steel (NYSE:TMST) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” 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. “

Several other research firms have also recently weighed in on TMST. Jefferies Group reaffirmed a “hold” rating and set a $19.00 price objective on shares of Timken Steel in a research report on Thursday, October 19th. BidaskClub raised Timken Steel from a “sell” rating to a “hold” rating in a research report on Tuesday, October 3rd. JPMorgan Chase & Co. assumed coverage on Timken Steel in a research report on Wednesday, October 4th. They set a “neutral” rating and a $17.00 price objective on the stock. KeyCorp cut Timken Steel from a “sector weight” rating to an “underweight” rating and set a $12.00 price objective on the stock. in a research report on Wednesday, December 6th. Finally, ValuEngine cut Timken Steel from a “hold” rating to a “sell” rating in a research report on Tuesday, October 31st. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $17.20.

Timken Steel (NYSE TMST) traded up $0.24 during trading on Friday, reaching $16.77. The company’s stock had a trading volume of 407,700 shares, compared to its average volume of 545,867. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 2.21. The company has a market cap of $723.95, a PE ratio of -9.92 and a beta of 2.11. Timken Steel has a fifty-two week low of $12.48 and a fifty-two week high of $23.00.

Timken Steel (NYSE:TMST) last posted its quarterly earnings data on Thursday, October 26th. 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). The firm had revenue of $339.10 million for the quarter, compared to the consensus estimate of $351.50 million. Timken Steel had a negative net margin of 6.39% and a negative return on equity of 12.92%. The business’s revenue was up 58.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.38) earnings per share. equities analysts forecast 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 that occurred on 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 legal filing with the SEC, which can be accessed through this link. Insiders own 8.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its holdings in Timken Steel by 14.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,444,679 shares of the basic materials company’s stock worth $52,945,000 after acquiring an additional 428,630 shares during the last quarter. Vanguard Group Inc. raised its holdings in Timken Steel by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 3,332,660 shares of the basic materials company’s stock worth $51,223,000 after acquiring an additional 77,821 shares during the last quarter. State Street Corp raised its holdings in Timken Steel by 22.0% in the 2nd quarter. State Street Corp now owns 1,933,464 shares of the basic materials company’s stock worth $29,719,000 after acquiring an additional 348,031 shares during the last quarter. Gamco Investors INC. ET AL raised its holdings in Timken Steel by 2.8% in the 3rd quarter. Gamco Investors INC. ET AL now owns 1,147,176 shares of the basic materials company’s stock worth $18,928,000 after acquiring an additional 31,724 shares during the last quarter. Finally, Royce & Associates LP raised its holdings in Timken Steel by 3.8% in the 3rd quarter. Royce & Associates LP now owns 1,139,301 shares of the basic materials company’s stock worth $18,798,000 after acquiring an additional 42,000 shares during the last quarter. Institutional investors own 74.16% of the company’s stock.

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About Timken Steel

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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