The Manufacturers Life Insurance Company trimmed its position in shares of TimkenSteel Co. (NYSE:TMST) by 17.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,804 shares of the basic materials company’s stock after selling 5,857 shares during the period. The Manufacturers Life Insurance Company’s holdings in TimkenSteel were worth $315,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Quadrant L P CA acquired a new stake in TimkenSteel during the 1st quarter valued at $26,000. ProShare Advisors LLC acquired a new position in TimkenSteel during the 4th quarter worth $50,000. Citigroup Inc. grew its holdings in TimkenSteel by 238.3% during the 4th quarter. Citigroup Inc. now owns 11,056 shares of the basic materials company’s stock worth $52,000 after acquiring an additional 7,788 shares in the last quarter. Credit Suisse AG acquired a new position in shares of TimkenSteel in the 4th quarter valued at about $70,000. Finally, Squarepoint Ops LLC boosted its holdings in shares of TimkenSteel by 113.6% in the 4th quarter. Squarepoint Ops LLC now owns 22,008 shares of the basic materials company’s stock valued at $103,000 after buying an additional 11,703 shares during the period. 70.92% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently commented on TMST shares. Zacks Investment Research raised shares of TimkenSteel from a “hold” rating to a “strong-buy” rating and set a $16.00 price target for the company in a report on Friday, May 14th. KeyCorp lifted their price target on shares of TimkenSteel from $12.00 to $16.00 and gave the company an “overweight” rating in a report on Monday, May 10th. Finally, TheStreet raised shares of TimkenSteel from a “d+” rating to a “c-” rating in a report on Wednesday, April 21st. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $12.17.
TimkenSteel (NYSE:TMST) last released its quarterly earnings results on Thursday, May 6th. The basic materials company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.07. TimkenSteel had a negative net margin of 3.81% and a negative return on equity of 1.63%. The company had revenue of $273.60 million for the quarter, compared to the consensus estimate of $244.90 million. As a group, sell-side analysts anticipate that TimkenSteel Co. will post 1.88 EPS for the current year.
In related news, EVP Kevin A. Raketich sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, May 24th. The shares were sold at an average price of $14.25, for a total value of $142,500.00. Following the sale, the executive vice president now directly owns 59,958 shares in the company, valued at approximately $854,401.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Randall H. Edwards sold 3,650 shares of the business’s stock in a transaction that occurred on Monday, May 17th. The stock was sold at an average price of $15.40, for a total transaction of $56,210.00. Following the completion of the sale, the director now owns 85,430 shares in the company, valued at $1,315,622. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by insiders.
TimkenSteel Corporation manufactures and sells alloy steel, and carbon and micro-alloy steel products in the United States and internationally. The company operates in SBQ Steel Bar, Seamless Mechanical Steel Tubes, and Billets; and Value-added Precision Products and Services segments. It offers carbon, micro-alloy, and alloy steel ingots, bars, tubes, and billets, as well as supplies machining and thermal treatment services.
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