Timken Steel Corporation (TMST) Cut to “Hold” at BidaskClub

Timken Steel Corporation (NYSE:TMST) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Monday, July 24th.

Several other equities analysts have also recently weighed in on TMST. Macquarie raised shares of Timken Steel Corporation from an “underperform” rating to a “neutral” rating in a research note on Monday, April 3rd. Zacks Investment Research raised shares of Timken Steel Corporation from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a research note on Tuesday, July 18th. Cowen and Company decreased their target price on shares of Timken Steel Corporation from $28.00 to $23.00 and set an “outperform” rating for the company in a research note on Tuesday, April 18th. Jefferies Group LLC reduced their price objective on shares of Timken Steel Corporation from $18.00 to $16.50 and set a “hold” rating for the company in a research report on Wednesday, April 19th. Finally, TheStreet cut shares of Timken Steel Corporation from a “c-” rating to a “d+” rating in a research report on Tuesday, June 6th. One analyst has 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 presently has a consensus rating of “Hold” and a consensus price target of $18.83.

Timken Steel Corporation (NYSE:TMST) traded down 0.27% during mid-day trading on Monday, reaching $14.53. 612,919 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $15.65 and a 200-day moving average price of $16.22. The stock’s market cap is $645.48 million. Timken Steel Corporation has a 1-year low of $8.36 and a 1-year high of $23.00.

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A number of institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. boosted its position in Timken Steel Corporation by 32.4% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 28,214 shares of the basic materials company’s stock worth $434,000 after buying an additional 6,909 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Timken Steel Corporation by 3.0% in the second quarter. The Manufacturers Life Insurance Company now owns 31,650 shares of the basic materials company’s stock worth $487,000 after buying an additional 924 shares during the last quarter. State Street Corp boosted its stake in shares of Timken Steel Corporation by 22.0% in the second quarter. State Street Corp now owns 1,933,464 shares of the basic materials company’s stock worth $29,719,000 after buying an additional 348,031 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Timken Steel Corporation by 2.7% in the second quarter. Goldman Sachs Group Inc. now owns 72,632 shares of the basic materials company’s stock worth $1,116,000 after buying an additional 1,886 shares during the last quarter. Finally, Balyasny Asset Management LLC boosted its stake in shares of Timken Steel Corporation by 12.9% in the second quarter. Balyasny Asset Management LLC now owns 90,760 shares of the basic materials company’s stock worth $1,395,000 after buying an additional 10,374 shares during the last quarter. 76.65% of the stock is owned by hedge funds and other institutional investors.

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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