Timken Steel Corporation (TMST) Shares Bought by Northern Trust Corp

Northern Trust Corp boosted its stake in Timken Steel Corporation (NYSE:TMST) by 1.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 928,001 shares of the basic materials company’s stock after purchasing an additional 16,961 shares during the quarter. Northern Trust Corp owned about 2.09% of Timken Steel Corporation worth $14,263,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. State of Alaska Department of Revenue raised its position in shares of Timken Steel Corporation by 79.6% during the 2nd quarter. State of Alaska Department of Revenue now owns 7,706 shares of the basic materials company’s stock valued at $118,000 after buying an additional 3,416 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its position in shares of Timken Steel Corporation by 3.8% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 9,230 shares of the basic materials company’s stock valued at $142,000 after buying an additional 340 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in shares of Timken Steel Corporation by 52.0% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 12,654 shares of the basic materials company’s stock valued at $194,000 after buying an additional 4,327 shares in the last quarter. Capital One National Association raised its position in shares of Timken Steel Corporation by 6.2% during the 2nd quarter. Capital One National Association now owns 16,030 shares of the basic materials company’s stock valued at $246,000 after buying an additional 937 shares in the last quarter. Finally, Marshall Wace North America L.P. purchased a new stake in shares of Timken Steel Corporation during the 1st quarter valued at about $256,000. Institutional investors and hedge funds own 75.67% of the company’s stock.

TMST has been the topic of several recent research reports. Zacks Investment Research upgraded 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. Jefferies Group LLC restated a “hold” rating and set a $19.00 target price on shares of Timken Steel Corporation in a research report on Thursday, October 19th. J P Morgan Chase & Co initiated coverage on shares of Timken Steel Corporation in a research report on Wednesday, October 4th. They set a “neutral” rating and a $17.00 target price on the stock. BidaskClub cut shares of Timken Steel Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Cowen and Company restated a “buy” rating on shares of Timken Steel Corporation in a research report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $18.75.

Timken Steel Corporation (NYSE:TMST) last posted its quarterly earnings results on Thursday, October 26th. The basic materials company reported ($0.13) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.05). The company had revenue of $339.10 million during the quarter, compared to the consensus estimate of $351.50 million. Timken Steel Corporation had a negative net margin of 6.39% and a negative return on equity of 12.92%. The firm’s revenue for the quarter was up 58.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.38) earnings per share.

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Timken Steel Corporation Company Profile

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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Institutional Ownership by Quarter for Timken Steel Corporation (NYSE:TMST)

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