Brokerages forecast that Timken Steel Corporation (NYSE:TMST) will announce $349.75 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Timken Steel Corporation’s earnings. The highest sales estimate is $351.50 million and the lowest is $348.00 million. Timken Steel Corporation reported sales of $213.80 million during the same quarter last year, which indicates a positive year-over-year growth rate of 63.6%. The business is scheduled to issue its next earnings report after the market closes on Thursday, October 26th.
On average, analysts expect that Timken Steel Corporation will report full-year sales of $349.75 million for the current fiscal year, with estimates ranging from $1.30 billion to $1.32 billion. For the next financial year, analysts expect that the company will report sales of $1.41 billion per share, with estimates ranging from $1.37 billion to $1.45 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Timken Steel Corporation.
A number of research analysts have commented on TMST shares. BidaskClub cut shares of Timken Steel Corporation from a “sell” rating to a “strong sell” rating in a research report on Wednesday, September 13th. Cowen and Company reaffirmed a “buy” rating on shares of Timken Steel Corporation in a research report on Friday, September 1st. Zacks Investment Research raised shares of Timken Steel Corporation from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a research report on Tuesday, July 18th. Finally, J P Morgan Chase & Co started coverage on shares of Timken Steel Corporation in a research report on Wednesday. They issued a “neutral” rating and a $17.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $18.38.
A number of large investors have recently modified their holdings of the business. Arizona State Retirement System increased its stake in Timken Steel Corporation by 0.5% during the second quarter. Arizona State Retirement System now owns 20,400 shares of the basic materials company’s stock worth $314,000 after purchasing an additional 100 shares during the period. Nationwide Fund Advisors increased its stake in Timken Steel Corporation by 0.9% during the first quarter. Nationwide Fund Advisors now owns 33,447 shares of the basic materials company’s stock worth $632,000 after purchasing an additional 310 shares during the period. Texas Permanent School Fund increased its stake in Timken Steel Corporation by 1.2% during the second quarter. Texas Permanent School Fund now owns 28,510 shares of the basic materials company’s stock worth $438,000 after purchasing an additional 335 shares during the period. Municipal Employees Retirement System of Michigan increased its stake in Timken Steel Corporation by 3.8% during the second quarter. Municipal Employees Retirement System of Michigan now owns 9,230 shares of the basic materials company’s stock worth $142,000 after purchasing an additional 340 shares during the period. Finally, Teachers Advisors LLC increased its stake in Timken Steel Corporation by 0.7% during the second quarter. Teachers Advisors LLC now owns 71,166 shares of the basic materials company’s stock worth $1,094,000 after purchasing an additional 461 shares during the period. Institutional investors own 75.61% of the company’s stock.
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Timken Steel Corporation (NYSE:TMST) remained flat at $17.23 on Thursday. The stock had a trading volume of 456,728 shares. The company’s 50-day moving average is $15.24 and its 200 day moving average is $15.33. Timken Steel Corporation has a 52 week low of $9.39 and a 52 week high of $23.00. The firm’s market cap is $765.43 million.
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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