TimkenSteel (NYSE:TMST) Shares Gap Down to $12.99

TimkenSteel Co. (NYSE:TMST)’s share price gapped down before the market opened on Monday . The stock had previously closed at $12.99, but opened at $12.19. TimkenSteel shares last traded at $12.65, with a volume of 5,329 shares trading hands.

A number of brokerages have recently commented on TMST. TheStreet raised TimkenSteel from a “c” rating to a “b-” rating in a research note on Thursday, August 5th. Zacks Investment Research raised TimkenSteel from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Saturday, July 17th. Finally, KeyCorp upped their price target on TimkenSteel from $16.00 to $19.00 and gave the company an “overweight” rating in a research note on Monday, August 9th.

The company has a market cap of $571.21 million, a price-to-earnings ratio of 22.02 and a beta of 2.12. The firm has a fifty day moving average price of $13.83 and a 200 day moving average price of $13.21.

TimkenSteel (NYSE:TMST) last released its quarterly earnings data on Thursday, August 5th. The basic materials company reported $0.96 EPS for the quarter, beating the consensus estimate of $0.62 by $0.34. TimkenSteel had a return on equity of 11.10% and a net margin of 3.64%. As a group, equities analysts expect that TimkenSteel Co. will post 2.72 earnings per share for the current fiscal year.

In other TimkenSteel news, CFO Kristopher R. Westbrooks sold 15,000 shares of the firm’s stock in a transaction on Wednesday, August 11th. The stock was sold at an average price of $16.76, for a total transaction of $251,400.00. Following the completion of the sale, the chief financial officer now owns 155,350 shares of the company’s stock, valued at approximately $2,603,666. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.80% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of TMST. Metropolitan Life Insurance Co NY increased its position in shares of TimkenSteel by 34.0% in the first quarter. Metropolitan Life Insurance Co NY now owns 13,135 shares of the basic materials company’s stock worth $142,000 after purchasing an additional 3,331 shares during the period. Los Angeles Capital Management LLC bought a new position in shares of TimkenSteel in the first quarter worth $622,000. BNP Paribas Arbitrage SA increased its position in shares of TimkenSteel by 65.7% in the first quarter. BNP Paribas Arbitrage SA now owns 23,368 shares of the basic materials company’s stock worth $275,000 after purchasing an additional 9,268 shares during the period. BlackRock Inc. increased its position in shares of TimkenSteel by 4.8% in the first quarter. BlackRock Inc. now owns 6,768,531 shares of the basic materials company’s stock worth $79,530,000 after purchasing an additional 311,209 shares during the period. Finally, Royce & Associates LP bought a new position in shares of TimkenSteel in the first quarter worth $12,701,000. 74.60% of the stock is owned by institutional investors.

About TimkenSteel (NYSE:TMST)

TimkenSteel Corp. engages in the manufacture of alloy, carbon and micro-alloy steel products. The firm’s products includes special bar quality steel, seamless mechanical tubing, gears, grades of steel, jumbo bloom vertical caster, TimkenSteel ultrapremium technology, and TimkenSteel endurance steels.

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